Anaconda Uranium Appoints President and CEO.TORONTO--(BUSINESS WIRE)--May 22, 1997--ANACONDA URANIUM (VSE See DOS/VSE. VSE - Virtual Storage Extended : ANU Anu (ā`n  ), ancient sky god of Sumerian origin, worshiped in Babylonian religion. .) Anaconda Anaconda, city, United StatesAnaconda (ănəkŏn`də), city (1990 pop. 10,278), seat of Deer Lodge co., SW Mont.; inc. 1887. Uranium Corporation is pleased to announce that the Board of Directors has appointed John Cook as the President, Chief Executive Officer and Director of the company. Mr. Cook has 35 years international experience in the mining industry. Before joining Anaconda, he was Operations Director for Navan Resources pic, an Irish mining company with operations in Bulgaria, Hungary and Spain. Previously, Mr. Cook was Vice President Operations for the Goldcorp Group in Toronto and Vice President Engineering for Lac Minerals in Toronto. Anaconda Uranium was formed to participate in the emerging uranium bull market for energy fuels. After a prolonged period of low prices, 1996 witnessed a resurgence in the uranium market The uranium market, like all commodity markets, has a history of volatility, moving not only with the standard forces of supply and demand, but also to whims of geopolitics. It has also evolved particularities of its own in response to the unique nature and use of this material. . Spot prices have steadily grown from a low of US$7 per pound in 1994 to levels of US$16 per pound at the end of 1996. Prices have been lower in the first quarter of 1997 and are currently in the US$12- US$13 per pound range. However, demand continues to grow and inventories continue to become depleted de·plete tr.v. de·plet·ed, de·plet·ing, de·pletes To decrease the fullness of; use up or empty out. [Latin d . Current prices and improved mining and processing techniques have created a favourable environment to develop many existing uranium deposits. Anaconda Uranium owns 100 percent of the Copper Mountain Project in Riverton, Wyoming Riverton is a city in Fremont County, Wyoming, United States. It is both the largest city in the county and the largest on the Wind River Indian Reservation. The city's population was 9,310 at the 2000 census. . During the 1970's this 3,300 acre property was the subject of extensive exploration and feasibility work by the Rocky Mountain Energy Company who spent more than US$20 million and defined resources in excess of 30 million pounds of U(3)O(8) in seven deposits. The project was discontinued dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: due to declining uranium prices. Anaconda Uranium now owns the entire technical database. Anaconda Uranium has been analyzing the data generated by Rocky Mountain Energy. A plan for a bulk test, to include open pit mining and head leaching about 50,000 tons, has been prepared and the first steps in the permitting process have been initiated. The aim of the current work is to prepare a development plan, a feasibility study "A Feasibility Study" is an episode of the original The Outer Limits television show. It first aired on 13 April, 1964, during the first season. It was remade in 1997 as part of the revived The Outer Limits series with a minor title change. and permit applications. The land position has been expanded around the Copper Mountain deposits by staking additional claims. Concurrent with the development of Copper Mountain, Anaconda Uranium will continue to examine the data from many other potential uranium acquisition targets. This effort has been concentrated on uranium deposits that have the potential to be feasible and economic at current prices and by applying modern mining and processing techniques. Most of the deposits being examined have had a large amount of work done on them historically but were never brought into production due to weak uranium prices. It is anticipated that the company will be able to report progress on acquisitions in the near future. CONTACT: Anaconda Uranium Corporation John Cook, 416/ 864-1012 416/ 864-1369 (FAX) |
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