The Company's 60% Owned Subsidiary Options Red Basin Property
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Subsidiary Owned 60% by First American Uranium Options Red Basin Property
Vancouver, British Columbia – February 4, 2025 – First American Uranium Inc. (CSE: URM) (FSE: IOR)
(OTCPK: FAUMF) (the “Company”) is pleased to announce the Company has entered into an option
agreement dated January 30, 2025 (the “Option Agreement”) among the Company, FirstAmerican Energy
Fuels Ltd., a subsidiary owned 60% by the Company (the “Subsidiary”), and Myriad Uranium Corp. (CSE:M)
(the “ Optionee”), pursuant to which the Optionee may earn a 100% interest in and to the Red Basin
uranium/vanadium mineral claims located in Catron County, New Mexico (the “Property”). The Property
is held by First American Energy Inc., a Nevada corporation that is wholly owned by the Subsidiary.
Pursuant to the terms of the Option Agreement, to acquire a 100% interest in the Property, the Optionee
is required to make aggregate cash payments to the Subsidiary of C$275,000 (C$25,000 of which was
previously paid upon the execution and delivery of the letter of intent entered into between the parties),
issue common shares of the Optionee having an aggregate value of C$250,000, and conduct a geophysics
survey of the Property within twelve (12) months. As a holder of a 60% interest in the Subsidiary, the
Company will be entitled to 60% of the consideration payable pursuant to the Option Agreement.
Completion of the transactions contemplated in the Option Agreement remains subject to the satisfaction
of various conditions including, without limitation, the receipt by the Company and the Optionee of all
necessary corporate and regulatory approvals and other conditions customary for a transaction of this
nature.
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 h olds 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
Forward-Looking Statement Cautions:
This press release contains certain “forward -looking statements” within the meaning of Canadian
securities legislation, including, but not limited to, statements regarding the Company’s plans with respect
to the Option Agreement, Company’s projects and the timing related thereto, the merits of the Company’s
projects, the Company’s objectives, plans and strategies, and other project opportunities. Although the
Company believes that such statements are reasonable, it can give no ass urance that such expectations
will prove to be correct. Forward-looking statements are statements that are not historical facts; they are
generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,”
“estimates,” “projects,” “aims,” “po tential,” “goal,” “objective,”, “strategy”, “prospective,” and similar
expressions, or that events or conditions “will,” “would,” “may,” “can,” “could” or “should” occur, or are
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those statements, which, by their nature, refer to future events. The Company cautions that Forward -
looking statements are based on the beliefs, estimates and opinions of the Company’s management on
the date the statements are made and they involve a numbe r of risks and uncertainties. Consequently,
there can be no assurances that such statements will prove to be accurate and actual results and future
events could differ materially from those anticipated in such statements. Except to the extent required by
applicable securities laws and the policies of the Canadian Securities Exchange, the Company undertakes
no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions,
or other factors, should change. Factors that could cause future results to differ materially from those
anticipated in these forward-looking statements include the risk of accidents and other risks associated
with mineral exploration operations, the risk that the Company will encounter unanticipated ge ological
factors, or the possibility that the Company may not be able to secure permitting and other agency or
governmental clearances necessary to carry out the Company’s exploration plans and risks of political
uncertainties and regulatory or legal chang es in the jurisdictions where the Company carries on its
business that might interfere with the Company’s business and prospects. The reader is urged to refer to
the Company’s continuous disclosure filings , publicly available through the Canadian Securitie s
Administrators’ System for Electronic Document Analysis and Retrieval (SEDAR+) at www.sedarplus.ca for
a more complete discussion of such risk factors and their potential effects.
The CSE does not accept responsibility for the adequacy or accuracy of this release.