Azarga Uranium Corp. has filed its National Instrument 43-101 ("NI 43-101") Technical Report and Preliminary Economic Assessment ("PEA") for its Dewey Burdock In-situ Recovery ("ISR") Uranium Project in South Dakota, USA (the "Dewey Burdock Project"). The base case economic assessment results in a pre-income tax internal rate of return ("IRR") of 55% and a pre-income tax net present value of USD 171.3 million when applying an 8% discount rate. Using the same discount rate, the post-income tax IRR is 50% and the post-income tax NPV is USD 147.5 million. The projected cash flows for the Dewey Burdock Project PEA are positive in the second year of production, two years after the commencement of construction. Initial capital expenditures are estimated at USD 31.7 million. Direct cash operating costs are estimated to be USD 10.46 per pound of production, royalties and local taxes (excluding property tax) are estimated to be USD 5.15 per pound of production and the total pre-income tax cost of uranium production is estimated to be USD 28.88 per pound of production. Income taxes are estimated to be USD 3.39 per pound of production and have been calculated on a project basis in accordance with NI 43-101 requirements; therefore, certain tax shelter balances, such as tax loss carry forwards available at the corporate level, have not been considered.