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Gold/Mining/Energy : WWS.T World Wide Minerals -- Ignore unavailable to you. Want to Upgrade?

To: traacs who wrote (466)	5/19/1998 1:00:00 PM
From: R.A.K.	Read Replies (3) \| Respond to of 784

WORLD WIDE FORMS TEXAS URANIUM JOINT VENTURE TORONTO, May 19, 1998 - World Wide Minerals Ltd. (TSE - WWS) announced today that it had formed a joint venture to exploit in-situ-leachable ("ISL") uranium deposits in south Texas, USA. The joint venture, World Wide Uranium (Texas) LLC is owned 75% by World Wide Uranium Inc., a wholly-owned US subsidiary of World Wide, and 25% by Everest Exploration, Inc. of Corpus Christi, Texas. As its capital contribution, Everest will transfer to World Wide Texas the existing "Hobson" uranium processing plant and associated satellite ion exchange uranium recovery plant, freehold land and equipment as well as the related waste water disposal well. These facilities are capable of recovering about 1.0 million lbs. U3O8 per year. World Wide Texas intends to lease or otherwise acquire and develop known uranium mineralization in Texas and to operate using low cost ISL technology. Wallace M. Mays, President of World Wide, said "our objective is to establish a uranium production base in the United States to complement our production from the Dornod Mine in Mongolia. We chose south Texas because of its known uranium mineralization, long production history and the competence of the professional staff at Everest. This is an incremental step in furthering World Wide's objective to become one of the major uranium production and marketing companies in the world." With the facilities available to World Wide Texas, it is intended to build Texas production up to at least 1.0 million lbs. U3O8 per year. It is anticipated that production can commence within two to three years and should be sustainable for a period of at least 10 years. Production costs are expected to be in the lowest quartile of ISL mining costs in the USA. Everest was established in 1977 by E.A. Durham and Wallace Mays to acquire and develop ISL uranium production in south Texas. Mr. Mays was responsible for development and operation of ISL mines in Texas and Wyoming. Projects developed by Everest include the Hobson, Las Palmas. Mt. Lucas and Tex-1 ISL projects in south Texas, as well as the Highland ISL operation in Wyoming. Highland is currently the largest uranium mine operating in the US. World Wide is a uranium production and marketing company based in Toronto. It is currently reactivating the Dornod uranium mine in Mongolia. The Texas joint venture with Everest will provide World Wide with much needed diversification of production and an entre into the US market directly. In an industry which continues to experience consolidation, World Wide is positioning itself in the international uranium market to provide utility fuel buyers with the much-valued choices of alternate supplier, diversity of supply source and mining methodology, while meeting industry criteria of price, reliability and flexibility of delivery.