Basin Uranium Options Wray Mesa Project to Golden Independence

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Basin Uranium enters option agreement with Golden Independence Mining Corp. for Wray Mesa uranium project

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• Golden Independence Mining Corp. has entered into an option agreement with Basin Uranium Corp. to acquire up to a 90% interest in the Wray Mesa uranium project in Utah, USA. The agreement involves cash, share, and exploration expenditure considerations totaling over $4,700,000 CAD during the Option Agreement period.

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• None.

Vancouver, British Columbia--(Newsfile Corp. - October 16, 2023) - BASIN URANIUM CORP. (CSE: NCLR) ("Basin Uranium" or the "Company") is pleased to announce that it has entered into an option agreement (the "Option Agreement") with Golden Independence Mining Corp. (CSE: IGLD) ("Golden Independence") for Golden Independence to acquire up to a 90%-interest in the Wray Mesa uranium project in Utah, USA. Under the terms of the Option Agreement, Golden Independence will contribute cash, share and exploration expenditure consideration totaling over $4,700,000 CAD during the Option Agreement period.

"With Basin Uranium's focus firmly shifted towards it's Chord project in South Dakota, this agreement allows the project to advance while still providing the Company exposure to an exciting uranium district in Utah," commented Michael Blady, CEO of Basin Uranium. "We look forward to working with the Golden Independence team as the project operator under the initial earn-in agreement to advance the understanding of the project and better define the areas of historical mineralization. Given the significant appetite for advanced-stage uranium assets in safe jurisdictions combined with support from the US Government in advancing clean energy security, this allows both companies to benefit from this pivotal time in the global energy transition."

Under the terms of the Option Agreement between the Basin Uranium Corp. and Golden Independence Mining Corp. (CSE: IGLD), Golden Independence will have the right to acquire up to a 90%-interest in the project through staged cash, share and work commitments. To earn an initial 51% interest in the project, Golden Independence must pay C$50,000 in cash and issue 300,000 shares within five days of approval of the Canadian Securities Exchange and incur US$250,000 in exploration within the first year, in addition to paying C$100,000 in cash, issuing C$250,000 worth of stock and incurring US$500,000 of exploration by the end of the second year. Once the 51% earn-in has been completed, Golden Independence has the option to earn an additional 20% interest (for a total of 71%) through an additional payment of C$75,000 in cash plus issuing C$250,000 worth of stock and incurring US$1,000,000 in exploration by the end of the third year. Assuming the completion of a 71% earn-in, Golden Independence can earn a further 19% interest (for a total of 90%) through the payment of C$75,000 in cash plus issuing C$250,000 worth of stock and incurring US$1,000,000 in exploration by the end of the fourth year. Once Golden Independence has earned a 90% interest in the project, Basin Uranium will have a free carried 10% interest in the project.

About Basin Uranium Corp.

Basin Uranium is a Canadian junior exploration company focused on mineral exploration and development in the green energy sector. The Company has two advanced-stage uranium projects located in the United States, namely the Chord project in South Dakota and the Wray Mesa project in southeastern Utah, both of which have seen extensive historical exploration and located in prospective development areas. The Company also has the Mann Lake uranium project, located in the world class Athabasca Basin of Northern Saskatchewan, Canada in addition to the CHG gold project in south-central British Columbia.

For further information, please visit https://basinuranium.ca or email info@basinuranium.ca.

On Behalf of the Board of Directors
Mike Blady
Chief Executive Officer
info@basinuranium.ca

Neither the Canadian Securities Exchange nor its regulation services provider accepts responsibility for the adequacy or accuracy of this news release.

FORWARD-LOOKING STATEMENTS:

Cautionary Note Regarding Forward-Looking Statements: This news release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, including statements regarding future estimates, plans, objectives, timing, assumptions or expectations of future performance are forward-looking statements and contain forward-looking information. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". Forward-looking statements are based on certain material assumptions and analysis made by the Company and the opinions and estimates of management as of the date of this news release. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Important factors that may cause actual results to vary include, without limitation, uncertainties affecting the expected use of proceeds. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/183998

FAQ

What is the agreement between Basin Uranium and Golden Independence Mining Corp. about?

The agreement allows Golden Independence Mining Corp. to acquire up to a 90% interest in the Wray Mesa uranium project.

What are the terms of the Option Agreement?

Golden Independence Mining Corp. must pay C$50,000 in cash, issue 300,000 shares, and incur US$250,000 in exploration within the first year to earn an initial 51% interest in the project.

How can Golden Independence Mining Corp. earn a 71% interest in the project?

After earning a 51% interest, Golden Independence can earn an additional 20% interest by making a payment of C$75,000 in cash, issuing C$250,000 worth of stock, and incurring US$1,000,000 in exploration by the end of the third year.

What happens once Golden Independence has earned a 90% interest in the project?

Basin Uranium will have a free carried 10% interest in the project.