Definitive Agreement For Wray Mesa Acquisition

VANCOUVER - Basin Uranium Corporation has finalized and executed an Amalgamation Agreement with 1290945 B.C. Ltd ("NumberCo") 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 in San Juan County, Utah.

The Property is comprised of 301 unpatented lode claims totaling 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 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." said, Mike Blady, CEO. "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."