Basin Uranium Signs Definitive Agreement For Wray Mesa Acquisition

BASIN URANIUM CORP. (CSE: NCLR) (OTC Pink: BURCF) (FSE: 6NP0) (‘Basin Uranium’ or the ‘Company’) is pleased to announce the Company has finalized and executed an Amalgamation Agreement with 1290945 B.C. Ltd pursuant to which a wholly-owned subsidiary of Basin Uranium will amalgamate with NumberCo.
The principal asset of NumberCo is a 100%-interest in the Wray Mesa project (the ‘Property’) in San Juan County, Utah.
The Property is comprised of 301 unpatented lode claims totalling 6,219 acres located in San Juan County, Utah. The Property is accessible via Utah State Highway 46 and unpaved Forest Service Roads, with access to power, water and proximal to the town of La Sal. The Property is contiguous to and adjoins Energy Fuel’s fully-permitted and production-ready La Sal project which includes a number of past-producing uranium and vanadium mines (production of 550,000 lbs U3O8 in 2012). The La Sal project is host to Measured & Indicated resources of 4.1 Mlb of uranium (U3O8) plus 21.5 Mlb of vanadium (V2O5) plus Inferred resources of 0.4 Mlb of uranium plus 1.9 Mlb of vanadium.
‘The Wray Mesa project provides a second significant property to Basin’s portfolio, allowing for seamless year-round exploration in a prolific and well-established district. The Company believes that the Wray Mesa has the potential to host multiple uranium-vanadium deposits.’ commented Mike Blady, CEO of Basin Uranium. ‘There has been a significant amount of past exploration, with over 495 holes drilled dating back to the late 1970’s, which have identified multiple mineralized zones across the property. Additionally, the historical exploration never evaluated these mineralized zones for their vanadium potential, which in the district average between 5:1 and 6:1 vanadium to uranium, adding another exciting dimension to the project. We are looking forward to putting together an exploration program and begin the permitting process to rapidly demonstrate the potential of this project.’
About Basin Uranium Corp.
Basin Uranium Corp. is a Canadian junior exploration company focused diversified mineral resources. The Company recently acquired an option to acquire a 75% interest in the Mann Lake uranium project, located in the Athabasca basin in Northern Saskatchewan, Canada, and is also currently undertaking the CHG gold exploration project located approximately 15 kilometers northwest of the town of Clinton in south-central British Columbia. The CHG Project consists of seven contiguous mineral claims covering 3,606 hectares.