enCore Energy Comments on a Memorandum from President Trump Regarding the U.S. Nuclear Fuel Cycle

VANCOUVER, British Columbia, July 15, 2019 (GLOBE NEWSWIRE) -- enCore Energy Corp. (TSX.V: EU) (the "Company") has reviewed a memorandum (the “Memo”) from President Trump in response to an investigation on the current levels of U.S. uranium imports and a request from two petitioners to implement a quota system on the basis of section 232 of the Trade Expansion Act of 1962 (the “Act”). President Trump determined that the legitimate national security concerns from the level of uranium imports did not meet the definitions of section 232 of the Act. The President shared his concerns regarding current uranium imports and the domestic uranium mining sector, along with the Department of Commerce, and determined that a more detailed analysis of the nuclear fuel supply chain and its national security considerations is necessary over an additional 90-day review period.

The Company’s Chief Executive Officer, Dennis Stover, stated, “While not the optimum decision we hoped for, the required additional 90-day study leaves the door open to new solutions. It is encouraging that the formation of this new study committee is driven by presidential agreement with Department of Commerce: "I agree with the Secretary that the United States uranium industry faces significant challenges in producing uranium domestically and this is an issue of national security."

enCore Energy will continue to work towards a solution to addresses the imbalance facing the U.S. uranium sector along with the broader nuclear fuel cycle. In 2018, more than 96% of uranium purchased for US nuclear reactors were from foreign sources, a figure that is expected to rise further in 2019. Nuclear power remains an important part of the energy mix and currently provides around 19% of all electricity generated in the U.S. and more than 60% of emission-free power, far more than wind and solar combined.

A copy of the Memo can be found here: https://www.whitehouse.gov/presidential-actions/memorandum-effect-uranium-imports-national-security-establishment-united-states-nuclear-fuel-working-group/

About enCore Energy Corp.
enCore Energy Corp., with assets based entirely in the United States, has a 100% interest, with no holding costs, on 115,000+ acres (46,400 ha) of private mineral rights in New Mexico, including the Crownpoint and Hosta Butte uranium deposits. These deposits contain an Indicated Mineral Resource of 26.6 million pounds of U3O8 at an average grade of 0.105% e U3O8(1). A portion of these resources are under NRC license. The Company also holds the Marquez and Treeline projects in New Mexico as well as other properties in Utah, Arizona, and Wyoming. The Company owns or has access to an extensive collection of proprietary North American and Global uranium data including the Union Carbide, US Smelting and Refining, UV Industries, Rancher’s Exploration databases in addition to a leading geophysical data collection concerning the high- grade Northern Arizona Strip district.

For additional information:
William M. Sheriff
Executive Chairman
972-333-2214
info@encoreenergycorp.com
www.encoreenergycorp.com

1. Technical Report, titled, "Crownpoint and Hosta Butte Uranium Project Mineral Resource Technical Report, McKinley County, New Mexico, USA, Mineral Resource Technical Report - National Instrument 43-101," dated May 14, 2012, and authored by Douglas L. Beahm, PEng, PGeo.

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