Western Uranium & Vanadium Corp. Announces Utah Processing Plant
January 23, 2023
Western Uranium & Vanadium Corp. Announces Utah Processing Plant
FOR IMMEDIATE RELEASE
Toronto, Ontario and Nucla, Colorado - Western Uranium & Vanadium Corp. (CSE:WUC)
(OTCQX:WSTRF) (“Western” or ”Company”) is pleased to announce that it has acquired
property in the State of Utah to build a state-of-the-art mineral processing plant (the “Facility”).
Site and Facility design , as well as permitting, has begun. The F acility will be designed and
constructed to recover uranium, vanadium and cobalt from ore mined both from mines owned
by Western and ore produced by other miners. Selecting and acquiring the processing site has
taken over one year , as the site requires road, power and water infrastructure. The site was
also selected based on the support of local municipal and county officials.
The Facility will utilize the latest processing technology, including Western’s patented Kinetic
Separation process. These technology advancements will result in lower capital and processing
costs. Mine development and ore production have already commenced at Western’s Sunday
Mine Complex. That ore will provide feed material to the Facility.
At the re quest of a number of individuals and entities, the Facility will be designed to recover
cobalt, a metal essential in battery technol ogy and electric vehicles . Within the State of Utah,
there are numerous occurrences of cobalt which may be economic al to mine , if a processing
facility were available. Construction of the cobalt circuit at the Facility will be dependent on the
availability of feed material.
Western is confident that the uranium market is in the ear ly stages of a sustained upswing .
Supply and demand are in balance at present , due to historical inventory, but demand is
projected to far exceed available supply in the next several years. New projects will require
capital, equipment and people. Capital for good projects appear s to be available . Western is
committed to pursuing minimal ly dilutive financing options for the Facility in order to maintain
its tight share structure. T he ready supply of mining and processing equipment, as well as the
workforce needed, may be the larger challenge to meet future demand. The Company will
continue to be proactive as it has been in the reopening of the Sunday Mine Complex.
The vanadium market is also poised for growth as vanadium redox flow batteries are
increasingly deployed as stationary energy storage solutions. Vanadium prices are projected to
increase, as new sources of supply are needed.
George Glasier, President and CEO of Western stated: “This is one of the most significant events
in the history of our Company. The processing facility, when completed, will provide Western
with uranium and vanadium to sell in to improving markets and thus result in substantial cash
flow from operations.”
Cautionary Note Regarding Forward -Looking Information: Certain information contained in
this news release constitutes “forward -looking information” or a “forward -looking statements”
within the meaning of applicable securities laws (collectively, “forward -looking statements”).
Statements of that nature include statements relating to, or that are dependent upon: the
Company’s expectations, estimates and projections regarding explor ation and production plans
and results; the timing of planned activities; whether the Company can raise any additional
funds required to implement its plans; whether regulatory or analogous requirements can be
satisfied to permit planned activities; and m ore generally to the Company’s business, and the
economic and political environment applicable to its operations, assets and plans. All such
forward-looking statements are subject to important risk factors and uncertainties, many of
which are beyond the Co mpany’s ability to control or predict. Please refer to the Company’s
most recent Management’s Discussion and Analysis, as well as its other filings at www.sec.gov
and/or www.sedar.com, for a more detailed review of those risk factors. Readers are
cautioned not to place undue reliance on the Company’s forward -looking statements, and that
these statements are made as of the date hereof. While the Company may do so, it does not
undertake any obligation to update these forward -looking statements at any particular time,
except as and to the extent required under applicable laws and regulations.
FOR ADDITIONAL INFORMATION, PLEASE CONTACT:
George Glasier
President and CEO
970-778-9195 mobile
970-864-2125 office