Western Uranium Corporation Announces Signing Letter of Intent for Ablation Production at the Pinon Ridge Mill Site

TORONTO, ONTARIO and NUCLA, COLORADO–(Marketwired – Nov. 3, 2016) – Western Uranium Corporation (CSNX:WUC) (OTCQX:WSTRF) announces that it has entered into a letter of intent (“LOI”) with Pinon Ridge Corporation for use of its ablation mining technology at the permitted uranium recovery facilities at the Pinon Ridge Mill site. The LOI provides for the processing of all of Western’s ore produced by its mines in the region at the mill site to produce U308 and vanadium utilizing both the application of ablation mining technology and traditional milling techniques. The Pinon Ridge Mill license is held by Pinon Ridge Resources Corporation, a wholly owned subsidiary of Pinon Ridge Corporation. The LOI is subject to the signing of a definitive agreement between the parties which is contemplated to be completed on or before March 1, 2017.
George Glasier made the following statement in respect of the CDPHE evaluation process of ablation mining technology: “The Western team appreciates the advancement of the ablation mining technology through the CDPHE regulatory process. Western now has some regulatory certainty as to how it must proceed to fully leverage the multiple potential applications of this technology to uranium recovery operations, site remediation, and other applications. Given this certainty, Western is now in a position to construct a development plan to move forward with its envisioned commercial operations. Western is committed to ensuring that it is in compliance with the applicable regulatory regimes as it advances this new environmentally-friendly ablation technology. Entering into the LOI provides Western with flexibility to begin production expeditiously when market conditions for production of U308 and vanadium are favorable. Western remains committed to the development of ablation mining technology whether it is deployed in conjunction with an existing uranium mill license, at a uranium mine site with a mobile mill pursuant to an amendment to an existing uranium mill license, or used for the primary purpose of the environmental clean-up of accumulations of waste-rock, protore, and low grade stockpiles.”
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