Consolidated Uranium Completes Acquisition of Ben Lomond Uranium Project in Queensland, Australia, The Canadian Business Journal

TORONTO, OCTOBER 3, 2022 (GLOBE NEWSWIRE) — Consolidated Uranium Inc. (“CUR”, “we”, “Consolidated Uranium”) (TSXV: CUR) (OTCQB: CURUF) We are pleased to provide the following updates regarding our option agreement with Mega Uranium Ltd.mega) (TSX: MGA) was previously announced on May 14, 2020, amended (“Option contract”), offering CUR the option to acquire a 100% undivided interest in the Ben Lomond and Georgetown Uranium Projects in Australia.

CUR completed the acquisition of the Ben Lomond Project for consideration consisting of $2,500,000 related to the exercise of the option and an additional $535,000 related to the spot price contingent payment terms of the option contract. A total of $3,035,000 was met by the issuance of 1,340,548 shares of CUR common stock (“common stockCalculated at a deemed price of $2.264 per share based on the five-day trading volume of common stock ending June 10, 2022, two business days prior to the date the option is exercised. Additionally, as set forth in the company’s press release dated May 14, 2020, as a result of the exercise of the option, Mega will, subject to the achievement of certain milestones related to the spot price of uranium, acquire certain You are entitled to receive future payments. The exercise of the option to acquire the Ben Lomond Project allows Mega to sell the Georgetown Project to his CUR for an additional consideration of $500,000 for 120 days from the date of exercise. If exercised by Mega, the CUR also entitles you to certain future payments, contingent upon the achievement of certain milestones related to the spot price of uranium.

Philip Williams, Chairman and CEO, commented: Australia’s recently introduced legislation to lift its ban on nuclear power could be an important step in building support for additional uranium mining operations in the country where the CUR would be a beneficiary, we said. believe. ”

All securities issued in connection with option contracts are subject to a hold period ending four months and one day from the date of issuance.

Consolidated uranium

Consolidated Uranium Inc. (TSXV: CUR) (OTCQB: CURUF) was formed in early 2020 to capitalize on the anticipated resurgence of the uranium market using a proven model of diverse project integration . To date, we have acquired or have the right to acquire uranium projects in Australia, Canada, Argentina and the United States. These projects have had significant spending in the past and have attractive characteristics for development. Most recently, the Company completed a transformative strategic acquisition and partnership with Energy Fuels Inc., a leading U.S.-based uranium mining company, to provide licensed and previously produced conventional fuels in Utah and Colorado. acquired a portfolio of uranium and vanadium mines. These mines are currently on standby and ready to reopen as soon as market conditions permit, positioning CUR as a short-term uranium producer.

Please contact us for more information.

Philip Williams
Chairman and CEO
[email protected]

Twitter: @ConsolidatedUr
www.consolidateduranium.com

Neither TSX Venture Exchange nor its regulated service providers (as those terms are defined in the TSX Venture Exchange Policy) are responsible for the adequacy or accuracy of this release.

Cautionary Statement Regarding “Forward-Looking” Information

This news release contains “forward-looking information” within the meaning of applicable Canadian securities laws. “Forward-looking information” includes, but is not limited to, statements regarding activities, events or developments that we anticipate or anticipate will occur or may occur in the future. and working program. Generally, but not always, forward-looking information and statements such as “plans,” “anticipates,” “anticipates,” “budgets,” “intends,” “estimates,” Identifiable by the use of words. , “intend,” “expect,” or “believe,” or any negative connotations thereof, or variations of such words or phrases, or that a particular action, event, or outcome “may”; “could”, “would”, “could”, or “taken”, “occur”, “achieved” or any negative connotation thereof. We do not believe that such forward-looking information and statements will change in a manner that would materially adversely affect general business and economic conditions and that, if necessary, we will be able to obtain financing on reasonable terms; and third party contractors, equipment and supplies, governmental and other approvals necessary to carry out the Company’s planned exploration activities will be available on reasonable terms and in a timely manner. The assumptions made by the Company in providing forward-looking information or making forward-looking statements are believed by management at the time to be reasonable, but such assumptions may not be accurate. There is no guarantee that it will prove to be.

Forward-looking information and statements involve known and unknown risks, uncertainties and other factors, and actual events or results in future periods may not be indicated by the forward-looking information or statements. or may differ materially from implied predictions of future events or results. Negative operating cash flow and reliance on third-party financing, uncertainty of additional financing, lack of known mineral reserves or resources, reliance on key management and other personnel, among other things changes in exploration programs based on results; risks generally associated with the mineral exploration industry; environmental risks; changes in laws and regulations; relationships, delays in obtaining governmental or other approvals, and risk factors related to consolidated uranium sets. Available in CUR’s profile on SEDAR. www.sedar.com.

The Company has attempted to identify important factors that could cause actual results to differ materially from those contained in, or implied by, the forward-looking information; , estimates, or other factors that may cause results to differ from expectations. was intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. We undertake no obligation to update or reissue any forward-looking information as a result of new information or events, except as required by applicable securities laws.

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