Western Uranium Ends Strategic Alliance Agreement With Cameco Global Exploration
08 2월 2011 - 7:53AM
Marketwired
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
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