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FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
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For the month of June 1999
International Uranium Corporation
(Translation of registrant's name into English)
Independence Plaza, Suite 950, 1050 Seventeenth Street, Denver, CO 80265
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover Form 20-F or Form 40-F.
Form 20-F X Form 40-F
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Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes No X
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If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): 82- .
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
International Uranium Corporation
(Registrant)
Date: June 7, 1999 By: /s/ Earl E. Hoellen
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Earl E. Hoellen, President
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Exhibit Index
Exhibit No. Description
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99.1 Press Release dated June 7, 1999
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EXHIBIT 99.1
PRESS RELEASE DATED JUNE 7, 1999
JUNE 7, 1999 (IUC - TSE) . . . INTERNATIONAL URANIUM CORPORATION (the "Company")
announced today that it was suspending mining operations from its two producing
mines, the Sunday and GMG mines, both of which are located in the Colorado
Plateau mining district. The Company had planned to suspend mining operations at
the Sunday and GMG mines in September of this year to coincide with the
completion of the conventional ore mill run, presently scheduled to begin later
this month. However, due to weak commodity prices, the Company elected to
discontinue operations early. Company mining operations at the Sunday Mine will
end immediately, and contract mining operations at the GMG will end not later
than the end of August. The Company had previously discontinued mining
operations at the Rim and Topaz mines. With the suspension of operations at the
Sunday and GMG mines, all of the Company's mining projects will be on standby,
and will remain so until market conditions justify otherwise.
To date, the Company has mined and stockpiled approximately 84,000 tons of ore,
containing approximately 400,000 pounds of recoverable uranium and 2,200,000
pounds of recoverable vanadium. As noted, the Company plans to commence
processing these uranium/vanadium ores later this month and anticipates the
completion of this conventional mill run by the end of October.
With the current suspension of all mine production and development activities,
the Company intends to devote its full attention and resources at this time to
the continued development of its alternate feed recycling business. The Company
has previously completed seven alternate feed processing runs to date, including
approximately 45,000 tons of uranium-bearing material from a former U.S. defense
site (Ashland 2) undergoing environmental remediation as part of the Formerly
Utilized Sites Remedial Action Program ("FUSRAP"). In addition, the Company was
recently awarded a contract to recycle up to another 100,000 tons of similar
material from the Ashland 1 FUSRAP site. The Company generally receives a
substantial recycling fee in addition to retaining the uranium recovered from
processing these FUSRAP materials. Alternate feed processing is a growing sector
of the Company's business and, subject to continued regulatory approvals, is
expected to be a major contributor to the Company's earnings in the future.
The Company also announces that Mr. Thad L. Meyer, Chief Financial Officer, will
leave his position at the end of the month. Mr. Rick L. Townley, currently the
Company's Controller, will assume the position of CFO at that time.
Headquartered in Denver, Colorado, IUC is engaged in the business of producing
uranium concentrates and selling and trading these concentrates and other
nuclear fuel cycle products in the international nuclear fuel market. As a
co-product to its uranium production, IUC produces and sells vanadium and other
metals. In addition to mining and processing uranium from natural ores, IUC also
recovers uranium by recycling uranium-bearing waste streams from other
processing facilities.
ON BEHALF OF THE BOARD
"Earl E. Hoellen"
President
