Consolidated Uranium Inc. (“
CUR”,
the “
Company” or “
Consolidated
Uranium”) (TSXV: CUR) (OTCQB: CURUF), is pleased to
provide an update regarding recent developments of its planned
spin-out of Labrador Uranium Inc. (“
Labrador
Uranium” or “
LUR”) through a plan of
arrangement under the Business Corporations Act (Ontario) (the
“
Arrangement”). LUR has expanded its land holdings
in Labrador around its anticipated key projects as well as
bolstered its technical team with several key appointments in
preparation for an aggressive summer 2022 work program.
Stephen Keith, CEO of LUR, commented, “We are
very pleased with our progress to date while we plan our 2022
exploration season and prepare to become a public company. Focusing
on governance and strategy, LUR has assembled a strong prospective
Board of Directors; and, with a focus on creating the greatest
opportunity for exploration success, LUR has been able to attract a
great geological brain trust as well as increasing and further
consolidated its strategic land holdings in a well-known and
significant mineral belt.”
Please click on this link to view a video on
today’s release from LUR’s CEO Stephen Keith.
Current Projects and New
Acquisitions
LUR’s strategy is to consolidate and
aggressively explore its land position in the Central Mineral Belt
(“CMB”) of Labrador, Canada. In late 2021, LUR
entered into several agreements to acquire the following
projects:
- Moran Lake Project: To be acquired
from Consolidated Uranium. The project hosts historic uranium and
vanadium mineral resources. Over $25 million has been spent on the
project to date and holds further exploration potential;
- Central Mineral Belt (CMB) Project:
To be acquired from a wholly-owned subsidiary of Altius Minerals
Corporation (“Altius”). This project includes
approximately 125,000 hectares of land with more than 50 years of
exploration data available. This project contains many known
occurrences of uranium, copper, gold, iron and other elements
identified in 140 targets;
- Notakwanon Project: To be acquired
from Altius. This is a near surface discovery with over 20 uranium
occurrences at surface and grab samples yielding up to 3.5%
U3O8;
- Mustang Lake joint venture interest
(66%): To be acquired from Mega Uranium Ltd. This project is
approximately 9.5 kilometers northeast of Paladin Energy’s Michelin
uranium deposit. Mustang Lake has seen historic drilling, has
multiple uranium occurrences, and is also prospective for IOCG
style mineralization.
LUR has recently added the following 683 claims
(17,075 hectares) by staking and, when taken together with the
above projects, LUR expects to hold a dominant land position in the
CMB and surrounding area at Notakwanon:
- 256 claims (6,400 hectares) located
to the west of the Michelin uranium deposit with extension
potential;
- 120 claims (3,000 hectares) located
around the Notakwanon Project, consolidating more land around this
prospect;
- 307 claims (7,675 hectares) in four
map-staked licenses located to the north of the existing CMB claims
covering prospective areas.
Figure 1: LUR District Scale Claims
across
Labradorhttps://www.globenewswire.com/NewsRoom/AttachmentNg/fa19c4cf-6cf6-4783-942f-e08f0add2467
Building A Strong Team
In addition to growing its land position, LUR
has strengthened its geological team. The new additions, detailed
below, will bring particular expertise to analyzing and assessing
the vast amount of data available to LUR on its projects in order
to generate targets for this coming field season.
Dr. Paul Pearson – Chief
Geologist. A structural and economic geologist with 35
years of international exploration experience, and PhD in
Structural Geology from the University of Queensland.
Matt Melnyk – Consulting Geologist,
Qualified Person (QP). A professional geologist (CPG) with
over 20 years of experience and a M.Sc. in Geology from the
University of Southern Mississippi and a B.A in Geology from SUNY
Buffalo.
Mike McNeill –
Director, Operations and Community
Relations. A natural resources professional
with over a decade of experience planning and managing
large-scale exploration programs and teams.
Nancy Normore, M.SC Geology – Director
Exploration. Over 18 years exploring for uranium,
copper and nickel on several projects (from start-up to discovery)
in Saskatchewan, Nunavut, Quebec, Manitoba and Labrador.
Drew Heasman, P. Geo. – Director
GeoData. Several years’ experience as an exploration
geologist in uranium and gold, and currently pursuing graduate
degree in Computer Science at the University of Saskatchewan.
The Board of Directors is expected to be made up
of experienced mining industry professionals with a track record of
success in the uranium sector including:
Phil Williams – Executive
Chairman. Phil brings more than 20 years of mining
and finance industry experience and is currently the CEO &
Chairman of Consolidated Uranium.
Richard Patricio – Independent
Director. Richard is the President and CEO of Mega Uranium
Ltd.
Justin Reid – Independent
Director. Currently, Justin is CEO of Troilus Gold
Corp.
Public Listing
The special meeting of shareholders of
Consolidated Uranium to approve the spin-out of LUR is scheduled to
take place on February 3, 2022. LUR has applied to list its common
shares on the CSE following completion of the Arrangement. Listing
is subject to the approval of the CSE in accordance with its
original listing requirements. Completion of the Arrangement and
listing of the LUR Common Shares on the CSE is expected to be
completed by the end of February 2022.
To sign up for Labrador Uranium news and updates
please visit www.labradoruranium.com
Technical Disclosure and Qualified
Person
The scientific and technical information
contained in this news release was reviewed and approved by Matthew
Melnyk, M.Sc., CPG, who is a “Qualified Person” (as defined in
National Instrument 43-101 - Standards of Disclosure for Mineral
Projects).
About Consolidated Uranium
Inc.
Consolidated Uranium Inc. (TSXV: CUR) (OTCQB:
CURUF) was created in early 2020 to capitalize on an anticipated
uranium market resurgence using the proven model of diversified
project consolidation. To date, the Company has acquired or has the
right to acquire uranium projects in Australia, Canada, Argentina
and the United States each with significant past expenditures and
attractive characteristics for development. Most recently, the
Company completed a transformational strategic acquisition and
alliance with Energy Fuels Inc (NYSE American: UUUU) (TSX: EFR), a
leading U.S.-based uranium mining company, and acquired a portfolio
of permitted, past-producing conventional uranium and vanadium
mines in Utah and Colorado. These mines are currently on stand-by,
ready for rapid restart as market conditions permit, positioning
CUR as a near-term uranium producer.
For More Information, Please
Contact
Philip
WilliamsPresident and
CEOpwilliams@consolidateduranium.com
Mars Investor Relations+1 647
557 6640cur@marsinvestorrelations.com
Twitter:
@ConsolidatedUrwww.consolidateduranium.com
Neither the TSXV 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 LUR’s anticipated summer
work program; the completion of the Arrangement and the
acquisitions from Altius and Mega Uranium; anticipated timing for
completion of the Arrangement and listing of the LUR common shares;
and other activities, events or developments that the Company
expects or anticipates will or may occur in the future. 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
connotation thereof. Such forward-looking information and
statements are based on numerous assumptions, including the ability
of the parties to receive, in a timely manner and on satisfactory
terms, necessary regulatory approvals; the ability of the parties
to satisfy, in a timely manner, the other conditions to the
completion of the Arrangement, the acquisitions from Altius and
Mega Uranium and the listing of the LUR common shares; 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 and LUR’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: the diversion of management
time on transaction-related issues; expectations regarding 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, risks generally associated
with the mineral exploration industry, environmental risks, changes
in laws and regulations, community relations, delays in obtaining
governmental or other approvals and the risk factors set out in the
Company’s annual information form in respect of the year ended
December 31, 2020 filed with the Canadian securities regulators and
available under the Company’s profile on SEDAR at
www.sedar.com.
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.
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