Western Uranium Provides UpdateVANCOUVER, B.C. - Western Uranium Corporation (TSX-V: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 metres 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.
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"
R. Edward Flood
Western Uranium Corporation
Richard Roy, Investor Relations
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.
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