Western Uranium Appoints Patrick Siglin VP Development and George Glasier, President & CEO Provides Update
TORONTO, ONTARIO and NUCLA, COLORADO--(Marketwired - Feb 16, 2016) - George Glasier, President & CEO of Western Uranium Corp. (CSE:WUC) ('Western' or the 'Company') is pleased to announce that the Board of Directors has appointed Patrick Siglin as Vice-President Development of Western Uranium Corp..
George Glasier, President & CEO of Western commented "Pat Siglin came to Western upon completion of the previously announced acquisition of Black Range Minerals Limited (Black Range). Pat, while at Black Range had primary responsibility for the development of the Ablation Technology, as well as oversight of the development of the Hansen/Taylor Uranium Deposit. Pat is a graduate of the University of Iowa with a degree in geology. Pat's knowledge and experience will be indispensable in bringing the Ablation Process into production at the Company's mines. Pat will also head up the Company's exploration program and work closely with Western's staff to move into production."
As part of our cost reduction measures, Catherine Becket will be replaced as Corporate Secretary by Denis Frawley. Catherine was Corporate Secretary at the predecessor company Homeland Uranium Inc. and was integral in the transition of Homeland into Western Uranium. The Board thanks Catherine for her professionalism and diligence during the transition.
The Board of Directors has decided to pursue an additional listing of Western stock in the United States. The Company has engaged a U.S. law firm to act as Special U.S. counsel and Principal American Liaison for an application for listing on the OTCQX.
Western is also in the process of receiving a shipment of African uranium ore for testing to determine how the Ablation Process can improve the economics of this large fully-developed deposit in Africa.
Western has been working with Black Range creditors in Australia and the United States and has sought accommodation in the payment of the outstanding Black Range payables until further funds are raised. Management hopes that Western will be able to finalize such a raise within the next 60 to 90 days.
Western has arranged extension agreements on both a short-term loan and note payable until June 2016. The $250,000 short-term loan was entered into on October 1, 2015 and had an original due date of December 15, 2015 prior to being extended to June 16, 2016. The note payable was assumed in the purchase of mining assets on August 18, 2014 and its final payment of USD $250,180 was originally due on October 13, 2015 and had been extended to January 13, 2016 prior to its additional extension until June 13, 2016. Supplementary remuneration was added to both instruments as consideration for the respective lenders to extend due dates. Western is pleased with these arrangements because they allow the Company the time and flexibility to assess financial options with respect to the repayment of its debts and the debts of its recently acquired subsidiary, Black Range Minerals Limited.
As previously announced, Western has entered into a supply contract with a top 5 US utility. The Company continues to work with additional US Utilities to add supply contracts.
A trip to Europe has been scheduled for the beginning of March to continue efforts to raise funds from European Funds and investors.
Management of Western continues to believe that momentum is building around the world for nuclear power to play a larger role in slowing climate change.
Although many experts are predicting an improved uranium price in 2016, Western is positioning the Company to be profitable at current uranium prices. We believe any increase in the price of uranium or vanadium will impact margins positively.
George Glasier, Director, President and CEO
About Western Uranium Corporation
Western Uranium Corp. is a Colorado-based uranium company focused on near production of uranium and vanadium in the Western United States.
FORWARD-LOOKING STATEMENTS AND CAUTIONARY NOTE
This news release may contain forward-looking statements that are based on the Company's expectations, estimates and projections regarding its business and the economic environment in which it operates. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. Statements speak only as of the date on which they are made.
Contact
George Glasier
President and CEO
970-864-2125
gglasier@western-uranium.com
Michael Skutezky
Chairman of the Board
416-564-2870
mskutezky@western-uranium.com