Acquisition of Shares in Azarga Uranium by Alex Molyneux

GREENWOOD VILLAGE, COLORADO--(Marketwired - Oct. 5, 2016) - Alexander Alan MOLYNEUX announces he has acquired 1,670,000 shares in Azarga Uranium Corp. ("Azarga Uranium" or the "Issuer") (TSX:AZZ)(FRANKFURT:P8AA)(OTC PINK:PWURF) pursuant to its recent Private Placement (see Azarga Uranium's announcement of 23 September 2016).

Mr. Molyneux, acquired 1,670,000 Units in the Private Placement at C$0.24 per Unit (ie, a total consideration of C$400,800), with each Unit consisting of one common share of the Issuer and one-half share purchase warrant. The acquisition represented 2.6% of the Issuer's common shares on issue prior to the Private Placement and 2.3% of the common shares on issue after the Private Placement.

As a result of the aforementioned acquisition of common shares, Mr. Molyneux's holding of common shares increased from 9,661,718 to 11,331,718. His shareholding represented 14.9% of the Issuer's outstanding common shares prior to the aforementioned Private Placement and 15.3% immediately afterwards.

This announcement is being made due to the requirement under applicable securities rules to file an early warning report and accompanying news release. The early warning report will be filed on SEDAR and available for review at www.sedar.com under Azarga Uranium's profile. A copy of the early warning report has been provided to the Issuer and may be obtained from them.