International Isotopes Inc. has entered into an agreement with the State of New Mexico Environment Department (NMED) that establishes license limits for INIS's planned uranium de-conversion and fluorine extraction processing facility. This is an important step towards licensing and construction of the facility planned for Hobbs, New Mexico.
Since selection of the site in March, INIS has been working to address regulatory issues associated with the facility and to educate the public and investment community.
Steve Laflin, the INIS president and CEO said: "This Memorandum of Agreement is important for two reasons. First, it represents completion of an important step in the preparation of the NRC license application. Second, it typifies the Company's continued commitment to protecting the environment and working closely with NMED to ensure project transparency and regulatory cooperation. The Agreement implements certain terms for the facility that have been mutually agreed upon. Both parties have agreed that these terms will be incorporated into the Company's Nuclear Regulatory Commission (NRC) license application and eventually into the NRC license itself, where applicable."
The INIS facility will consist of both depleted uranium de-conversion and fluorine gas extraction processes. INIS holds patents that give it exclusive rights to the Fluorine Extraction Process (FEP), which produces high-value, high purity gases in conjunction with uranium de-conversion, and thus, provides a key commercial advantage to the de-conversion plant. Construction of the facility is anticipated to begin in the third quarter in 2011, after NRC licensing is complete, and to begin operations in late 2012.
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