Western Uranium Amends the Terms of Previously Announced Non-Brokered Private Placement and Closing of the Private Placement for Gross Proceeds of Cdn$300000

TORONTO, ONTARIO and NUCLA, COLORADO--(Marketwired - Dec. 31, 2015) - Western Uranium Corporation (CSE:WUC) ('Western' or the 'Company') has determined to amend the terms of the previously announced Private Placement. The reason for the amendment is that other financing alternatives such as convertible debt and other funding avenues have been proposed by financiers. Both management and financiers require more time to negotiate agreeable financing terms. The revised offering is a non-brokered private placement of up to Cdn$300,000 on the following terms.

No finders' fees or commissions were paid in connection with this private placement. Formal Closing of the private placement will be on or about January 5 2016.

COMMENTS OF GEORGE GLASIER, President & CEO of Western Uranium

GEORGE GLASIER, President & CEO of Western Uranium commented as follows: 'As a result of several financing avenues available to the Company, the Private Placement announced on October 16 2015 has been amended. We appreciate the support provided by our lenders in the interim period to allow the Company to proceed with the capital raise and to advance its strategic plan.

The proceeds of the Offering will be applied to the costs of completion of the Black Range Minerals Limited transaction including the payment of a portion of the Black Range payables, the development of the Ablation Technology and for working capital purposes including property maintenance fees relating to the combined companies and public company maintenance costs which will advance production of our vanadium and uranium assets in the western United States.

The completion of this raise carries the Company into 2016. In mid-January I will be returning to New York and later to Europe to embark on an educational roadshow.

The Company has been in discussions with several financial institutions that are interested in providing debt or convertible debt instead of equity. These discussions have taken longer than initially expected. It was decided that the terms of the private placement announced in October should be modified and the amount of the Offering reduced and closed. Discussions will resume in January 2016 and could extend into February 2016. Management is confident that the optimal and least expensive funding package will be completed.

We believe that momentum is building around the world for nuclear power to play a larger role in slowing climate change. The meetings in Paris recently concluded a new global agreement on global warming signed by 195 countries.

About Western Uranium Corporation

Western Uranium Corporation is a Colorado based uranium company focused on near production of uranium and vanadium in the western United States.

FORWARD LOOKING STATEMENTS AND CAUTIONARY NOTE

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.