Western Uranium Corporation
TSX VENTURE : WUC

Western Uranium Corporation

November 30, 2009 08:30 ET

Western Uranium Corporation Acquires Argentina Uranium Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 30, 2009) - Western Uranium Corporation (TSX VENTURE:WUC) ("the Company") announces that it has entered into an agreement with the HB Syndicate to acquire 7 cateos covering approximately 14,000 hectares located in the La Rioja Province of Argentina that demonstrate strong potential for hosting uranium mineralization. In addition, the agreement extends to any other uranium properties identified by the HB Syndicate within Argentina over the next two years that, with Western's agreement, merit acquisition.

Two of the principals of the syndicate include Neil Hillhouse and Merwin Bernstein, both of whom have a combined experience in the mineral exploration business of over 100 years in the field, in management and in executive roles in international mining exploration. Another member of the syndicate includes a former employee of the National Atomic Energy Commission (C.N.E.A.) of Argentina, Dr. Andres Lencinas, who was the Chief of North Exploration District of C.N.E.A. and has been active in the exploration and mining industry over the past 50 years.

The HB syndicate has identified a number of areas in Argentina that are similar geologically to the producing basins in the western U.S. that have been mined and have produced hundreds of millions of pounds of uranium. However, these areas have not been subjected to the intense level of exploration or mining by the private sector as in the U.S. In addition to the geologic favorability of the area, the provincial government of La Rioja recently rescinded negative mining regulations and the infrastructure and access are good compared to other prospective areas in Argentina. The Company believes this represents a sound business opportunity to continue uranium exploration with a minimal outlay of expenditures which will position Western Uranium well when the uranium sector revives.

The terms of this acquisition are: payment of USD100,000, 500,000 units of WUC (a unit considering of one common share and one-half warrant) and a 2% NSR, which with respect to the property WUC will have the option to purchase any or all of the NSR at a price of USD1,000,000 per percentage interest.

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

On behalf of the Board of
Western Uranium Corporation

"Pamela J. Klessig"

Pamela J. Klessig
 
President & CEO

The TSX Venture Exchange has neither approved or disapproved of the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information