Western Troy Capital Resources Inc. (Western Troy) has announced its plans to form a wholly owned private corporation to provide small nuclear reactor electric power generating stations for installation in remote locations in Canada and elsewhere. Western Troy’s decision to proceed with the new venture will depend on many factors, including the availability of suitable reactor technology, an assessment of the regulatory environment, and the ability of the venture to attract adequate funding.
Rex Loesby, Western Troy’s chief executive officer, commented, “As we worked through the feasibility process for our MacLeod Lake Project, we evaluated a number of electric power options. One option is a small nuclear reactor. We found there are a number of small reactor designs in operation and under
development around the world and there looks to be an opportunity to work with one or more of these reactor designs to develop the technology specifically for remote communities and mine sites in Canada. Some of these small reactor designs have operated for decades without safety issues, nuclear reactors do not release carbon emissions, and there are communities and mines in remote locations throughout Canada that would benefit greatly from clean, safe, and relatively low cost electric power.”
Western Troy has retained a distinguished group to act as advisors for the venture. The group includes Dr. Glenn Harvel who has a Ph.D. in Nuclear Engineering and is an Associate Professor on the Faculty of Energy Systems and Nuclear Science at the University of Ontario Institute of Technology (UOIT). He worked at Atomic Energy of Canada Limited (AECL) from 1995 until 2006. Dr. Dan Meneley has a Ph.D. in Reactor Physics and has worked as Chief Engineer with AECL as well as many of the other nuclear power agencies and companies in Canada and around the world. He also teaches nuclear science and engineering on the Faculty of Energy Systems and Nuclear Science at UOIT. Dr. Gary Kugler has a Ph.D. in Experimental Nuclear Physics and is currently the Chairman of the Board of the Nuclear Waste Management Organization. He is also a member of the Board of Ontario Power Generation Inc. (OPG). Prior that, he was with AECL for 34 years where his last position was Senior VP responsible for AECL’s commercial operations.
Western Troy management also met with representatives of the Canadian Nuclear Safety Commission (CNSC) to begin contacts within the regulatory community. The focus of the venture over the next few months will be fund raising, organizational development, and the selection of the best reactor design.
Western Troy’s MacLeod Lake Project may be a good candidate for the first installation of a small reactor; however the focus of the new venture is larger than just providing power for MacLeod Lake. As such, the venture does not fall within the scope of Western Troy’s primary business of mineral exploration and development. Western Troy management has determined that it would be best to form a wholly owned private corporation to advance the development of small nuclear reactors in Canada. When funds are raised for the new venture, holders of Western Troy stock will not be diluted, although Western Troy’s ownership interest in the small reactor venture will be diluted.
Rex Loesby commented further, “What started out as an engineering exercise quickly grew into an idea that could be revolutionary for the development of northern communities and resources in Canada. We have begun to see this as much more than a commercial venture, but an opportunity for Canada to lead the world in clean energy development for remote sites.”