VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov.
30, 2009) - Western Uranium Corporation (TSX VENTURE:WUC) ("the Company")
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recently rescinded negative mining regulations and the infrastructure and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
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"
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.