Western Uranium Corporation (WUC) is a well financed Canadian-based resource company focused on exploration and advancement of mining projects globally. Management believes a diversified commodities approach to exploration has potential to provide nearer term value to shareholders while spreading the risk from focusing solely on one commodity.
Recent Developments
Dec. 1, 2009: WUC acquired 7 cateos (14,000 hectares) in La Rioja, Argentina thru an agreement with the HB Syndicate. Areas covered by the cateos are geologically similar to producing basins in the western U.S. that were mined and produced > 500 Mlbs of Uranium.
Oct. 14, 2009: Western Uranium entered into a joint venture with AuEx Ventures Inc. (XAU) to earn a 70% interest in a copper/gold project located in Baza, Spain. The property is a large regional exploration target in south east Spain, located in an established iron mining district. A regional and site specific sampling program has identified high gold and copper values at surface. This property has not benefited from modern exploration techniques including drilling.
The company also has two properties located in Nevada and New Mexico, previously explored by Chevron Resources and Conoco. The properties have drill defined U308 mineral resources along with exploration potential to host additional pounds of uranium.
The Company currently retains a 24.4% ownership in Western Lithium Canada Corp. (WLC), after completing the spinout of the lithium asset on the Kings Valley Project into a separately traded public company in July 2008. Western Uranium also retained a 3% NSR equivalent in the lithium project.
Cameco Strategic Alliance
On August 29, 2007, Western Uranium and Cameco formed a Strategic Alliance. Under its terms, Cameco has the right to earn a 70-per-cent joint venture interest on each economically viable stand-alone uranium deposit developed within any area currently in the company's Kings Valley or Treeline properties upon the definition of 15 million pounds of indicated or higher-classified U3O8 resource under National Instrument 43-101. Pursuant to the agreement, Cameco acquired an 11-per-cent equity interest in the company for gross proceeds of $21.3 million.
