Energy Fuels spinoff invests in Wyo. gold, copper project
A subsidiary of Energy Fuels Inc. is moving on a project to develop or sell gold and copper deposits in southeastern Wyoming.
Energy Fuels acquired the Copper King project in Wyoming as a result of its purchase of Strathmore Minerals Corp. last year.
It is teaming up with a private investor group that has experience in developing gold projects and building mining companies, Energy Fuels said in a statement.
“We are not gold/copper miners,” Energy Fuels spokesman Curtis Moore said in an email. “So we decided this (joint venture) was the best way to create more value.”
Energy Fuels owns the White Mesa uranium mill in Blanding, Utah, and is planning to construct a uranium mill near Naturita.
The development of the mining operation will be completed by CK Mining Corp., a private company that will pay Energy Fuels in a combination of cash and newly issued common stock amounting to half it issued and outstanding shares.
“The Copper King Project is a highly prospective gold and silver project in Wyoming, a state that welcomes mining and has a highly experienced workforce,” Energy Fuels President and CEO Stephen P. Anthony said in a statement regarding the transaction.
The Copper King Project is in the Silver Crown Mining District about 20 miles west of Cheyenne and is estimated to contain approximately 926,000 ounces of gold and 223 million pounds of copper.
Energy Fuels’ common shares are listed on the Toronto Stock Exchange under the trading symbol “EFR”, and on the NYSE under the trading symbol “UUUU.”