Western Uranium Corporation
CNSX : WUC

Western Uranium Corporation

September 09, 2015 07:47 ET

Western Uranium Corporation Comments on Approval of Federal Court of Australia for Black Range Acquisition and Provides Corporate Update

TORONTO, ONTARIO--(Marketwired - Sept. 9, 2015) - Western Uranium Corporation (CSE:WUC) ('Western' or the 'Company') is pleased to confirm that the Federal Court of Australia has approved the previously announced acquisition of Black Range Minerals Limited ('Black Range') by Western at the second court hearing under the Scheme of Arrangement held recently in Perth, Australia (the 'Scheme Meeting').

COMMENTS OF GEORGE GLASIER, President & CEO of Western Uranium

GEORGE GLASIER, President & CEO of Western Uranium, commented as follows: "We are pleased to have completed the legal steps necessary to complete the acquisition of Black Range. The previously announced results of the shareholder vote showed strong support for our strategy to build a near term production company in the western United States by merging the two companies. The Court approval now allows the merged company to move forward. Completion of the transaction is scheduled for mid-September. A presentation and site visit will be conducted in conjunction with the Annual General and Special Meeting of the Company which is being held in Naturita, Colorado, on September 11 and 12 2015."

ABLATION MINING TECHNOLOGY

Pending the completion of the acquisition of Black Range the Company has been field testing the Ablation Mining Technology applicable to sandstone hosted uranium and vanadium deposits. George Glasier, President and CEO of Western, commented: "We are pleased with the field tests of the Ablation Mining Technology (the 'Technology') and its future application to our newly acquired sandstone uranium and vanadium deposits. It appears that the Technology will enhance economically recoverable resources as lower cut-off grades may be applied."

RESOURCE ESTIMATE OF COMBINED COMPANIES

Black Range and the Company have individually disclosed resource estimates as set out in Table 1 below:

NI 43-101 STANDARDS RESOURCE ESTIMATES
MEASURED & INDICATED

INFERRED
Projects Uranium (lbs) Grade (%) Vanadium (lbs) Grade (%) Uranium (lbs) Grade (%) Vanadium (lbs) Grade (%)
Sunday Complex 1,007,833 0.25 6,047,000 1.49 1,906,081 0.36 11,436,484 2.16
San Rafael 1,700,000 0.22 4,596,000 0.30 1,860,000 0.21 2,510,000 0.28
Sage 459,640 0.23 3,350,000 1.67 122,265 0.15 1,485,233 1.8
Dunn 360,716 0.13 2,885,731 1.04 200,815 0.14 1,606,518 1.16
Farmer Girl 74,215 0.32 371,076 1.61 0 0 0 0
Hansen Taylor (JORC standards)** 39,400,000 0.062 0 0 51,000,000 0.058 0 0
TOTAL 43,002,404 17,249,807 55,089,161 17,038,235
Total Uranium Measured & Indicated (lbs) 43,002,404
Total Uranium Inferred (lbs) 55,089,161
Total Vanadium Measures & Indicated (lbs) 17,249,807
Total Vanadium Inferred (lbs) 17,038,235

** NOTE: The HANSEN PROPERTY ARE JORC ESTIMATES. It is the intention of WUC to engage a Qualified Person to convert the Black Range JORC standards to the NI 43-101 standards to enable Western to disclose total consolidated resources to NI 43-101 standards in Q4 2015 or Q1 2016.

QUALIFIED PERSON

Anthony R. Adkins, CPG, is responsible for validating the database as adequate for resource estimation, and for 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.

Black Range Shareholder Queries

If Black Range shareholders have any questions about the Scheme or the Scheme Meeting, they should contact Black Range at +61 8 9481 4920 or consult your legal, investment, taxation or other professional adviser.

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.

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. The information in this news release speaks only as of today's date. In particular, this News Release may contain forward-looking information pertaining to the following: the likelihood of the benefits to be derived from the Black Range transaction (the 'Transaction'); the rationale of the Transaction; the estimates of each of Black Range's and Western's mineral resources; expectations regarding the milling of ores and associated cash flows; expectations with respect to the enhanced recoveries and efficiencies with respect to the application of the Ablation Mining Technologies ('Ablation').

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