Western Uranium Ends Strategic Alliance Agreement With Cameco Global Exploration
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/07/11 -- Western Uranium Corporation (TSX VENTURE: WUC) ('WUC' or the 'Company') announces that it has entered into a definitive agreement with Cameco Global Exploration II Ltd. ('Cameco Global') to conclude and terminate the Strategic Alliance Agreement (the 'Agreement') made August 29, 2007 between the Company and Cameco Global. Under the terms of the Termination Agreement the Company and Cameco Global agreed to terminate the Agreement in consideration of a C$2.5 million payment from the Company to Cameco Global. In addition, Western Energy Development Corp. ('WEDC') and KV Project LLC, each a direct or indirect wholly-owned subsidiary of the Company, have agreed to grant Cameco Global a production royalty equal to twenty percent (20%) of the gross revenues derived from the sale of uranium products taken from certain unpatented mining claims and other property interests owned or leased by WEDC and KV Project LLC. These properties were previously covered by the terms of the Agreement.
Pamela Klessig, a director of the Company and the Company's chief liaison with Cameco Global, commented: 'Although the project did not return the desired results for either company, it was a pleasure liaising with their geologic staff who provided valuable insight and suggestions throughout the term of the Alliance.'
About the Company
Western Uranium Corporation is a mineral exploration company with properties in Argentina, Nevada, and New Mexico and an earn-in agreement with AuEx Ventures for the Baza gold-copper project in Spain. The Company has its head office in Vancouver, Canada; its executive management team is based in Reno, Nevada.
On behalf of the Board of Western Uranium Corporation
R. Edward Flood, Chairman
The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Western Uranium Corporation
Richard Roy
Investor Relations
1-604-669-6446
info@westernuranium.com
www.westernuraniumcorp.com