Western Uranium & Vanadium Closes Property Acquisition
October 15, 2024
Western Uranium & Vanadium Closes Property Acquisition
FOR IMMEDIATE RELEASE
Toronto, Ontario and Nucla, Colorado- Western Uranium & Vanadium Corp. (CSE: WUC) (OTCQX: WSTRF) (and together
with its affiliates, “Western” or the “Company”) is pleased to announce that the Company has closed the transaction
(the “Transaction”) announced in its October 1, 2024 news release and therefore acquired an approximately 900 acre
property located in Montrose County, Colorado (the “PRC Site”). The Transaction was structured as a share purchase
whereby Western acquired all the issued and outstanding shares of Pinon Ridge Corporation, the parent of a company
owning the PRC Site (the “Subsidiary”).
In connection with the Transaction, the Company has filed a material change report under its profile on SEDAR+ and a
Form 8 -K on SEC EDGAR and has paid a creditor holding a security interest against the Subsidiary a total of
approximately USD1.15 million to pay off the outstanding promissory note.
Notably, the PRC Site is the location of the prospective Pinon Ridge Mill. In May 2007 the original acquirer paid USD1.32
million for the acreage . During the following four years, over CAD11.86 million in permitting and development
expenditures were incurred. While the mill was never constructed, it was fully licensed and thus provides leverage from
past expenditures unique to this specific site supporting the permitting process.
As further detailed in the October 1, 2024 news release, t he acquisition is the second property package Western has
acquired in addition to the Maverick Minerals Processing Plant site in Utah and is part of Western’s plans for developing
and licensing one or more uranium and vanadium processing facilities to process production from its resource
properties in Colorado and Utah.
About Western Uranium & Vanadium Corp.
Western Uranium & Vanadium Corp. is ramping-up high-grade uranium and vanadium production at its Sunday Mine
Complex. In addition to the flagship property located in the prolific Uravan Mineral Belt, the production pipeline also
includes con ventional projects in Colorado and Utah. The Maverick Minerals Processing Plant and P inon Ridge
Corporation processing plant will be licensed to include the kinetic separation process.
FOR ADDITIONAL INFORMATION, PLEASE CONTACT:
George Glasier Robert Klein
President and CEO Chief Financial Officer
970-864-2125 908-872-7686