Neutron Energy Announces Agreement With Juan Tafoya Land Corporation
PHOENIX, ARIZONA -- Neutron Energy, Inc. (“Neutron” or “Company”), a privately held uranium exploration and development company, is pleased to announce it has entered into a Uranium Mining Lease and Agreement with Juan Tafoya Land Corporation. Pursuant to the mineral lease, Neutron acquired a 100% interest in fee surface and mineral rights located on the Juan Tafoya Land Grant (“Juan Tafoya Property”). Located in the Grants Uranium Region of New Mexico, the Juan Tafoya Property contains an un-mined historic resource of 15.8 million pounds of uranium.
In a separate transaction with a third party, Neutron has acquired a significant data base of geological data, technical reports and other information with respect to the Marquez Canyon Deposit located on the Juan Tafoya Property.
The Grants Uranium Region was a world premier uranium mining district, having produced over 350 million pounds of uranium. The Juan Tafoya Property, located on the eastern portion of the Grants Uranium Region, consists of approximately 4,200 acres of privately owned surface and mineral rights. During the 1970’s the property was developed by a joint venture between Long Island Lighting, a New York utility, and Bokum Resources Corporation. In addition to deposit development drilling, a shaft was sunk to a depth of 1,842 feet, a 2,200 ton per day uranium processing mill was constructed on site, and a tailings disposal site was excavated, all fully permitted. Due to the collapse in the uranium market in the early 1980’s, development was halted, the deposit remains un-mined, and the mill was dismantled in 2001. Although the mill has been removed, much of the infrastructure remains in place, including electric power, 1,800+ acre-feet of industrial-use water rights, the 1,842 shaft and previously permitted and partially completed tailings disposal site.
In keeping with Neutron’s responsible environmental and economic development policies, Neutron anticipates providing up to 450 full-time jobs, many of which are expected to be filled by local members of the Juan Tafoya Land Grant. In addition, Neutron will provide annual scholarships for qualified members of the community in the fields of geology, hydrology, environmental sciences and range and forest management. Neutron will also provide financial resources for social services and community development programs.
Neutron has initiated activities to acquire the necessary permits to commence confirmation drilling and ultimately mine and mill operating permits. It is the Company’s objective to place the project into production as soon as possible.
Neutron Energy, Inc. is an advanced uranium exploration and development company with five (5) development properties comprised of 39,500 acres in New Mexico, Wyoming and South Dakota. In addition, Neutron has in excess of 240,000 acres of exploration properties in Arizona, Wyoming, Utah and South Dakota. Neutron is recognized as having assembled one of the strongest management and technical teams of its peers in the western United States uranium sector. Neutron’s staff has been involved in the discovery, permitting and development of several uranium, gold and coal mines in the western United States and overseas which have a collective gross mineral value of more than $5 billion.
Although Neutron is currently privately held, it has commenced the process of filing registration statements with appropriate securities regulators in the United States and Canada and anticipates an initial public offering of its shares in the latter part of the third quarter of 2007, with a dual listing on the Toronto Stock Exchange and the American Stock Exchange.
Safe Harbor Statement
This news release contains forward-looking statements within the meaning of Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities and Exchange Act of 1934, as amended. Statements in this news release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. These statements involve risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements contained herein. Such risks and uncertainties may include, but are not limited to, the impact of competitive products, the ability to meet customer demand, the ability to manage growth, acquisitions of technology, equipment or human resources, the effect of economic and business conditions, the ability to attract and retain skilled personnel and factors outside the control of the Company. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the Company believes that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance those beliefs, plans, expectations or intentions will prove to be accurate. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
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