Founder and Chairman Emeritus of U.S. Energy Corp. Dies at Age 74
Monday September 18, 11:17 am ET
John L. Larsen Was a Mining Industry Leader for More Than 50 Years
RIVERTON, Wyo., Sept. 18 /PRNewswire-FirstCall/ -- U.S. Energy Corp., "USE", (Nasdaq: USEG - News) and Crested Corp. (OTC Bulletin Board: CBAG - News) today announced that the founder and Chairman Emeritus of the Company, John L. "Jack" Larsen, passed away after a prolonged, heart-related illness.
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Mr. Larsen, who founded USE in 1966 and took it public in 1970, was also the Co-Chairman and a director of Crested Corp., an affiliate of the Company. Mr. Larsen was Chief Executive Officer and Chairman of the board of directors of Plateau Resources Limited Inc., and a director of Sutter Gold Mining Inc. and U.S. Moly Corp. Past directorships include The Brunton Company and Rocky Mountain Gas, Inc. Mr. Larsen died on September 4, 2006.
Keith Larsen, Chairman of USE, noted, "While we have lost a great friend and one of the mining industry's true visionaries, Jack Larsen (my father) built a remarkable company that is fully prepared to carry forward his vision to capitalize on the tremendous opportunities we see in the minerals markets. We will always be deeply grateful for his leadership and the contributions he made during a career that spanned half a century. His legacy at U. S. Energy Corp. includes the ownership in a world class molybdenum deposit, the ownership of one of the last uranium mills in the United States and significant equity interests in both a publicly traded gold company, a natural gas company that is currently in registration and a royalty on a world class uranium deposit."
The Board of USE currently consists of Keith G. Larsen, Don C. Anderson, Michael T. Anderson, Michael H. Feinstein, H. Russell Fraser and Harold F. Herron. The Company is actively seeking a replacement for Mr. Larsen on the Board of Directors.
ABOUT U.S. ENERGY CORP. AND CRESTED CORP.
U.S. Energy Corp. and its majority-owned subsidiary, Crested Corp., are engaged in a joint venture to conduct various business operations as USECC. Through their subsidiaries, Sutter Gold Mining Inc., Plateau Resources Limited, Inc., U.S. Moly Corp, U.S. Uranium Ltd. and USECC, they own various interests or properties prospective for gold, uranium, vanadium and molybdenum.
This news release includes statements which may constitute "forward- looking" statements, usually containing the words "believe," "estimate," "project," "expect," or similar expressions. These statements are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, future trends in mineral prices, the availability of capital, competitive factors, and other risks.
The profitable mining and processing of uranium and vanadium will depend on many factors: Obtaining properties in proximity to the Shootaring mill in southeastern Utah to keep transportation costs economic; delineation through extensive drilling and sampling of sufficient volumes of mineralized material, with sufficient grades, to make mining and processing economic over time; continued sustained high prices for uranium oxide and vanadium; obtaining the capital required to upgrade the Shootaring mill and add a vanadium circuit, and obtaining and continued compliance with operating permits.
The profitable mining and processing of gold will depend on many factors, including receipt of final permits and keeping in compliance with permit conditions; delineation through extensive drilling and sampling of sufficient volumes of mineralized material, with sufficient grades, to make mining and processing economic over time; continued sustained high prices for gold, and obtaining the capital required to initiate and sustain mining operations, and build and operate a gold processing mill.
We have not yet obtained feasibility studies on any of our mineral properties. These studies would establish the economic viability, or not, of the different properties based on extensive drilling and sampling; the design and costs to build and operate gold and uranium/vanadium mills; the cost of capital, and other factors. Feasibility studies can take many months to complete. We have not established any reserves (economic deposits of mineralized materials) on any of our uranium/vanadium or gold properties, and future studies may indicate that some or all of the properties will not be economic to put into production. The molybdenum property has had extensive work conducted by prior owners to establish the deposits of molybdenum, mine planning and other ancillary activities. This data will have to be updated to determine the viability of starting mining and milling operations. Obtaining mining and other permits to begin mining the molybdenum property may be very difficult, and, like any mining operation, capital requirements for a molybdenum mining operations will be substantial.
By making these forward-looking statements, the Companies undertake no obligation to update these statements for revision or changes after the date of this release.
DISCLOSURE REGARDING MINERAL RESOURCES UNDER SEC AND CANADIAN REGULATIONS
USE is a joint venture partner with Uranium Power Corp. ("UPC") and a major shareholder of SGMI. The common stock of UPC and SGMI, both Canadian corporations, are traded on the TSX-V, and are subject to the reporting requirements of the TSX-V and Canadian securities regulatory authorities. Harold F. Herron, Senior Vice President and Director of USE and Crested, serves on the board of directors of SGMI and is also the Company's President and CEO and Chris Healey, Vice President Exploration of USE, serves on the board of directors of UPC.
From time to time, UPC and SGMI make public disclosures in compliance with National Instrument 43-101, "Standards of Disclosure for Mineral Properties." NI 43-101 establishes procedures and standards for determining the existence of, and the reporting of, Mineral Resources and Mineral Reserves. Mineral Resources are classified in ascending categories of geological confidence, as Inferred, Indicated, and Measured. Each definition relates to a resource that is determined to be of "such a grade or quality that it has reasonable prospects for economic extraction." Mineral Reserves are classified as Proven or Probable.
The SEC allows public disclosure of the extent and grade of mineral deposits, and, under SEC Industry Guide 7, "Description of Property by Issuers Engaged or to be Engaged in Significant Mining Operations, of Proven (Measured) Reserves and Probable (Indicated) Reserves. In contrast to NI 43-101, the SEC does not allow public disclosure of Inferred, Indicated, or Measured Resources. In addition, there are some significant differences in the standards allowed, and the procedures required to be followed by the SEC for public disclosure of the SEC's Proven (Measured) Reserves and Probable (Indicated) Reserves, as compared to NI 43-101 for Proven and Probable Mineral Reserves."
United States residents, who obtain information about those of our uranium properties, and about the gold properties, which are reported upon by UPC and SGMI to the TSX-V in accordance with NI 43-101, and about SGMI's gold properties, are cautioned that such information may be materially different from what would be permitted under SEC rules for United States companies.
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