Homeland Uranium Inc.

Homeland Uranium Inc.

December 06, 2010 11:13 ET

Homeland Uranium Announces Record Date for Proposed Reduction in Capital Distribution

TORONTO, ONTARIO--(Marketwire - Dec. 6, 2010) - Homeland Uranium Inc., ("Homeland" or the "Company") is pleased to announce the proposed Record Date for a Reduction in Capital Distribution to its Shareholders. The Proposed Record Date is December 15, 2010.

The Special Meeting of Homeland Uranium Shareholders is schedule for December 15, 2010. If the Special Resolution of Shareholders to approve the Reduction of Capital Distribution is approved, Shareholders of Homeland Uranium Inc. will receive 0.3957 shares of Southern Andes Energy Inc. for each common share of Homeland Uranium held. Southern Andes Energy trades on the TSX Venture Exchange, under the symbol SUR.

In compliance with the policies of the TSX Venture Exchange, shareholders of record as at the close of business on December 15, 2010 will be entitled to the Return of Capital Distribution. It is expected that the Southern Andes shares certificates will be mailed to such shareholders by December 22, 2010.

In May 2010, Homeland Uranium concluded a transaction which saw Homeland Uranium invest $4 million cash into Solex Resources, Southern Andes' predecessor company, and transfer our equity stake in Macusani Yellowcake Inc. in return for a control position.

A full description of the Reduction of Capital Distribution is provided in the information circular of Homeland Uranium dated November 10, 2010, which is available on the company's website www.homelanduranium.com and on SEDAR at www.sedar.com under the Company's profile.

Homeland Uranium Inc. is a Canadian-based mineral resource company focused on uranium. In addition to its flagship property in Niger, the Company holds a fifty-one percent interest in Southern Andes Energy Inc. (TSX VENTURE:SUR), which in turn controls a commanding land position in the uranium-rich Macusani Plateau in southeastern Peru, within which several historically documented uranium occurrences are known. For more information about Homeland, please visit the Company's website: www.homelanduranium.com. For more information about Southern Andes, please visit its website: www.southernandes.ca.

This news release may contain forward-looking statements that are based on the Company's expectations, estimates and projections regarding its business and the economic environment in which it operates. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. Statements speak only as of the date on which they are made, and the Company undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances, unless otherwise required to do so by law.


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