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Consolidated Uranium Enters South Australia with Acquisition of Yaranna Uranium Project, Canadian Business Journal

TORONTO, OCTOBER 31, 2022 (GLOBE NEWSWIRE) — Consolidated Uranium Inc. (“CUR”, “we”, “Consolidated Uranium”) (TSXV: CUR) (OTCQB: CURUF)announces that it has entered into a definitive share purchase agreement (“agreement”) dated October 30, 2022 for certain entities (“seller”) according to what CUR has agreed to obtain (“acquisition”) New Standard Resources Pty Ltd. (“new standard), the Yaranna Uranium Project (“project”) in South Australia.

highlight:

  • With several short-term production and advanced development projects, including CUR’s first foray in South Australia, an operational uranium mine, Quasar Resources’ Four Mile Mine, Boss Energy’s Honeymoon Project and Alligator Energy’s Samphire Project, Represents a friendly jurisdiction for uranium mining.
  • Historic drilling intersected high-grade shallow mineralization, including:
    • 1 meter grading 0.355% U38 from 66 meters
    • 4 meter grading 0.086% U38 from 67 meters
  • Mineralization is potentially good for in-situ restoration.
  • Exploration potential remains high, testing limited areas of paleochannel target areas where historical extensive drilling is advantageous.

CEO Philip Williams commented: The country continues to be an important focus for the CUR as it is a host of significant uranium resources, operates uranium mines and has attractive federal and state level mining regimes. To date, we have focused on historic resource acquisition and exploration projects in Queensland. With the recent additions West Newcastle Ranges, Teddy Mountain and Ardmore East Projects, he has established a critical mass of seven projects in his CUR in the province. South Australia is a desirable location for uranium exploration due to its existing operating uranium mines and several advanced development projects. The project has the potential for additional discoveries based on past drilling, encountering strong grades at wide intervals, and the potential for in situ recovery, another attractive feature that we plan to evaluate further. I think. “

Terms of sales contract

Pursuant to the agreement, CUR will acquire a 100% interest in the new standard in consideration consisting of 2,059,732 common shares in the company’s capital (“CUR stock”) TSX Venture Exchange (“TSXV”) until the date prior to signing the contract.

In addition, CUR has agreed to grant the seller a net smelter revenue royalty of 2% on the project. His CUR shares issued in connection with the acquisition are subject to approval by TSXV. There are no finder’s fees paid in connection with the acquisition and the seller has an independent relationship with respect to the company.

Yaranna Uranium Project

The Yaranna Project is an advanced exploration project located in the Eucla Basin in southwestern South Australia. Uranium mineralization was first discovered at the project by Carpentaria Exploration Company Pty Ltd. in the 1980s. Carpentaria Exploration Company Pty Ltd. conducted large-scale uranium exploration, including geophysical (resistivity, aerial photographic surveys, airborne mag and radiometric surveys, ROAC surveys), drilling until 1988. (rotary, air core/RC, diamond drilling) and related downhole probing (gamma, resistivity, SP) and assays. This work led to the discovery of four of his uranium deposits, named Yaranna 1 through 4. Between 2007 and 2009, Iluka Resources Limited conducted aerial surveys, rotary cores, air cores and uranium drilling. Important past excavation crossings are shown in Table 1 below.

Figure 1 and Table 1: Yarranna project showing results for major rotary and air core drills

Yalanna project including major rotary drill and air core drill results

Yalanna project including major rotary drill and air core drill results

Corporate update

In addition to CUR’s press release dated September 6, 2022, the Company has amended the terms of its Stock Purchase Agreement (“GOI Agreement”) dated September 5, 2022, GlobalOreInvestments Pty Limited (“goy”), pursuant to which CUR has agreed to acquire all outstanding shares of Management X Pty Ltd. Management X Pty Ltd. will own 100% of the West Newcastle Range, Teddy Mountain and Ardmore East Projects. A privately owned Australian exploration company with an undivided interest.Contingent payment) previously offered a payment of $500,000 in cash or CUR shares at the company’s option, which is now payable only through the issuance of 200,000 CUR shares. Conditional payments are payable if any of the following milestones are achieved within 8 years from the date of the GOI Agreement:

  • End of the month Ux U38 The price published by UxC LLC is over $60 (US) per pound.
  • A Mineral Resource estimate per National Instrument 43-101 for the West Newcastle Range and Teddy Mountain projects is made when the Mineral Resource estimate is 6 Mlb (million pounds) of U or greater.38or, for the Ardmore East Project, an estimated Mineral Resource of 3 Mlb or more of U38 Equivalent.

CUR shares issued in connection with the GOI acquisition are subject to approval by the TSXV and subject to a hold period ending four months and one day from the date of issuance. There are no finder’s fees payable in connection with the GOI Agreement and GOI is an independent party with respect to the Company.

qualified person

The scientific and technical information contained in this news release has been reviewed and approved by Peter Mullens, CUR’s Vice President of Corporate Development. standard of Disclosure for mineral project).

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 information regarding the completion and approval of acquisitions, TSXV and the Company’s ongoing business plans, exploration and work programs. 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 flows 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 legislation; relationships, delays in obtaining governmental or other approvals, and risk factors related to consolidated uranium sets. available in the CUR profile of 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.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1848e37c-6e27-4f98-af7a-fcb230572631.

https://www.globenewswire.com/NewsRoom/AttachmentNg/604044cf-fb44-4c35-8fcf-9faac9456600


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Consolidated Uranium Enters South Australia with Acquisition of Yaranna Uranium Project, Canadian Business Journal

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