Uranium Standard Resources Ltd.
TSX VENTURE : USR

October 02, 2014 15:25 ET

Central Acquires Canadian Uranium Corp., Changes Name to Uranium Standard Resources Ltd., and Resumes Trading with New Trading Symbol "USR"

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 2, 2014) - Central Resources Corp., (the "Company") is pleased to announce that is has closed its acquisition (the "Acquisition") of Canadian Uranium Corp. ("Canadian Uranium"), a private uranium exploration company, by way of a three cornered amalgamation (see the Company's news release of July 24, 2014 for more information concerning the Acquisition terms). In connection with the Acquisition, the Company has also changed its name to "Uranium Standard Resources Ltd." (TSX VENTURE:USR) Trading in common shares of the Company is expected to resume under its new name on the TSX Venture Exchange at the opening of the market on October 2, 2014. The stock symbol of the Company will change to "USR" and the Company's new CUSIP number will be 91702L103.

Uranium Standard Resources Ltd.

Uranium Standard Resources is a resource acquisition and development company. The objective of Uranium Standard is to acquire a substantial portfolio of high quality uranium resources at deeply discounted valuations. Uranium Standard will realize value by investing selectively in these resources, and by benefiting from commodity price recovery. Management of Uranium Standard has a track record of success in the resource sector, and particularly the uranium sector.

Whitford Lake Property

As a result of the Acquisition of Canadian Uranium Corp, the Company acquired the option to acquire all rights, title and interest to the Whitford Lake Property. The Whitford Lake Property is situated approximately 650 kilometers north of Saskatoon, 300 kilometers north of La Ronge, and 50 kilometers south-southwest of the settlement of Points North, Saskatchewan.

Acquisition Shares

Pursuant to the Acquisition, Central Resources issued an aggregate of 7,909,779 common shares to the shareholders of Canadian Uranium. Following the Acquisition, 20,628,779 common shares are issued and outstanding, with the former Central Resources shareholders holding approximately 61.7% of the common shares of the Company and the former Canadian Uranium shareholders holding the balance (of approximately 38.3%), of which 3,333,332 shares are subject to escrow.

Management of Uranium Standard Resources Ltd.

In connection with the closing of the Acquisition, the senior officers and certain directors of the Company have changed. The new senior officers and new directors of the Company are as follows:

Arni Johannson, Chief Executive Officer and President

Mr. Johannson is the President and Founder of Canadian Nexus Ventures Ltd. He has over 27 years of experience in the Canadian capital markets, focusing on building assets and senior management teams while executing defined business plans. Through Canadian Nexus, Mr. Johannson's investments have covered the Pulp & Paper, Mining Exploration, Film, Agriculture and Technology sectors in a variety of locations around the world. He is a co-Founder of the Fortress Group (TSX:FTP). He was the Founder and Chief Architect behind Titan Uranium Inc., which was an early stage Uranium start-up in 2004 that was acquired 8 years later. In addition to serving on the board of Uranium Standard, he sits on the board of Mega Uranium (TSX:MGA) and a number of other Canadian listed public companies.

Canon Bryan, Chief Financial Officer

Mr. Bryan is a financial professional who has held management positions for publicly-listed and privately-held companies in North America. Throughout his career, Mr. Bryan has acted as chief financial officer, served on boards of directors of publicly-listed companies in the USA and in Canada, and has also provided M&A and corporate development services to clients in various industries. In 2013, Mr. Bryan co-founded Terrestrial Energy Inc, a privately-held nuclear technology company that is developing a Generation-IV reactor in Canada; he continues to serve as director and chief financial officer. In October 2009, Mr. Bryan co-founded NioCorp, (TSX VENTURE:NB), a company developing the largest niobium deposit in North America. Mr. Bryan was a founding shareholder of Uranium Energy Corp (AMEX:UEC) in August 2004, where he served as VP Corporate Development until October 2007. UEC is a producer of ISR uranium in the United States. He was a senior financial analyst for Lasik Vision Corporation (CDNX:LSK), which became the world's largest provider of laser refractive surgical services during his tenure (1999-2001). Mr. Bryan completed his professional studies in accounting with the Certified General Accountants Association of Canada; he is not designated.

Michael Williams, Director

Mr. Williams has been directly involved in the mineral exploration business for the past 17 years. He is the President, founder and a director of Full Metal Minerals Ltd. (TSX VENTURE:FMM) and was the Chairman and founder of Underworld Resources Ltd., which was purchased for $140 million by Kinross Gold Corporation. Mr. Williams has also been involved with a host of exploration companies. He was previously Vice-President of Atna Resources Ltd., a TSX listed company, where he developed and implemented the company's communication and investor relations programs from 1996 through to 2004. Prior to joining Atna Resources Ltd., Mr.Williams provided public relations counsel to various sectors including: mining, manufacturing, financial services, tourism and government.

With the new director appointees, the Board of Directors of the Company will consist of Arni Johannson, Paul Reynolds, Brian Butterworth, Michael Williams and Stephen Kenwood. The Company extends its thanks to the retiring directors, Ken Carter and Tim McNulty, for their past service to the Company.

Additional information about the Company and the Acquisition is available on SEDAR (www.sedar.com).

Please visit www.UraniumStandard.com for additional project and company information.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains forward-looking information, including, but not limited to, the closing of the proposed transaction, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectations. In particular, in making these statements, the Company has assumed, among other things, that the proposed transaction will receive the required regulatory and other approvals and that the other conditions to the proposed transaction can be satisfied in accordance with their terms. Other important factors - including the availability of funds, the results of financing efforts, the results of exploration activities, opportunities for other projects made available to the Company -- that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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