Work Programs To Advance Toward Production On Uranium Projects

TORONTO - Consolidated Uranium Inc. reported initial work programs on its past producing US uranium projects, Tony M, Daneros and Rim, acquired from Energy Fuels Inc. in late 2021. The work programs are being planned and implemented in conjunction with Energy Fuels, as the operator of the projects, and include historic mineral resource confirmation and expansion drilling as well as other activities relating to advancing the projects toward a production ready state. These mines are uniquely positioned in close proximity to the White Mesa Mill owned and operated by Energy Fuels, with whom CUR has a Toll Milling Agreement.

Philip Williams, CEO, said, “As discussed in our year-end update, we expect 2022 to be characterized as much by project-level advancement as by new M&A activity. Today’s announcement presents the first meaningful project-level work programs in the Company’s history as well as an important step in advancing these key US projects back toward production. We look forward to making similar announcements on other portfolio projects where we see strong opportunities to expand known mineralization and make other project level advancements. We believe the timing of advancing our US and other projects this year will dovetail nicely with the continued strength in the uranium market, which will ultimately require new mine supply to meet growing demand.”