Energy Fuels currently has some PFN equipment in various states of repair, which it has used for its mining operations in the past
Energy Fuels Inc. (NYSE American: UUUU;TSX: EFR) (“Energy Fuels”), the leading producer of uranium in the United States, is pleased to announce that it has entered into an agreement to acquire from GeoInstruments Logging LLC (“GIL”) all of its Prompt Fission Neutron (“PFN”) technology and equipment, including all of its related intellectual property, which will give Energy Fuels the exclusive right to use, license, and service this particular PFN technology globally. PFN is critical to successfull uranium production particularly from many in situ recovery (“ISR”) deposits, as it more accurately measures downhole in-situ U3O8 ore grade versus traditional Total Gamma and Spectral Gamma methods.
The PFN equipment and technology to be acquired by Energy Fuels includes: four (4) PFN tools; nine (9) gamma tools with point resistivity, spontaneous potential and deviation; two (2) low-mileage, heavy-duty logging trucks with logging and associated equipment; power supplies, computers, communication, and other technology; and all associated intellectual property, including all internal details of the tools, circuit board diagrams, firmware code, software, manuals, instructions, patents and the sole right to utilize and license the acquired PFN technology globally. The total consideration to be paid by Energy Fuels to GIL will be US$500,000.00 cash. Closing of the transaction is expected to occur within approximately two weeks, after completion of a due diligence inspection of the equipment.
Energy Fuels currently has some PFN equipment in various states of repair, which it has used for its mining operations in the past, as do other companies in the U.S. and around the world. With the acquisition of this additional PFN equipment and technology from GIL, Energy Fuels will, not only be able to utilize the additional equipment to ramp-up production from its ISR properties more quickly and efficiently in the event of improved market conditions, it will also secure the ability to service, repair and maintain PFN equipment currently held by the Company and others, as well as license this technology to others in the future.
Source: Company Press Release