Western has continued to benefit from the positive momentum in the prices of both uranium and vanadium as its resource values have accreted strongly during 2018.
Western Uranium Corporation (CSE:WUC,OTCQX:WSTRF) has released an update on its operations and projects. Western has continued to benefit from the positive momentum in the prices of both uranium and vanadium as its resource values have accreted strongly during 2018.
As quoted from the press release:
SAGE MINE PROJECT UPDATE:
On June 8, 2018, Western announced the signing of a letter agreement with Battery Mineral Resources Nevada Inc., a wholly-owned subsidiary of Battery Minerals Resources Limited to form a joint venture for vanadium development at the Sage Mine Project (“Sage”). On August 15, 2018, Western announced that BMR provided notification of their desire to exercise the purchase option rather than pursue a joint venture. The change in transaction approach caused each party to seek amendments to the transaction. Consequently, the parties have not been able to reach an amended agreement and have mutually agreed to discontinue the transaction. Western will continue to focus on monetizing its high-grade vanadium resources and base load production either directly or through an alternative transaction in order to enhance shareholder value.
PROMISSORY NOTE REPAYMENT:
The US$500,000 promissory note which was secured by the Colorado and Utah mineral properties acquired in the August 18, 2014 transaction between Pinon Ridge Mining LLC, a wholly owned subsidiary of Western, and Energy Fuels Holding Corporation was paid in full on August 31, 2018. The San Rafael uranium project, Sunday Mine Complex, Van 4 Mine, and the Sage Mine Project which were formerly secured by a first priority interest are now held by the Company free and clear of encumbrances.