Snow Lake Views the United States Law Banning Russian Uranium Imports as Supportive of Its Two Uranium Projects By Investing.com

Winnipeg, Manitoba–(Newsfile Corp. – May 2, 2024) – Snow Lake Resources Ltd., d/b/a Snow Lake Energy (NASDAQ: LI™) (“Snow Lake” or the “Company“) believes that The Prohibiting Russian Imports Act (the “Import Ban“), passed by the United States and banning the import of enriched uranium from Russia into the United States, is supportive of the exploration and development of Snow Lake’s Black Lake Uranium Project in Saskatchewan, Canada and its Engo Valley Uranium Project in Namibia.

CEO Remarks

“As geopolitical events continue to shape the global uranium market, we believe the Import Ban passed by the United States will further challenge global uranium supply,” commented Frank Wheatley, CEO of Snow Lake. He continued: “With uranium projects in Saskatchewan and Namibia, both being global leaders in uranium production, we believe the Import Ban will support us in exploring and developing our uranium projects.”

The Prohibiting Russian Uranium Imports Act

The United States Senate has unanimously passed the Import Ban, a move which the White House has called “a national security priority”. The Import Ban has been sent to President Biden for signature.

Russia is currently the largest foreign supplier of enriched uranium, according to US Energy Department data (See Figure below).

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The Import Ban bans the import of enriched uranium produced in Russia or by Russian entities, and is designed to enhance the United States’ energy security by reducing its dependence on Russia for nuclear fuels. It also unlocks funding to support domestic uranium production.

Snow Lake’s Uranium Projects

Snow Lake has two uranium exploration projects, the Black Lake Uranium Project in the Athabasca Basin, Saskatchewan, Canada, and the Engo Valley Uranium Project in Namibia.

Saskatchewan, Canada

Saskatchewan was the second-largest global producer of uranium in 2022 and accounted for 15% of the world’s primary uranium production¹, was ranked as the 3^rd overall jurisdiction for mining investment according to the Fraser Institute’s 2022 annual survey². Saskatchewan also hosts the world’s largest, highest grade uranium deposits, and is the source of almost a quarter of the world’s uranium supply for electrical generation.³

Black Lake Uranium Project

The Black Lake…