Western Uranium Corporation
CNSX : WUC

Western Uranium Corporation

July 13, 2015 09:38 ET

Western Uranium Corporation Announces Technical Report on the Sunday Mine Complex Uranium Property in Accordance with NI 43-101 Standards

TORONTO, ONTARIO--(Marketwired - July 13, 2015) - Western Uranium Corporation (CNSX:WUC) ('Western' or the 'Company') is pleased to announce the completion of a resource estimate under a Technical Report on the Sunday Mine Complex Uranium Property (the 'Technical Report').

Western engaged Anthony R. Adkins, of Anthony R. Adkins, P. Geol., LLC to review the Sunday Mine Complex Project data, provide a Canadian National Instrument 43-101 compliant Technical Report describing the current status of the project, including a resource estimate.

Highlights of the Technical Report

  • Measured and Indicated 1,007,830 lbs U3O8 and 6,047,000 lbs V2O5.
  • Potential to host in excess of 3,000,000 lbs of uranium-vanadium resources with characteristics suitable for underground mining.

Resource Estimate

The resource estimate is summarized in Table 1 set out below:

Sunday Mine Complex Undiluted Geologic Resource Estimate Summary - This Report
Measured Indicated Inferred
Tons
(st)
Lbs
U3O8
Lbs
V2O5
Tons
(st)
Lbs
U3O8
Lbs
V2O5
Tons
(st)
Lbs
U3O8
Lbs
V2O5
188,243 935,150 5,610,899 14,974 72,683 436,097 264,604 1,906,081 11,436,484
Grade (%) 0.25 1.49 0.24 1.49 0.36 2.16
Measured
and
Indicated
Tons
(st)
Lbs
U3O8
Lbs
V2O5
U3O8
(%)
V2O5
(%)
203,170 1,007,830 6,047,000 0.25 1.49

Summary

The Sunday Mine Complex ("SMC") property consists of approximately 233 contiguous unpatented mining claims that covers about 3,748 acres (1,517 ha) located within the southern third of the prolific Uravan Mineral Belt. The SMC has been in operation for many years since the mid 1950's, and most recently between 2007 - 2009. Historic production is estimated to be between about 1,870,000 pounds to 5,000,000 pounds of uranium depending on the source or sources. Complete production records are not available. Figures 4.1, 4.2, and 4.3 shows the property position at different scales as well as a view of the SMC from within Big Gypsum Valley.

To view Figures 4.1, 4.2 and 4.3 please click on the following link: http://media3.marketwire.com/docs/WUC0713.pdf

Comments by George Glasier President and CEO

George Glasier, President and CEO of the Company commented as follows:

'We are pleased to have completed the initial Technical Report on our Sunday Mine Complex in accordance with NI 43-101 standards, which adds over 1 million pounds of resources to our existing 4,877,475 million measured and indicated pounds for a total of 5,875,305 pounds U3O8. What is particularly encouraging is uranium grades of .36% U3O8 contained within the Sunday Mine Complex.

The addition of over 6,000,000 pounds of V2O5 in the measured and indicated category in the Report increases contained vanadium pounds to over 19,992,980 pounds of V2O5. This co-credit will help reduce cash costs when the Sunday Complex begins production.

The Sunday Mine complex is fully permitted and we expect production to begin in 2016 in accordance with the Company's strategy to become the next near-term producer in the historic Uravan Mineral Belt of Colorado. Initially, milling will take place at the Energy Fuels Inc. ('EFI') White Mesa Mill under the Company's tolling agreement with EFI.' As recommended in the Technical Report, additional drilling and review of additional historic data which we believe could further increase the resource of the Sunday Mine Complex. However, insufficient drilling and review of historic data has been completed to date.

Qualified Person

Anthony R. Adkins, CPG, is responsible for validating the database and estimating the mineral resources described herein and has reviewed and approved the contents of this news release. Mr. Adkins is a Qualified Person and is independent of WUC within the meaning of NI 43‐101.

About Western Uranium Corporation

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

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.

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