International Uranium Corporation

International Uranium Corporation

March 10, 2005 15:24 ET

International Uranium Corporation: $7 Million Private Placement Closed


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: INTERNATIONAL URANIUM CORPORATION

TSX SYMBOL: IUC

MARCH 10, 2005 - 15:24 ET

International Uranium Corporation: $7 Million Private
Placement Closed

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 10, 2005) -
International Uranium Corporation ("IUC") (TSX:IUC) reports that the
private placement announced on February 17, 2005 has closed. The Company
sold on a non-brokered, private placement basis, 1 million Flow-Through
Common Shares at a price of $7.00 per share for gross proceeds of $7
million.

The proceeds of the Flow-Through Shares shall be used for the
exploration of the Company's Canadian exploration projects. The Company
will use its best efforts to ensure that the exploration expenditures
qualify for the investment expenditure credits for purposes of the
Income Tax Act (Canada). A 4% finder's fee has been paid in connection
with the private placement.

The private placement has received regulatory approval and the
securities have now been issued to the investors.

IUC is engaged in uranium exploration and production. It holds
significant uranium deposits in Mongolia and uranium and vanadium
deposits in the U.S. and a fully permitted 2,000 ton per day
uranium/vanadium mill near Blanding, Utah (one of only two operating
uranium mills in the U.S.), as well as uranium exploration properties in
the Athabasca Region in Canada. The Company also processes and recycles
uranium-bearing waste materials as an environmentally superior
alternative to direct disposal. In addition, the Company owns
approximately 58% of the outstanding shares of Fortress Minerals Corp.,
a public company engaged in precious and base metal exploration in
Mongolia.

Statements contained in this news release which are not historical facts
are forward-looking statements that involve risks, uncertainties and
other factors that could cause actual results to differ materially from
those expressed or implied by such forward-looking statements. Factors
that could cause such differences, without limiting the generality of
the following, include: risks inherent in exploration activities;
volatility and sensitivity to market prices for uranium and vanadium;
the impact of the sales volume of uranium and vanadium; competition;
reliance on income from processing uranium-bearing waste materials; the
impact of change in foreign currency exchange rates and interest rates;
imprecision in resource and reserve estimates; environmental and safety
risks including increased regulatory burdens; changes to reclamation
requirements; unexpected geological or hydrological conditions;
political risks arising from operating in certain developing countries;
a possible deterioration in political support for nuclear energy;
changes in government regulations and policies, including trade laws and
policies; demand for nuclear power; replacement of production and
failure to obtain necessary permits and approvals from government
authorities; weather and other natural phenomena; ability to maintain
and further improve positive labour relations; operating performance of
the facilities; success of planned development projects; and other
development and operating risks. Although IUC believes that the
assumptions inherent in the forward-looking statements are reasonable,
undue reliance should not be placed on these statements, which only
apply as of the date of this release. IUC disclaims any intention or
obligation to update or revise any forward-looking statement, whether as
a result of new information, future events or otherwise.

ON BEHALF OF THE BOARD

Ron F. Hochstein, President

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    International Uranium Corporation
    Sophia Shane
    Corporate Development
    (604) 689-7842
    (604) 689-4250 (FAX)
    www.intluranium.com