Western Uranium & Vanadium Corp. Provides Company Updates
February 14, 2022
Western Uranium & Vanadium Corp. Provides Company Updates
FOR IMMEDIATE RELEASE
Toronto, Ontario and Nucla, Colorado - Western Uranium & Vanadium Corp. (CSE:WUC) (OTCQX: WSTRF)
(“Western” or ”Company”) is providing the following Company updates:
Sunday Mine Complex – GMG Ore Body: Production Update
The first phase of the ongoing Sunday Mine Complex project was to define and develop the GMG Ore Body
(“GMG”); however after 30 feet of waste rock removal high -grade uranium ore has been intersected
continuously. Thus the team began mining the ore in front o f them , from the main drift (tunnel), without
targeting the highest grade ore zones. Because of the project’s success, the mining contractor began probing
and logging the 10 -ton load hauls. O n 25 individual days from December to early February, the mining
contractor probed and logged each of the 200 load hauls five times; t he 2,000 tons of new production was
moved into four separate underground stockpiles. The mining contractor has reported a uranium grade of 1%
(0.9962) and a vanadium grade, by the 1:6 historic ratio, of about 6%. This translates into uranium/vanadium
stockpile quantities of 39,800 lbs of uranium and 239,000 lbs of vanadium. At current market prices, the post-
processing recovery value is over $3.5 million . (1)(2) Ore production is continuing and a n additional mining
operations update is expected in about 2 weeks . Work at t he GMG Ore Body has been highlighted in a slide
show added to Western’s website (www.western-uranium.com).
2021 Incentive Stock Option Grant
Western announces that it has granted an aggregate of 900,000 options (“Options”) to purchase common
shares to a number of officers, directors, and employees of Western under the Company’s Incentive Stock
Option Plan. The Options w ere granted on February 9, 2022 after market close, and the exercise price set at
CAD$1.76 based upon the closing prices on both the day of the grant and the prior trading day. Each option is
exercisable to acquire one common share for a five -year term starting with the vesting date. The Options vest
equally in three installments beginning on the date of grant and thereafter on April 1, 2022, and July 1, 2022.
(1) The Sunday Mine Complex is without known reserves, as defined in United States SEC Regulation S-K Subpart 1300, and Western has started extraction
without determining mineral reserves in a current Technical Report that would meet the requirements of Subpart 1300.
(2) The last actual conventional milling recoveries of Sunday Mine Complex uranium/vanadium ore were 95% uranium and 80% vanadium and the curr ent
market prices utilized were uranium U3O8: $43.20 per lbs and vanadium V2O5: $10.30 per lbs.
About Western Uranium & Vanadium Corp.
Western Uranium & Vanadium Corp. is a Colorado based uranium and vanadium conventional mining
company focused on low cost near -term production of uranium and vanadium in the western United States ,
and development and application of kinetic separation.
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 , assumptions and projections
regarding exploration and production plans and results; the timing of planned activities; whether the
Company can rai se any additional funds required to implement its plans; whether regulatory or analogous
requirements can be satisfied to permit planned activities; and more 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 Company’s
ability to control or predict. Please refer to the Company’s most recent Management’s Discuss ion 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
970-864-2125
Robert Klein
Chief Financial Officer
908-872-7686