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Message: Western Uranium Corporation Files Normal Course Issuer Bid
| February 25, 2009 |
| Western Uranium Corporation Files Normal Course Issuer Bid |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 25, 2009) - NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. Western Uranium Corporation (TSX VENTURE:WUC) ("the Company") announces that it intends to undertake a normal course issuer bid (the "Bid") through the facilities of the TSX Venture Exchange (the "Exchange") pursuant to Exchange Policy 5.6. The Bid, which is subject to Exchange approval, would consist of the acquisition by the Company of up to 10% of the Public Float (as that term is defined in the policies of the Exchange), being 5,652,763 common shares of the Company. Purchases may commence three trading days following after the date the Exchange receives the required notice and supporting documents in final form regarding the Bid. Filing of these documents is expected to take place on February 25, 2009. In accordance with Exchange policies, the duration of the Bid will be no more than one year from the commencement of the Bid. The Company has not at any time purchased any of the securities that would be the subject of the Bid. The common shares purchased under the Bid would be cancelled and returned to treasury. The Bid would be conducted on behalf of the Company by Haywood Securities Inc., of Suite 2000, 400 Burrard Street, Vancouver, British Columbia. The Company intends to make the Bid due to the extreme volatility in the global equity markets which has also been reflected in the recent trading in the Company's common shares. The Company believes the current share price does not accurately reflect the true value of the Company and the shares are trading at a significant discount and does not reflect the strong working capital position of the Company nor the value of its holdings in the Kings Valley property. Currently there are approximately 59.2 million shares outstanding, nearly $51.0 million in the treasury, and the Company owns 15 million shares (30%) of Western Lithium Canada Corporation (TSX VENTURE:WLC). The Company strongly believes the current Kings Valley, Nevada property is of such merit that with further exploration the uranium resource at Kings Valley could be expanded, and the announced gold intercept of 12 grams of gold over 1.5 metres from 103.7 m to 105.2 m and 0.66 grams over 41 metres from 154.0m to 195.1m in ALB-04 warrants immediate follow-up (Press Release: October 29, 2008). The geologic staff of WUC is well versed and experienced with Nevada geology, alteration, structure, geochemistry, and geophysical responses often associated with gold discoveries and believe this area hosts many of the same favorable signatures found with gold deposits. This drill hole lies at the northern end of the property where only minimal exploration has been conducted. In November 2008 the Company contracted a CSMT geophysical survey and is using the final interpretation of the data along with geologic and geochemical data to lay out a first pass drill program to follow-up on this discovery. It is the intent of the company to begin drilling as soon as the weather permits which may be early April. This is a difficult period for most companies and the Company firmly believes it has the financial strength, technical expertise, and management in place to take advantage of other core opportunities that may arise. This alone coupled with the favorable, untested gold target and the upside for adding additional pounds of uranium to the known Kings Valley resource demonstrate the discount to which the stock is trading and why the Company is currently considering the Bid. About the Company Western Uranium Corporation is a mineral exploration company with a focus on uranium. The Company has exploration properties in Nevada, New Mexico and in the Thelon Basin, Nunavut and the Northwest Territories. The Company has its head office in Vancouver, Canada; its executive management team is based in Reno, Nevada. The contents of this press release were reviewed by Ms. Pamela Klessig for WUC. Ms. Klessig has sufficient experience to review this release and is a Qualified Person as defined by NI 43-101. On behalf of the Board of Western Uranium Corporation Pamela J. Klessig, President & CEO Western Uranium Corporation is a mineral exploration company with a focus on uranium. The company has exploration properties in Kings Valley, Nevada, Treeline, New Mexico and in the Thelon Basin, Nunavut and the Northwest Territories. The Company has its head office in Vancouver, Canada; and its executive management team is based in Reno, Nevada. |
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