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UNC RESPONDS TO NUCLEAR REGULATORY COMMISSION STAFF PRESS RELEASES OF JAN. 16, 1992

 UNC RESPONDS TO NUCLEAR REGULATORY COMMISSION
 STAFF PRESS RELEASES OF JAN. 16, 1992
 ANNAPOLIS, Md., Jan. 16 /PRNewswire/ -- UNC (NYSE: UNC) acknowledged receipt of a Nuclear Regulatory Commission (NRC) staff order requiring a $16.4 million sum to be put in an interest bearing escrow account pending completion of surety arrangements for the Church Rock, New Mexico uranium mining remediation effort. This operation was discontinued by UNC in 1984 and the remediation effort was fully reserved for on the Company's balance sheet at that time. The Company also stated that remediation work at Church Rock has been underway since 1982, and that over $30 million has been spent on this work to date. Since early 1991, UNC has been in discussions with the NRC staff to arrive at an appropriate means of meeting the NRC surety requirement, and it has been UNC's intent to fully meet this requirement. UNC prepared and submitted a proposal to the NRC staff as a means of satisfying the surety requirement in June, 1991.
 UNC questions the rationale of the NRC staff order since there is no relationship between the Church Rock remediation effort and its recent Dalton Pass legal settlement with the Justice Department.
 Dan A. Colussy, CEO and President of UNC Incorporated, stated that he was "frankly puzzled and concerned that the NRC, with whom UNC has had continuing discussions and made proposals in full compliance with the regulations would take this action." Colussy said, "We have properly reserved for the Church Rock remediation project and, as we have previously disclosed in our public filings, it will not have a material impact on the financial condition of the company." Colussy added that it is still UNC's intention to provide the appropriate surety arrangements to the NRC staff in order to satisfy the regulatory requirements, and that the costs of the surety will, likewise, not have a material effect.
 UNC Incorporated, listed on the New York Stock Exchange, is engaged in the manufacturing and remanufacturing of jet engine and aircraft components; the overhaul of aircraft accessories and aircraft engines; and in providing aircraft maintenance and pilot training services.
 -0- 1/16/92
 /CONTACT: David L. Dragics of UNC Incorporated, 410-266-7333/ CO: UNC Incorporated ST: Maryland IN: ARO SU:


SF -- PH041 -- 0739 01/16/92 17:11 EST
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Publication:PR Newswire
Date:Jan 16, 1992
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