Western Uranium Finalizes Agreement With Kenai Resources for Continued Gold Exploration at Albisu Gold Project, Kings Valley, Ne
March 22 2010 - 8:30AM
Marketwired
Western Uranium Corporation (TSX VENTURE: WUC) ("Western" or "the
Company") announces that it has reached an agreement dated March
19, 2010 with Kenai Resource Ltd. (TSX VENTURE: KAI) ("Kenai") for
Kenai to continue exploring the Albisu gold property located at the
northern end of the Kings Valley Project in north-western Nevada,
approximately 35 kilometres west of McDermitt, at the Nevada/Oregon
border. The project, covered by 136 unpatented lode mining claims,
is located in Humboldt County, immediately south of the Oregon
border in the northern Nevada epithermal province, which includes
the Sleeper, Hog Ranch and Hycroft deposits.
The terms of the transaction agreed to between Western and
Kenai, are summarized below:
-- Kenai has the right to an earn-in giving it a 60 per cent joint venture
interest in Western's Albisu project claims, subject to the following
payments and expenditures.
-- Kenai will issue 250,000 shares of Kenai stock to WUC at commencement
subject to TSX Venture Exchange approval.
-- Kenai is to be manager and operator of the project, and will keep the
claims in good standing at all times.
-- Kenai must pay Western $30,000, $70,000, $300,000 and $400,000 on or
before the first to fourth annual anniversary dates respectively from
the date of the agreement.
-- Kenai will fund $250,000 on Albisu project exploration expenditures by
December 31, 2010.
-- Kenai will fund $500,000 and $1,200,000 on Albisu project expenditures
by the third and fourth annual anniversary dates respectively.
-- Kenai has the option following the earn-in period to increase its
interest in the joint venture from 60 per cent to 80 per cent by
completion of a bankable feasibility study and payment of $1,000,000 in
cash to Western.
-- Kenai has the usual rights of withdrawal during the operation of the
project.
Western is pleased to have Kenai Resources as a partner in
continuing the gold exploration at the Albisu claims. As reported
on in press releases dated October 29, 2008, July 21, 2009 and
August 4, 2009, this is an area of strongly anomalous gold as
defined by 15 core holes drilled by Western in 2008 and 2009. As it
is Western's intention to focus on additional uranium exploration
at the Kings Valley Project, the Company believes this agreement
allows for advancement of any potential gold project in this area
of the Kings Valley Project. Western currently controls over 2000
unpatented contiguous Federal Mining Claims in the McDermitt
Caldera which makes up the Kings Valley Project. The area covered
by the 136 claims subject to this agreement lie at the far northern
end of the claim block in an area that is more dominantly anomalous
in gold as opposed to uranium.
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 for uranium and has entered into 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
Pamela J. Klessig, President & CEO
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 Pamela Klessig Chief
Executive Officer 775-827-3311 info@westernuranium.com
www.westernuraniumcorp.com
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