Homeland Uranium Inc.

Homeland Uranium Inc.

June 02, 2009 10:00 ET

Homeland Uranium Inc. Buys Back Stock

TORONTO, ONTARIO--(Marketwire - June 2, 2009) - Homeland Uranium Inc., ("Homeland or the "Company") is pleased to announce that it has signed an agreement with Homeland Energy Group to accept the cancellation of its indebtedness in exchange for 10,361,652 shares of the Company which were pledged by a subsidiary of Homeland Energy Group pursuant to its guarantee of a loan advanced to Homeland Energy Group by the Company. The total settlement amounted to $2,590,413 and comprised principal and accumulated interest. The shares were valued at $0.25 per share.

Prior to this settlement, Homeland Energy Group, either directly or indirectly, held 39.4% (22,500,000 shares) of the Company. Following the settlement, Homeland Energy Group is left with a 25.8% position (11,888,348 shares) in the Company.

The agreement has been approved by the independent directors of both corporations.

About Homeland Uranium

Homeland Uranium Inc. is a uranium exploration and development company focused on acquiring advanced stage uranium projects in favourable mining jurisdictions. The company controls a 100% interest in its eight concessions in Niger, totaling approximately 3,371 square kilometers. In addition, Homeland owns an 18% equity interest in Macusani Yellowcake Inc. (TSX VENTURE:YEL), which is developing its advanced stage Colibri uranium project in the Macusani region of Peru. Colibri hosts 43-101 resources in excess of 11 million pounds uranium. Homeland is currently assessing additional advanced uranium opportunities.

Homeland Uranium remains well funded with more than $8 million in cash and securities and no debt.

This news release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

Contact Information