Azarga Provides Update on Investee Companies

GREENWOOD VILLAGE, COLORADO--(Marketwired - Sept. 8, 2015) - AZARGA URANIUM CORP. (TSX:AZZ)(OTC PINK:PWURF)(FRANKFURT:P8AA) ("Azarga" or the "Company") notes that the previously announced transactions involving its investee companies, Black Range Minerals Limited ("Black Range") and Anatolia Energy Limited ("Anatolia Energy") continue to advance.

Azarga understands that the previously announced Western Uranium Corporation ("Western") takeover offer for Black Range received Federal Court of Australia approval following approval of the scheme of arrangement by the shareholders of Black Range. Black Range shareholders will receive 1 Western share for every 750 Black Range shares. Black Range shares have been suspended from trading on the Australian Stock Exchange and trading of the newly issued Western shares are expected to commence on the Canadian Securities Exchange on 16 September 2015.

Azarga also understands that the previously announced Uranium Resources Inc. ("URI") takeover offer of Anatolia Energy remains on foot. The Federal Court of Australia has ordered the convening of the meeting of Anatolia Energy stakeholders to vote on the proposed merger by way of scheme of arrangement. The meeting will be held on 9 October 2015.

The combined value of Azarga's Black Range and Anatolia Energy shareholdings based on the value implied by their respective takeovers is US$4.3 million, an approximately 39% uplift from the combined market value of US$3.1 million noted in the Company's Management Discussion and Analysis dated 14 August 2015.

About Azarga Uranium Corp.

Azarga is a mineral development company that owns six uranium projects, deposits and prospects in the USA (South Dakota, Wyoming and Colorado) and Kyrgyzstan together with investment holdings in Anatolia Energy Limited ((ASX:AEK) - 12% ownership) and Black Range Minerals Limited ((ASX:BLR) - 16% ownership). The Dewey Burdock Project in South Dakota is the main initial development priority, which has received its Nuclear Regulatory Commission License and is in the process of completing all other major regulatory permit approvals necessary for operation of the project including those from the Environmental Protection Agency and the South Dakota Department of Natural Resources.

For more information please visit www.azargauranium.com.

Follow us on Twitter at @AzargaUranium.

Disclaimer for Forward-Looking Information

Certain statements in this news release are forward-looking statements, which reflect the expectations of management regarding the Anatolia Energy takeover offer and the Black Range takeover offer. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements may include, but are not limited to, statements with respect to expectations of management for the Anatolia Energy and Black Range takeover offers. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect, including the Anatolia Energy and Black Range takeover offers. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including without limitation: (1) the Anatolia Energy and Black Range takeover offers do not result in Azarga's investment being valued at US$4.3 million (2) the risk that such statements may prove to be inaccurate and (3) other factors beyond the Company's control. These forward-looking statements are made as of the date of this news release and, except as required by applicable securities laws, the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements. Additional information about these and other assumptions, risks and uncertainties are set out in the "Risks and Uncertainties" section in the Company's most recent MD&A filed with Canadian security regulators.

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release.