International Consolidated Uranium Closes Option Agreement To Acquire The Moran Lake Uranium And Vanadium Project

International Consolidated Uranium Inc. (“CUR” or the “Company”) (TSXV: CUR) is pleased to announce that further to its press release of November 18, 2020, the Company has received approval from the TSX Venture Exchange (the “TSXV”) with respect to the option agreement with a private, arm’s length party (the “Vendor”) providing CUR with the option to acquire a 100%, undivided interest, in the Moran Lake Project (the “Property”) located in the Central Mineral Belt of Labrador, Canada (the “Option Agreement”).
Philip Williams, CEO, commented, “With the Moran Lake Option Agreement approved by the TSXV and the initial payment made, we have firmly established ourselves as a player in the Central Mineral Belt. At Moran Lake, the C Zone was the subject of significant past exploration and contains both uranium and vanadium resources. We believe the area, also home to Paladin Energy’s Michelin project, has the critical mass to one day support the development of a uranium mining operation, and the potential for IOCG [iron-oxide-copper-gold] discoveries could ultimately bring more interest. We now look forward to evaluating the project and the area further, as well as adding new uranium projects to the portfolio.”
The Company has completed the initial payment under the Option Agreement by issuing the Vendor 253,568 common shares in the capital of the Company (each, a “Common Share”) at a price of $0.591557 per Common Share and paid a cash payment in the amount of $150,000 to the Vendor. The Common Shares issued are subject to a restricted period of four months and one day, expiring on April 5, 2021.
About International Consolidated Uranium
International Consolidated Uranium Inc. (formally, NxGold Ltd.) is a Vancouver-based exploration company. The Company recently entered into options agreements with Mega Uranium Ltd. (TSX: MGA) to acquire a 100% interest in the Ben Lomond and Georgetown uranium projects in Australia, and IsoEnergy Ltd. (TSXV: ISO) to acquire a 100% interest in the Mountain Lake uranium project in Nunavut, Canada. The Company entered into the Mountain lake option agreement with IsoEnergy on July 16, 2020 and the transaction remains subject to regulatory approval.  In addition, the Company owns 80% of the Mt. Roe gold project located in the Pilbara region of Western Australia and has entered into an earn-in agreement with Meliadine Gold Ltd. to earn up to a 70% interest in the Kuulu Project (formerly known as the Peter Lake Gold Project) in Nunavut.