Printer Friendly


 CASPER, Wyo., Nov. 17 /PRNewswire/ -- American Nuclear Corp. (NASDAQ: ANUC) (ANC) of Casper, said it is offering its Peach, Blackstone, and other uranium mining properties for sale. The properties comprise approximately 15,000 acres of mining properties located in the Gas Hills mining district near Riverton, Wyo. The properties contain a substantial uranium deposit estimated in excess of 13 million pounds and have the potential to contain significantly more pounds of uranium. The company is talking to several mining companies who are potential purchasers.
 ANC expects to raise cash from the property sale in order to continue its operations and complete the reclamation obligations associated with its former uranium mill and to satisfy the debt owed to Cycle Resource Investment Corp. (CRIC). For several years, ANC has been financed by CRIC, a 30 percent shareholder. Lack of adequate capital caused ANC in mid-1993 to abandon its efforts toward licensing and constructing a facility for commercial disposal of certain low-level radioactive byproduct materials. Following termination of the plan for a commercial disposal facility, CRIC decided to end its investment in ANC. Negotiations are in progress to extend the due date of the approximate $2.1 million debt owed CRIC which is in default.
 ANC will continue its low-level radioactive waste disposal operation at the Gas Hills mill until reclamation of the site is completed. In order to maximize the potential of the disposal operation ANC recently entered into a marketing agreement with American Ecology Corp. (AEC) of Houston to market the company's disposal services. American Ecology is an industry leader in the disposal of low-level radioactive and hazardous wastes. Their 40-plus years of marketing and technical expertise will maximize the potential of the company's disposal services. AEC will provide client services, waste characterization services, technical support, on site packaging services, and assistance in obtaining all regulatory approvals for waste packaging, transportation, and disposal. Under the terms of the marketing agreement the company was paid $202,500 with a second payment of $202,500 due the first quarter of 1994. The second payment is contingent upon a favorable determination by the Nuclear Regulatory Commission that other characteristically like materials may be disposed of in the company's facility in accordance with regulatory guidelines. ANC and AEC will share equally in the net profits.
 ANC has been advised by the NASDAQ Stock Market of a recently adopted change in the NASDAQ National Market Listing requirements which affects the company's eligibility for continued inclusion in the NASDAQ National Market. This change, requires that a security have a bid price of $1.00 per share, or in the alternative, the security's market value of publicly held shares must be at least $3,000,000 and the company have at least $4,000,000 of net tangible assets. The company does not meet the minimum security market value. If the company is unable to achieve compliance through an improved security market value or receive an exception from NASDAQ, the stock will be removed from the NASDAQ National Market. ANC is uncertain as to the final outcome. If the company' stock is removed from the NASDAQ National Market, it will be traded on the OTC electronic bulletin board.
 -0- 11/17/93
 /CONTACT: William C. Salisbury, president of American Nuclear, 307-265-7912/

CO: American Nuclear Corp. ST: Wyoming IN: OIL MNG SU:

LM-JB -- LA031 -- 5714 11/17/93 17:07 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 17, 1993

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters