TORONTO, ON AND NUCLEAR, COLORADO, Oct. 15, 2024 (GLOBE NEWSWIRE) — Western Uranium & Vanadium Corp. (CSE: WUC) (OTCQX: WSTRF) (and together with its affiliates, “Western” or “the Company”) ) announces that it has completed the transaction announced in its October 1, 2024 news release (the “Transaction”) and acquired approximately 900 acres of real estate located in Montrose County, Colorado (the “PRC Site”). I’m happy to announce this. The transaction was structured as a stock purchase in which Western acquired all outstanding shares of Pinon Ridge Corporation, the parent company of the China Site (the “Subsidiary”).
In connection with the Transaction, the Company filed a material change report under its SEDAR+ profile and filed an SEC EDGAR Form 8-K to provide creditors with security interests in the Subsidiary for an aggregate amount of approximately $1.15 million. paid. Remove unpaid promissory notes.
Notably, the PRC site is the location of the future Pinon Ridge Mill. In May 2007, the original acquirer paid $1.32 million for the land. Over the subsequent four years, more than C$11.86 million in permitting and development expenditures were incurred. Although this plant has never been built, it is fully licensed and can leverage historical spending specific to this particular location to support the permitting process.
As further explained in the October 1, 2024 news release, this acquisition is the second real estate package Western has acquired in addition to the Maverick Mineral Processing Plant site in Utah, which includes one or more It is part of Western’s plan to develop and license processing of uranium and vanadium. Facilities that process production from resource assets located in Colorado and Utah.
About Western Uranium & Vanadium Corp.
Western Uranium & Vanadium Corp. is ramping up production of high-grade uranium and vanadium at its Sunday mine complex. The production pipeline includes a flagship facility located in the rich Uravan mineral region, as well as conventional projects in Colorado and Utah. Maverick Minerals Processing Plant and Pinon Ridge Corporation’s processing plants will receive licenses that include kinetic separation processes.
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