Atomic Minerals commends White House CR appropriations

Sep 12, 2022

2022-09-12 14:37 ET – News Release

Mr. Clive Massey reports

ATOMIC MINERALS CORP. COMMENDS THE WHITE HOUSE ON $1.5 BILLION SUPPLEMENTAL APPROPRIATIONS FOR THE DEPARTMENT OF ENERGY TO ADDRESS DEPENDENCY ON RUSSIAN NUCLEAR FUEL

Atomic Minerals Corp. is commending the recently announced supplemental continuing resolution (CR) appropriations issues request by the White House aimed at reducing reliance on Russian nuclear fuels.

On Sept. 2, President Biden made the supplemental CR appropriations request to the United States Congress for the Department of Energy on a continuing resolution that included a $1.5-billion for the Department of Energy for the acquisition and distribution of low-enriched uranium (LEU) and high-assay low enriched uranium (HALEU) and other activities pursuant to the Atomic Energy Act of 1954.

This request will provide the funds to the Department of Energy, Nuclear Energy account, to assist in establishing a reliable fuel supply to rapidly meet the low-enriched uranium demand of the existing commercial nuclear fleet and the high-assay low-enriched uranium needs for advanced nuclear reactors. Funding would be used to address present and future shortfalls in domestic uranium supply.

Clive Massey, Atomic Minerals chief executive officer and president, commented: “I’m very pleased that President Biden has recognized that, in 2021, Russia provided U.S. nuclear utilities with 14 per cent of their uranium purchases and 28 per cent of their enrichment services, when the U.S. has enough untapped uranium in the ground to supply Department of Energy and nuclear utilities.”

According to the U.S. Energy Information Administration, at the end of 2021, there were 93 operating commercial nuclear reactors at 55 nuclear power plants in 28 states with a combined generating capacity of approximately 95,492 megawatts (MW). From 2013 through 2019, annual nuclear generating capacity and the generating of electricity increased each year (except in 2017) even as the number of operating reactors declined.

Today, there are about 440 nuclear power reactors operating in 32 countries, plus Taiwan, with a combined capacity of about 390 gigawatts electrical (GWe). In 2021, these provided 2,653 terawatt hours (TWh), about 10 per cent of the world’s electricity. About 55 power reactors are currently being constructed in 15 countries, notably China, India, Russia and the United Arab Emirates. About 90 power reactors with a total gross capacity of about 90,000 megawatts electrical (MWe) are on order or planned and over 300 more are proposed. Most reactors currently planned are in Asia, with fast-growing economies and rapidly rising electricity demand.

About Atomic Minerals Corp.

Atomic Minerals is a Vancouver-based publicly listed uranium exploration company trading on the TSX Venture Exchange. The company is led by a highly skilled management and technical team with numerous previous successes in the junior mining sector.

Qualified persons

R. Tim Henneberry, PGeo , is the qualified person under National Instrument 43-101 (Standards of Disclosure for Mineral Projects) and is responsible for the technical contents of this news release and has approved the disclosure of the technical information contained herein.

We seek Safe Harbor.

https://www.atomicminerals.ca/