Western Uranium Provides Update
01 Febrero 2011 - 8:35AM
Marketwired
Western Uranium Corporation (TSX VENTURE: WUC) ("WUC" or the
"Company") is pleased to announce that Borden Putnam was appointed
to the Company's board of directors at a meeting of the board held
January 25, 2011. Mr. Putnam replaces Colin Macdonald, a Cameco
nominee, who resigned from the board in December 2010.
Mr. Putnam has been a financial analyst in the investment
management industry for approximately the last 15 years, focusing
predominantly in the natural resources sector, and is a registered
professional geologist in the State of California and Wyoming.
Coincident with his appointment to the board of Western Uranium
Corp., Mr. Putnam was granted options to acquire 100,000 shares of
the Company at $1.00 per share.
Mr. Edward Flood, the Company's chief executive officer,
commented: "Borden Putnam brings a broad spectrum of skills to the
Western Uranium board. His early background as an exploration
geologist coupled with his more recent equity investment experience
is ideally suited to the growth focused business plan of the
company."
In addition, the Company announces that it is finalizing
arrangements to terminate its Strategic Alliance Agreement (the
"Agreement") made August 29, 2007 between the Company and Cameco
Global Exploration II Ltd. ("Cameco Global"), previously announced
December 15, 2010. The conclusion of the Agreement is a condition
precedent to the completion of the Company's proposed sale, to
Western Lithium USA Corporation, of royalties and titles relating
to the Kings Valley mineral property holdings in Nevada, previously
announced December 15, 2010. That transaction, which is now being
structured as an asset transaction rather than the sale of the
shares of Western Energy Development Corp., continues to be subject
to negotiation and completion of the definitive purchase and sale
agreement, and other usual closing conditions.
Finally, the Company announces the following results of its
recent drilling program in Kings Valley, Nevada.
All drill results from the last round of drilling undertaken
over the past summer at Kings Valley, Nevada have been received.
This drilling was focused in an area to the west of the known
uranium mineralization and consisted of 2234 meters drilled over
five core holes. The program was terminated when no visual
indications of alteration or mineralization was noted in the core.
Assay results returned no anomalous metal concentrations.
Qualified Person
The data disclosed in this press release have been reviewed and
verified by Pamela Klessig, a consultant to the Company and former
CEO/President. Ms. Klessig is a qualified person as defined by
National Instrument 43-101.
About the Company
Western Uranium Corporation is a mineral exploration company
with properties in Argentina, Nevada, and New Mexico and an earn-in
agreement with AuEx Ventures for the Baza gold-copper project in
Spain. 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
R. Edward Flood, Chairman
The TSX Venture Exchange has neither approved nor 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.
Contacts: Western Uranium Corporation Richard Roy Investor
Relations +1-604-669-6446 604-488-0319 (FAX)
info@westernuranium.com www.westernuraniumcorp.com
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