Clyde Gillespie Joins U.S. Energy Corp.
Tuesday October 10, 2:15 pm ET
The Permitting Expert Will Head the Lucky Jack Molybdenum Project in Colorado
RIVERTON, Wyo., Oct. 10 /PRNewswire-FirstCall/ -- U.S. Energy Corp. (Nasdaq: USEG - News) and Crested Corp. (OTC Bulletin Board: CBAG - News), natural resource exploration and development companies, today announced that Mr. Clyde Gillespie has been hired to be the Project Manager for the Lucky Jack Molybdenum Project in Colorado for the Companies' U.S. Moly Corp. subsidiary.
Mr. Gillespie comes to the company from Kinross Gold Corporation (Kettle River Operations) as the Buckhorn Project Manager/Environmental Manager where his responsibilities included engineering design, permitting, and construction of the Buckhorn Mountain Project for mining and milling gold. He developed the project budget, schedule and cost accounting system for that project. Mr. Gillespie will coordinate similar efforts to obtain public support and work cooperatively with non-government organizations to address concerns and interact with the media and environmental groups on the Project. At Kettle River, he was responsible for obtaining required permits for the Buckhorn Mountain Project and the oversight of environmental compliance at the Kettle River Operations. He also oversaw design, permitting, construction and operation of three biological water treatment plants for operating and reclamation projects. The Buckhorn Mountain Project received its major permit in September 2006.
Mr. Gillespie has an extensive background as a specialist in environmental engineering and management. Over the past thirteen years (from 1993 to present), he had the responsibility in obtaining required permits to allow development of two sensitive mining projects, including compliance with environmental permit conditions. He has extensive experience in the pursuit of completion of a Supplemental Environmental Impact Statement (SEIS) and federal Environmental Assessment (EA) while expediting the process to obtain federal, state and local permits required to construct and operate an underground gold mine, ore transportation to the existing mill, along with design and permitting for an expansion of the tailing impoundment.
"We are pleased to bring someone with Clyde's expertise on board with U.S. Moly Corp.," stated Mark Larsen, President of both U.S. Energy Corp. and U.S. Moly Corp. "Clyde's extensive experience in the fields of permitting and engineering will surely enhance our efforts to move the Lucky Jack project forward in a positive light. He has worked on mineral projects in sensitive areas before and has found success based on his sensible approach to solutions. With today's announcement of our pending transaction with Kobex Resources Ltd., we look to Clyde to lead our permitting efforts and to manage the project from a local perspective hand in hand with the communities and the Kobex team.
"Ownership of the Lucky Jack molybdenum deposit was returned to U.S. Energy Corp. and Crested Corp. on February 28, 2006. U.S. Moly Corp. was then formed by the companies to identify and pursue the most effective means of realizing the value inherent in the property," added Larsen. "With Mr. Gillespie on board, we will continue to evaluate the timing of all components related to the commencement of permitting the moly property for production and the commissioning of a full mine/mill feasibility study. This is timely and appropriate since the price of molybdic oxide has risen from approximately $5.00 a pound three years ago to over $27.00 per pound today," concluded Larsen.
