To: Leigh McBain who wrote (62 ) 1/22/1998 11:52:00 AM From: traacs Respond to of 30090
WORLD WIDE ACQUIRES NUCLEAR FUEL RESOURCES NEW DIRECTOR AND OFFICER APPOINTED TORONTO, January 22, 1998: - World Wide Minerals Ltd. (TSE - WWS) announced today that effective January 1, 1998, it had acquired the right to carry on business under the name "Nuclear Fuel Resources", the name formerly used by Nuclear Fuel Resources, Inc. (NFR), an indirect subsidiary of Newco AG of Zug, Switzerland, to conduct uranium brokerage and trading activities. Newco AG has withdrawn from this business. World Wide is creating a new wholly-owned subsidiary, Nuclear Fuel Resources Corporation, which will be based in Denver, Colorado, to carry on international trading in uranium concentrates. This will supplement World Wide's production and marketing of uranium concentrates. NFR was founded in May 1996 to provide commercial support services to the nuclear fuel industry including brokerage and trading activities. During its initial year of operations, NFR participated in 10% of total world spot uranium sales. NFR has acted as the exclusive marketing agent for World Wide's uranium sales since late 1996, providing comprehensive marketing and sales support and guiding World Wide=s marketing strategies. NFR was instrumental in the successful completion of several commercial transactions crucial to World Wide's expanding participation in the global uranium industry. In a related development, Mr. Dustin J. Garrow, President of NFR, has joined World Wide as Senior Vice-President, Marketing. Mr. Garrow has had an exemplary career in the uranium fuel marketing business dating back to 1975. During that period, he has held positions of increasing responsibility with several companies active in the nuclear fuel industry in the United States. His experience includes production and marketing of uranium concentrates and representation of nuclear power utilities in fuel procurement and utilization. He has been a frequent contributor to nuclear industry publications and a speaker on subjects related to the industry. World Wide also announced the appointment of Thomas B. Evans Jr. as a Director of the Company. Mr. Evans is the Chairman of The Evans Group, Ltd., a Washington, D.C. based government relations company. He served for six years as a Member of the US House of Representatives from Delaware where he was a member of the Republican Leadership in Congress. Prior to serving in Congress, Mr. Evans was Co-Chairman and Chief Operating Officer of the Republican National Committee. He has also been a senior partner of two major Washington law firms. Mr. Evans has been actively representing the interests of World Wide with the US and Kazakhstan Governments as part of World Wide's multi-pronged efforts to recover its investment in Kazakhstan. World Wide intends to expand its uranium mining and processing business by taking a stake in the North American uranium mining industry. Several investment opportunities have been investigated and negotiations are underway with the view to becoming active in that market later in 1998. World Wide does not intend to engage in long term grass roots uranium exploration because of the extensive period of time required to explore, permit and develop uranium mining properties in North America.