Madison Metals Acquires Interest in Namibian Uranium Mining License, The Canadian Business Journal

TORONTO, Sept. 13, 2022 (GLOBE NEWSWIRE) — Madison Metals Inc. (“Madison” or the “Company”) (CSE: GREN) (OTC: MMTLF) announces the signing of an agreement on Sept. 12 I will. , in 2022, Namibia Nuclear Corporation (Proprietary) Limited (“namibia nuclear power”) is a stock purchase agreement (“spa”). The consideration to be paid to Vendor is $2,000,000 (USD) and 2,000,000 shares of common stock in the company’s capital will be paid and issued on the closing date. However, it is subject to certain precedent terms contained in the SPA. ML121 is located in Namibia, Africa, at the famous Erongohi Uranium Site, where Madison already holds an Exclusive Exploration License 7011 (“EPL-7011”) (Fig. 1). Namibia is the world’s second largest uranium producer and has the world’s fifth largest total uranium resources.

“ML121 and EPL-7011 are located next to Namibia’s two uranium-producing mines, Rössing and Husab, which are the fifth and third largest production uranium mines in the world, respectively. Uranium prospects continue to grow as it is an important metal for security Madison’s strategy to acquire highly promising interests in leading uranium jurisdictions positions us as a significant player in the uranium industry It provides an opportunity to establish

Figure 1: Location of Madison-owned ML121, EPL-7011, and uranium production mines in Elongo Ulan State, Namibia. Available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7f0ac6fd-3135-4e6f-86cd-88d4d0d17a5c.

ML121

ML121, which contains the Charlie drilled uranium occurrence, is located 46 kilometers (km) northeast of the city of Swakopmund and extends over an area of ​​approximately 35 km.²Mining licenses cover base metals, rare metals, dimension stones, industrial minerals, nuclear fuel minerals and precious metals.

ML121 has great potential for uranium mineralization hosted by the Leuko granite, given that its geological and tectonic setting closely resembles the Rössing deposit. Uranium-bearing granites are concentrated at the Khan-Rössing boundary within the north-north-eastward deformation corridor of the Welwitschia magnet. lineament (Fig. 2).

Historical airborne radiometric surveys on ML121 show anomalous expected radiometric features (Fig. 3), the most notable anomaly being the isoclinic fold nose at the contact of the Kahn and Rossing formations. Related. Exploratory work so far has focused on the northwestern radiation anomaly of ML121. The 2.3 km long anomaly was tracked in 6 diamond-drilled holes and 59 countercirculating drilled holes. Madison performs independent review and verification of data to define NI 43-101 compliant resources.

Figure 2: Geological and structural setting of ML121 Available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2ecd09cc-67bf-4742-9d68-dd81c51a167f.

Figure 3: Aircraft radiometric signature and targets on ML121 (blue outline) Available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9d00f7a9-5887-48f8-a3de-f1f62968f1e6The black dot represents a drill hole on the NW anomaly.

Madison is conducting due diligence and expects to close the transaction later this year, at which point more details will be provided.

We also wish to announce that we have granted incentive stock options to our directors and officers to purchase a total of 800,000 common shares under our stock option plan. Each option is exercisable at a price of $0.98 per common share, vests immediately, and expires five years from the date of grant.

qualified person

Mary Barton, Specialized Natural Scientist (SACNASP), Certified Person for the Purposes of National Instrument 43-101 Mineral Project Disclosure Standards We have reviewed, verified, and approved the technical information contained in this news release for the ML121.

About Madison Metals

Madison Metals Inc (CSE: GREN) (OTC: MMTLF) is a Canadian green energy resources company with an experienced management team with particular expertise in the uranium mining industry. Madison’s corporate goal is to build value by utilizing cutting-edge technology and the latest strategies to develop the Rossing-type uranium deposits identified in Kenora, Ontario, Canada and Namibia, Africa.

Additional information about Madison Metals Inc. can be found in the company’s SEDAR profile at madisonmetals.ca and www.sedar.com.

For more information, please contact:

Duane Pernum
Representative Director, Chairman and CEO
Madison Metal Co., Ltd.
+1 (416) 489-0092
[email protected]

Media inquiries:
Adam Bello
Manager, Media & Analyst Relations
Primoris Group Co., Ltd.
+1 (416) 489-0092
[email protected]

Neither the CSE nor the Canadian Investment and Industry Regulatory Authority assumes responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This press release contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and assumptions that may cause actual results and future events to differ materially from those expressed or implied by such statements. There is a possibility. Therefore, you are cautioned not to place undue reliance on forward-looking statements. All statements other than statements of current or historical fact are forward-looking statements. Forward-looking statements may include “proposed,” “intended,” “targeted,” “near future,” “event,” “will,” “expected,” “prepared.” contains words or expressions such as or expression. Forward-looking information contained in this press release includes, but is not limited to: Trading interests for us. Estimated timing and amount of future exploration. Potential for future exploration to find uranium deposits.

Where we express or imply expectations or beliefs regarding future events or results, such expectations or beliefs are based on assumptions made in good faith and are believed to have a reasonable basis. Such assumptions include the assumption that no material event will occur outside of the normal course of our business and that we have sufficient capital and other resources available to us to conduct our business in accordance with our present plans. including but not limited to.

Factors that could cause future results or events to differ materially from current expectations expressed or implied by forward-looking statements include general business, economic, competitive, political and social uncertainties. will be capital market conditions; the risk that we will not obtain all necessary approvals to operate as currently anticipated, without assurance that the proposed exploration program will produce favorable results; (i) the impact on our respective business, operations and financial condition resulting from our failure to announce and/or complete the transaction on the terms stated, or outright failure; (ii) the delay or failure of the transaction; risks associated with Obtain board, shareholder, regulatory or court approval, as applicable, or other conditions prior to closing the transaction. (iii) failure to realize the anticipated benefits of the transaction; Accidents, labor disputes, shortages. Environmental and Other Risks of Mining. other unforeseen events or developments; factors that cause any of the foregoing expectations, assumptions and other factors to be ultimately inaccurate or irrelevant; Risks associated with the ongoing COVID-19 pandemic.

Further information regarding these and other risks can be found in our filings with the Canadian securities regulators available on our SEDAR profile page at www.sedar.com. We disclaim any obligation to update or revise these forward-looking statements, except as required by applicable law.

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