Western Uranium Corporation
TSX VENTURE : WUC

Western Uranium Corporation

February 27, 2008 08:30 ET

Western Uranium Corporation Announces Completion of a Compliant NI-43-101 Resource Estimation on the Kings Valley Uranium Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 27, 2008) - Western Uranium Corporation ("WUC" or the "Company") (TSX VENTURE:WUC) is pleased to announce the results of a National Instrument 43-101 complaint report, outlining an inferred resource at the Kings Valley Project, Nevada. The report has been completed by AMEC E&C Services, Inc. ("AMEC") an independent mining and engineering consulting group. An inferred resource of 4.8 million pounds of U3O8 is estimated to be contained in 3.0 million tonnes at a grade of 0.081% U3O8 using a 0.05% cutoff grade in the South and Moonlight zones and a 0.035% cutoff grade in the North zone. This inferred resource is contained within a much broader zone of mineralization that will require further drilling to upgrade into the inferred category (See Table 1). Uranium mineralization at Kings Valley is classified as volcanic-hosted mineralization and occurs in various volcanic rock types, structures, veins, and as flat lying tabular bodies.

AMEC suggested that additional resources could be included if it can be demonstrated that by-product molybdenum, gold and silver can be recovered and added to the existing block model, essentially lowering the cutoff grade for the uranium mineralization. Previous operators on the property identified elevated levels of the above elements but did not routinely analyze for potential by-product metals in all of the drill holes. All drill samples collected by the Company have been analyzed for a complete suite of metals and a number of holes have intercepted zones of gold, silver or molybdenum mineralization that could potentially enhance economics. Examples of some of these intercepts have been previously announced in press releases on October 10, 2006 and July 30, 2007. Drill hole KV-25 intercepted 32 meters of 0.51 g/t gold, KV-28 intercepted 9 meters of 14.5 g/t silver and KV-19 had 10.7 meters of 1.26 g/t gold, 13.7 meters of 38.7 g/t silver and 19.8 meters of 0.021% molybdenum.

The results of the resource estimate and the associated computer generated model, along with the recommendations made by AMEC, will be used to plan additional drilling and exploration in areas of known uranium mineralization that are relatively untested but which have potential to host additional mineralization. Several kilometers lie between the Moonlight and South Zone and also between the South and North Zones (See Figure 1). Both of these zones warrant additional drill testing. Further exploration efforts targeting additional resources and possible in-fill drilling of the present resource will continue along with the gathering of information needed for metallurgical studies and ore type definition. WUC is contemplating an underground development project to expedite drilling on a more cost effective basis to test down-dip projections of higher grade mineralization in the South and Moonlight zones. This development may also be expanded to permit selective underground mining in the future if warranted.

Table 1: Kings Valley Inferred Resource Estimate February 2008



-----------------------------------------------------
Kings Valley Inferred Mineral Resources
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Area Tons U3O8% Contained Lbs U3O8
-----------------------------------------------------
North Zone 1,019,000 0.065 1,333,000
-----------------------------------------------------
South Zone 1,480,000 0.084 2,474,000
-----------------------------------------------------
Moonlight 479,000 0.108 1,031,000
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Total 2,978,000 0.081 4,838,000
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North Zone Inferred Mineral Resources
0.035 U3O8% Cutoff
-----------------------------------------------------
Cutoff U3O8% Tons U3O8% Contained Lbs U3O8
-----------------------------------------------------
0.020 2,651,000 0.041 2,169,000
-----------------------------------------------------
0.025 1,913,000 0.048 1,844,000
-----------------------------------------------------
0.035 1,019,000 0.065 1,333,000
-----------------------------------------------------
0.045 648,000 0.081 1,045,000
-----------------------------------------------------
0.055 446,000 0.095 847,000
-----------------------------------------------------


-----------------------------------------------------
South Zone Inferred Mineral Resources
0.050 U3O8% Cutoff
-----------------------------------------------------
Cutoff U3O8% Tons U3O8% Contained Lbs U3O8
-----------------------------------------------------
0.020 5,884,000 0.044 5,189,000
-----------------------------------------------------
0.040 2,272,000 0.070 3,177,000
-----------------------------------------------------
0.050 1,480,000 0.084 2,474,000
-----------------------------------------------------
0.060 1,104,000 0.094 2,067,000
-----------------------------------------------------
0.070 749,000 0.107 1,608,000
-----------------------------------------------------


-----------------------------------------------------
Moonlight Inferred Mineral Resources
0.050 U3O8% Cutoff
-----------------------------------------------------
Cutoff U3O8% Tons U3O8% Contained Lbs U3O8
-----------------------------------------------------
0.020 2,681,000 0.041 2,220,000
-----------------------------------------------------
0.040 675,000 0.089 1,205,000
-----------------------------------------------------
0.050 479,000 0.108 1,031,000
-----------------------------------------------------
0.060 332,000 0.131 872,000
-----------------------------------------------------
0.070 235,000 0.160 751,000
-----------------------------------------------------
Assumptions for establishing reasonable prospects for
economic extraction of resources:
Tonnage is based on a bulk density of 12.5 ft3/ton.
Inferred Resources lie within 250 ft. of the nearest
drill hole; Rounding errors may exist;

Contained metal does not allow for mine and
metallurgical recovery;
Resources are contained within a preliminary pit
shell designed using a cutoff grade established with
a long-term price of $55.00 U3O8 USD/lb, 85%
metallurgical recovery, and $33 USD for mining and
processing. The South Zone and Moonlight processing
and mining costs include an additional $15 USD for
underground mining.


The Company's reported uranium resources at Kings Valley are currently classified as Inferred based on Canadian Institute of Mining (CIM) Definition Standards (December 11, 2005) and CIM Estimation of Mineral Resources and Mineral Reserves, Best Practice Guidelines (November 23, 2003). It is expected that with additional work and drilling, generating additional information regarding the mineral processing and mining methodology, these resources could be upgraded to the Indicated category.

The uranium exploration potential of the 150 square mile project area is considerable as was recognized early on in the program by WUC. This was also evident to Cameco Corporation and resulted in their forming a Strategic Alliance with WUC in August 2007. Both companies recognize there is a good probability that a number of high quality exploration targets are likely to be identified in this large area. In Russia, the Streltkovska Caldera, which is similar in size and geologic characteristics, has 600 million pounds of uranium identified with on-going mining and exploration over the last 45 years. WUC and Cameco consider the McDermitt Caldera to be under-explored and believe it offers an opportunity to explore a similar high quality regional play.

The Company is also currently evaluating and defining drill targets in areas known as Bull Basin and Old Man Springs which lie 6-10 kilometers to the northeast of the northern most drill area (See Figure 1). These areas exhibit geochemical, geophysical, and geological traits warranting testing with drilling. The Company plans an aggressive drill program commencing in May to test these two anomalies with 35-50 drill holes. The Company has developed a plan which will expedite and accelerate the regional exploration program allowing for initial drill testing of these targets while continuing an aggressive regional exploration program to identify other areas warranting additional exploration.

Considerable work has been undertaken at Bull Basin and Old Man Springs during the past two field seasons, clearly defining and developing high quality drill targets. To date, the Company has gathered over 3000 soil samples for Soil Gas Hydrocarbon analysis and has collected radon gas readings at each of the same 3000 sites. The data from these programs are being compiled and compared with data collected from the regional airborne geophysical survey during November 2007. A regional structural analysis is also being used in the drill targeting process together with general geologic information.

WUC QA/QC Program

Quality Control and Assurance for all sampling projects at Kings Valley is under the direction of Mr. Victor Calloway, a Qualified Person as defined by National Instrument 43-101 standards. Chip samples collected during the reverse circulation drilling are sealed in thick polyethylene bags and transported on a daily basis to a locked steel storage container located on site. Samples remain locked in the container until personnel from the analytical laboratories collect the samples and transport them to the laboratory in Sparks, Nevada.

Core samples are collected daily from the drill site and transported back to the field office where WUC personnel photograph each box. WUC geologists then log the core, noting rock types and alteration. The core is then split and packaged in sealed heavy-weight polyethylene bags. Core samples are delivered by WUC employees to American Assay Laboratories located in Sparks, Nevada.

American Assay Laboratory's quality control system complies with the requirements for the International Standards ISO 9001:2000 and ISO 17025:1999. Analytical accuracy and precision are monitored by the use of reagent blanks, reference samples, and sample duplicates. Additionally, WUC selects duplicate samples which are then submitted to a third party lab for separate confirmation analysis. WUC has contracted Minerals Exploration and Environmental Chemistry Laboratories, located in Washoe Valley, Nevada, to develop a set of analytical standards for additional uranium quality control.

About the Company

Western Uranium Corporation is a mineral exploration company with a focus on uranium. The Company has exploration properties in Nevada, New Mexico and in the Thelon Basin, Nunavut and the Northwest Territories. The Company has its head office in Vancouver, Canada; its executive management team is based in Reno, Nevada.

With over $50 million in the company treasury, WUC is well-funded to continue the exploration program of all the projects with its primary focus on Kings Valley.

The contents of this press release were reviewed by Ms. Pamela J. Klessig who has sufficient experience to review this release and is a Qualified Person as defined by NI-43-101.

On behalf of the Board of Western Uranium Corporation

Pamela J. Klessig, President & CEO

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless an exemption from such registration is available.

To view Figure 1 please click on the following link: http://media3.marketwire.com/docs/wuc0227.jpg

The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved of the contents of this press release.

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