First American Uranium Announces Third Payment under the Option Agreement for Interest in the Silver Lake Property
LEGAL_43154486.1
First American Uranium Announces
Third Payment under the Option Agreement for Interest in the Silver Lake
Property
- NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES -
Vancouver, British Columbia – March 20, 2024 – First American Uranium Inc. (CSE: URM) (FSE: IOR)
(OTCPK: FAUMF) (the “Company”) is pleased to announce that the Company has made the third payment
in cash and in shares (the “Third Payment”) pursuant to the Option Agreement dated November 27, 2020
(the “Option Agreement”) between the Company and Multiple Metals Resources Ltd. (“Multiple Metals”).
Pursuant to the Option Agreement, and in order to earn a 100% interest in the Silver Lake Property in British
Columbia (the “Property”), the Company will pay a total of $400,000 and issue a total of 500,000 common
shares in the capital of the Company (the “Shares”) in stages to Multiple Metals.
Pursuant to the Option Agreement, the Company has already paid $25,000 and issued 250,000 Shares as
directed by Multiple Metals. The Third Payment consists of $25,000 in cash and 150,000 Shares issued at a
deemed price of $0.065 per Share. The Shares issued under the Third Payment are subject to a statutory
hold period of four-months and one day in accordance with applicable securities legislation ending on July
21, 2024.
For further information regarding the Option Agreement, please see the Company’s Prospectus dated
November 5, 2021 filed with the Company’s disclosure documents on SEDAR + at www.sedarplus.ca. A
copy of the Option Agreement has been filed with the Company’s documents on SEDAR+.
About First American Uranium Inc.
First American Uranium Inc. is engaged in the business of mineral exploration and the acquisition of
mineral property assets in North America. Its objective is to locate and develop economic precious and
base metal properties of merit and to conduct its exploration programs on the Silver Lake and Red Basin
properties. The Silver Lake property is situated around Goosly Lake and approximately 30 km southeast
of the town of Houston, in the Omineca Mining Division, British Columbia. The Company has acquired a
60% interest in a company that indirectly holds a 100% interest in the Red Basin uranium/vanadium
mineral claims located in Catron County, New Mexico.
ON BEHALF OF THE BOARD
“Shawn Balaghi”
Shawn Balaghi, Chief Executive Officer
For further information, please contact: Telephone: (604) 773-0242
The CSE does not accept responsibility for the adequacy or accuracy of this release.
This press release includes "forward-looking information" that is subject to a number of assumptions, risks
and uncertainties, many of which are beyond the control of the Company. Forward -looking statements
may include but are not limited to, statements r elating to the trading of the Company's common shares
on the CSE and are subject to all of the risks and uncertainties normally incident to such events. Investors
are cautioned that any such statements are not guarantees of future events and that actual e vents or
developments may differ materially from those projected in the forward - looking statements. Such
forward-looking statements represent management's best judgment based on information currently
available. No securities regulatory authority has eit her approved or disapproved of the contents of this
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news release. The Company undertakes no obligation to update publicly or otherwise revise any forward-
looking statements, except as may be required by law.