Western Uranium Corporation Acquires Argentina Uranium Project
30 Novembre 2009 - 2:30PM
Marketwired
Western Uranium Corporation (TSX VENTURE: WUC) ("the Company")
announces that it has entered into an agreement with the HB
Syndicate to acquire 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 Western's agreement, merit acquisition.
Two of the principals of the syndicate include Neil Hillhouse
and Merwin Bernstein, both of whom have a combined experience in
the mineral exploration business of over 100 years in the field, in
management and in executive roles in international mining
exploration. Another member of the syndicate includes a former
employee of the National Atomic Energy Commission (C.N.E.A.) of
Argentina, Dr. Andres Lencinas, who was the Chief of North
Exploration District of C.N.E.A. and has been active in the
exploration and mining industry over the past 50 years.
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. However, 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recently rescinded negative mining regulations and the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 terms of this acquisition are: payment of USD100,000,
500,000 units of WUC (a unit considering of one common share and
one-half warrant) and a 2% NSR, which with respect to the property
WUC will have the option to purchase any or all of the NSR at a
price of USD1,000,000 per percentage interest.
About the Company
Western Uranium Corporation is a mineral exploration company.
The Company has exploration properties in Nevada, New Mexico and in
the Thelon Basin, Nunavut. 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)
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