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Share Name | Share Symbol | Market | Type |
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Western Uranium Corp. | TSXV:WUC | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
Western Uranium Corporation ("WUC" or the "Company") (TSX VENTURE:WUC) is pleased to provide an update on corporate activities. SPIN-OUT OF LITHIUM ASSET, KINGS VALLEY PROJECT, NEVADA The spin-out of the lithium asset located at the Kings Valley Project, Nevada into an independent, publicly traded company, Western Lithium Corporation, is projected for completion in June of 2008. WUC will retain an approximate 30% interest in Western Lithium with each WUC shareholder receiving that number of shares of Western Lithium that is proportionate to their holding in WUC. Only WUC shareholders of record as of a record date, which will be set for mid June, will be allocated shares in Western Lithium. Western Lithium is in the process of advancing the potential development of the project by undertaking confirmation and in-fill drilling, which will provide data for a NI 43-101 compliant resource calculation. The resource estimate will follow the release of the NI 43-101 report, as results from the last of the drilling will still be outstanding when the report is finalized. To date, 26 core holes and eight reverse circulation drill holes in approximately 6000 meters of drilling have been completed on the PCD lens. An additional eight core holes will be completed by the end of April. Western Lithium is focusing work on one of the five pods of mineralization, which hosts approximately 1.7 billion pounds of the total 25.0 billion pounds of lithium carbonate resource as defined by Chevron Resources. The PCD lens has been selected for the first phase of development due to its close proximity to existing infrastructure including power and a paved highway. The figures quoted above are historical estimates as defined by Chevron Resources and, as such, are not NI 43-101 compliant and should not be relied upon. Hazen Metallurgical Laboratory is in the process of completing bench scale metallurgical testing on composite core drill samples using an extraction process developed by Chevron Resources for these particular lithium-rich clays. Various steps are involved in this work and the testing is on-going. Western Lithium is contacting engineering firms for proposals to undertake a preliminary scoping study. In addition, discussions with a company that has developed a lithium-ion battery for use in hybrid electric cars are ongoing. KINGS VALLEY PROJECT, NEVADA, URANIUM EXPLORATION WUC has received permit approval to commence an aggressive helicopter-supported drill program on the Bull Basin and Old Man Springs uranium geochemical anomalies beginning in May. The final results from all Soil Gas Hydrocarbon sampling and the radon track-etch sampling were received in January and February. These data along with the interpretation of the data collected from the airborne geophysical survey and geologic information have been compiled and used to identify specific drill sites. Commencement of drilling is scheduled for mid-May and will initially consist of drilling approximately 25 core holes each into both areas for at total of 50 core holes. The Company has secured two core rigs to undertake this program, which will be helicopter assisted. By taking this approach the Company has been able to permit a total of 176 drill sites. In addition to assisting the drilling program, the helicopter will be utilized to more rapidly assess other areas of interest in the overall land package of nearly 80,000 acres, accelerating the identification of other areas within the claims that have uranium potential and warrant follow-up. As reported in a press release dated February 27, 2008, a NI 43-101 compliant report, including an inferred resource estimate, was completed by AMEC Metals and Mining Inc. This report includes information on all aspects of the Kings Valley project, including the lithium asset and is filed on SEDAR. THELON BASIN, NUNAVUT Exploration is continuing on the property holdings in Nunavut and will consist of additional soil sampling, geologic mapping and boulder train sampling. Results from the Soil Gas Hydrocarbon survey over Area 7 substantiates that a uraniferous mineralizing system has been active in the area. This survey was conducted over the area of the wide spaced drilling completed during spring and fall of 2007. Elevated levels of uranium were intercepted in several of the drill holes as reported in a press release on June 27, 2007. The results from the remainder of the Soil Gas Survey over Area 6 are still outstanding. The Company has been pressing Actlabs to complete the analysis and the final report. This information will be used to help guide the 2008 field program, which will be underway from mid-July to the end of August. About the Company Western Uranium Corporation is a mineral exploration company with a focus on uranium. Western Lithium Corporation, the Company's wholly owned subsidiary, was created to exploit the lithium assets located in the Company's King Valley Project. The Company has exploration properties in Nevada, New Mexico and in the Thelon Basin, Nunavut and the Northwest Territories. The Company has its head office in Vancouver, Canada; its executive management team is based in Reno, Nevada. The contents of this press release were reviewed by Pamela Klessig. Ms. Klessig has sufficient experience to review this release and is a Qualified Persons as defined by NI 43-101. On behalf of the Board of Western Uranium Corporation Pamela J. Klessig, President & CEO This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless an exemption from such registration is available.
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