VANCOUVER, BC, Dec. 7, 2020 /CNW/ - International
Consolidated Uranium Inc. ("CUR" or the "Company")
(TSXV: CUR) is pleased to announce that further to its
press release of November 18, 2020,
the Company has received approval from the TSX Venture Exchange
(the "TSXV") with respect to the option agreement with a
private, arm's length party (the "Vendor") providing CUR
with the option to acquire a 100%, undivided interest, in the Moran
Lake Project (the "Property") located in the Central Mineral
Belt of Labrador, Canada (the
"Option Agreement").
Philip Williams, CEO, commented,
"With the Moran Lake Option Agreement approved by the TSXV and the
initial payment made, we have firmly established ourselves as a
player in the Central Mineral Belt. At Moran Lake, the C Zone was
the subject of significant past exploration and contains both
uranium and vanadium resources. We believe the area, also home to
Paladin Energy's Michelin project, has the critical mass to one day
support the development of a uranium mining operation, and the
potential for IOCG [iron-oxide-copper-gold] discoveries could
ultimately bring more interest. We now look forward to evaluating
the project and the area further, as well as adding new uranium
projects to the portfolio."
The Company has completed the initial payment under the Option
Agreement by issuing the Vendor 253,568 common shares in the
capital of the Company (each, a "Common Share") at a price
of $0.591557 per Common Share and
paid a cash payment in the amount of $150,000 to the Vendor. The Common Shares issued
are subject to a restricted period of four months and one day,
expiring on April 5, 2021.
About International Consolidated Uranium
International Consolidated Uranium Inc. (formally, NxGold Ltd.)
is a Vancouver-based exploration
company. The Company recently entered into options agreements with
Mega Uranium Ltd. (TSX: MGA) to acquire a 100% interest in the Ben
Lomond and Georgetown uranium
projects in Australia, and
IsoEnergy Ltd. (TSXV: ISO) to acquire a 100% interest in the
Mountain Lake uranium project in Nunavut,
Canada. The Company entered into the Mountain lake option
agreement with IsoEnergy on July 16,
2020 and the transaction remains subject to regulatory
approval. In addition, the Company owns 80% of the Mt. Roe
gold project located in the Pilbara region of Western Australia and has entered into an
earn-in agreement with Meliadine Gold Ltd. to earn up to a 70%
interest in the Kuulu Project (formerly known as the Peter Lake
Gold Project) in Nunavut.
Neither TSX Venture Exchange nor its Regulations Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Cautionary Statement Regarding "Forward-Looking"
Information.
This news release contains "forward-looking information"
within the meaning of applicable Canadian securities
legislation. "Forward-looking information" includes, but is
not limited to, statements with respect to activities, events or
developments that the Company expects or anticipates will or may
occur in the future, including the receipt of regulatory
approval of the Offering, use of proceeds of the Offering,
the size of the Offering and completion of the Offering. Generally,
but not always, forward-looking information and statements can be
identified by the use of words such as "plans", "expects", "is
expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates", or "believes" or the negative connotation
thereof or variations of such words and phrases or state that
certain actions, events or results "may", "could", "would", "might"
or "will be taken", "occur" or "be achieved" or the negative
connation thereof.
Such forward-looking information and statements are based on
numerous assumptions, including among others, that regulatory
approval to the Offering will be obtained, that general business
and economic conditions will not change in a material adverse
manner, that financing will be available if and when needed and on
reasonable terms, and that third party contractors, equipment and
supplies and governmental and other approvals required to conduct
the Company's planned exploration activities will be available on
reasonable terms and in a timely manner. Although the assumptions
made by the Company in providing forward-looking information or
making forward-looking statements are considered reasonable by
management at the time, there can be no assurance that such
assumptions will prove to be accurate.
Forward-looking information and statements also involve known
and unknown risks and uncertainties and other factors, which may
cause actual events or results in future periods to differ
materially from any projections of future events or results
expressed or implied by such forward-looking information or
statements, including, among others: negative operating cash flow
and dependence on third party financing, uncertainty of additional
financing, no known mineral reserves or resources, reliance on key
management and other personnel, potential downturns in economic
conditions, actual results of exploration activities being
different than anticipated, changes in exploration programs based
upon results, and risks generally associated with the mineral
exploration industry, environmental risks, changes in laws and
regulations, community relations and delays in obtaining
governmental or other approvals.
Although the Company has attempted to identify important
factors that could cause actual results to differ materially from
those contained in the forward-looking information or implied by
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that forward-looking information and statements
will prove to be accurate, as actual results and future events
could differ materially from those anticipated, estimated or
intended. Accordingly, readers should not place undue reliance on
forward-looking statements or information. The Company
undertakes no obligation to update or reissue forward-looking
information as a result of new information or events except as
required by applicable securities laws.
Reader should also be cautioned that where reference is made
to mineralization of adjacent or near-by properties it is not
necessarily indicative of mineralization hosted on the Company's
Property.
SOURCE International Consolidated Uranium Inc.
