Western Uranium Corporation Closes Acquisition of Argentina Uranium Project
February 09 2010 - 7:30AM
Marketwired
Western Uranium Corporation (TSX VENTURE: WUC) ("the Company")
announces that, further to its news release dated November 30,
2010, it has closed the acquisition (the "Acquisition") from HB
Syndicate of 7 cateos covering approximately 14,000 hectares
located in the La Rioja Province of Argentina that demonstrate
strong potential for hosting uranium mineralization. In addition,
the agreement extends to any other uranium properties identified by
the HB Syndicate within Argentina over the next two years that,
with the Company's agreement, merit acquisition.
In consideration for the Acquisition, the Company has paid to
the members of the HB Syndicate an aggregate of USD$100,000, an
aggregate of 500,000 units of the Company (a unit considering of
one common share and one-half warrant, each warrant entitling the
holder to acquire one additional share of the Company at a price of
$1.00 per share for a period of two years from the closing) and a
2% NSR, which with respect to the property the Company will have
the option to purchase any or all of the NSR at a price of
USD$1,000,000 per percentage interest. The certificates
representing the shares and warrants will be subject to a four
month hold expiring on June 6, 2010. Until the transfers of the
cateos to the Company are completed by the Argentina mining
authority, the consideration will be held in escrow.
The HB syndicate has identified a number of areas in Argentina
that are similar geologically to the producing basins in the
western U.S. that have been mined and have produced hundreds of
millions of pounds of uranium. These areas have not been subjected
to the intense level of exploration or mining by the private sector
as in the U.S. In addition to the geologic favorability of the
area, the provincial government of La Rioja recently rescinded
negative mining regulations and the infrastructure and access are
good compared to other prospective areas in Argentina. The Company
believes this represents a sound business opportunity to continue
uranium exploration with a minimal outlay of expenditures which
will position Western Uranium well when the uranium sector revives.
The Company intends to engage certain members of the HB Syndicate
to carry out exploration on the cateos.
About the Company
Western Uranium Corporation is a mineral exploration company.
The Company has exploration properties in Nevada, New Mexico, in
the Thelon Basin, Nunavut, Spain and Argentina. The Company has its
head office in Vancouver, Canada; its executive management team is
based in Reno, Nevada.
On behalf of the Board of Western Uranium Corporation
Pamela J. Klessig, President & CEO
The TSX Venture Exchange has neither approved or disapproved of
the contents of this press release. Neither the TSX Venture
Exchange nor its Regulation Services Provider (as such term is
defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
Contacts: Western Uranium Corporation Pamela Klessig Chief
Executive Officer 775-827-3311 info@westernuranium.com
www.westernuraniumcorp.com
Western Uranium Corp. (TSXV:WUC)
Historical Stock Chart
From Jul 2024 to Aug 2024
Western Uranium Corp. (TSXV:WUC)
Historical Stock Chart
From Aug 2023 to Aug 2024