Western Exploration Announces Grant of Stock Options

Western Exploration Inc. (TSXV: WEX,OTC:WEXPF) (OTCQX: WEXPF) (the "Company" or "Western Exploration") announces that it has granted a total of 1,300,000 stock options of the Company (the "Options") to certain directors, officers, employees and consultants pursuant to its omnibus equity incentive plan. Each Option is exercisable for one variable share of the Company (each, a "Share") at a price of $0.78 per Share and will expire three years from the date of grant. The Options will vest in four equal quarterly installments, commencing three months following the date of grant. Any Shares issuable upon exercise of the Options are subject to a four-month hold period from the original date on which the Options were granted.

About Western Exploration Inc.

Western Exploration is a Nevada-focused gold and silver developer advancing its 100%-owned Aura project, located approximately 120 kilometres north of Elko, Nevada. The Aura project hosts two primary assets: Doby George, a near-surface oxide heap-leach project with a positive 2025 Preliminary Economic Assessment; and the Gravel Creek / Wood Gulch corridor, a high-grade gold-silver epithermal system. For more information, please refer to the PEA Technical Report. Western trades on the TSX Venture Exchange under the symbol WEX and on the OTCQX Market under the symbol WEXPF.

Additional information regarding Western Exploration can be found on the Company's website (www.westernexploration.com) and on SEDAR+ (www.sedarplus.ca) under Western Exploration's issuer profile.

Cautionary Note Regarding Forward-Looking Information

Certain statements contained in this news release may be deemed "forward-looking statements" within the meaning of applicable Canadian and U.S. securities laws. These forward-looking statements, by their nature, require Western Exploration to make certain assumptions and necessarily involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward-looking statements. Forward-looking statements are not guarantees of performance. Words such as "may", "will", "would", "could", "expect", "believe", "plan", "anticipate", "intend", "estimate", "continue", or the negative or comparable terminology, as well as terms usually used in the future and the conditional, are intended to identify forward-looking statements. This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time such assumptions and estimates were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to the receipt of acceptance of the Option grants by the TSXV. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, Western Exploration cannot assure shareholders and prospective purchasers of securities of the Company that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Western Exploration nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Western Exploration does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.

For additional information with respect to these and other factors and assumptions underlying the forward-looking statements and forward-looking information made in this news release concerning Western Exploration, please refer to the continuous disclosure record of Western Exploration on SEDAR+ (www.sedarplus.ca) under Western Exploration's issuer profile. The forward-looking statements set forth herein concerning Western Exploration reflect management's expectations as at the date of this news release and are subject to change after such date. Western Exploration disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/309717