Myriad Uranium Announces Exit from Niger

Rhea-AI Summary

Myriad Uranium Corp. (CSE: M) (OTCQB: MYRUF) has announced its immediate exit from Niger, terminating its property option agreement with Loxcroft Resources dated August 17, 2022. This decision comes in the wake of the July 2023 coup d'etat in Niger, which has prevented the company from conducting operations in the country.

CEO Thomas Lamb stated that Myriad will now focus entirely on the Copper Mountain Uranium Project in Wyoming, USA. This project is noted for its significant past production, large historical uranium resource, and promising exploration potential.

Positive

• Focusing resources on the Copper Mountain Uranium Project in Wyoming, USA
• Copper Mountain project has significant past production and a large historical uranium resource
• Copper Mountain project offers exciting exploration upside

Negative

• Termination of property option agreement in Niger
• Loss of potential uranium assets in Niger
• Inability to conduct operations in Niger since July 2023 due to political instability

Vancouver, British Columbia--(Newsfile Corp. - July 23, 2024) - Myriad Uranium Corp. (CSE: M) (OTCQB: MYRUF) (FSE: C3Q) ("Myriad" or the "Company") announces that the Company has resolved to quit or relinquish, as appropriate, any interests it may hold in Niger, effective immediately. In connection with such resolution, Myriad has terminated its property option agreement dated as of August 17, 2022 with Loxcroft Resources Ltd., as optionor of the Niger properties referenced therein.

Myriad's CEO Thomas Lamb commented: "Myriad has been prevented by reasons beyond its control from conducting operations in Niger since the July 2023 coup d'etat. We are now focusing all our attention on the Copper Mountain Uranium Project in Wyoming, USA., a project with significant past production, a large historical uranium resource, and exciting exploration upside."

About Myriad Uranium Corp.

Myriad Uranium Corp. is a uranium exploration company with an earnable 75% interest in the Copper Mountain Uranium Project in Wyoming, USA. Copper Mountain hosts several known uranium deposits and historic uranium mines, including the Arrowhead Mine which produced 500,000 lbs of eU₃O₈. Copper Mountain saw extensive drilling and development by Union Pacific, which developed a mine plan and built a leach pad for one of the deposits at Copper Mountain. Operations ceased in 1980 before mining could commence due to falling uranium prices. Approximately 2,000 boreholes have been drilled at Copper Mountain and the project area has significant exploration upside. Union Pacific is estimated to have spent C$117 million (2024 dollars) exploring and developing Copper Mountain, generating significant historical resource estimates which are detailed here. A recent detailed update with Crux Investor can be viewed here. The Company's presentation can be viewed here.

Myriad also has a 50% interest in the Millen Mountain Property in Nova Scotia, Canada, with the other 50% held by Probe Metals Inc. For further information, please refer to Myriad's disclosure record on SEDAR+ (www.sedarplus.ca), contact Myriad by telephone at +1.604.418.2877, or refer to Myriad's website at www.myriaduranium.com.

Myriad Contacts:
Thomas Lamb
President and CEO
tlamb@myriaduranium.com

Forward-Looking Statements

Mineralization hosted on adjacent or nearby properties is not necessarily indicative of mineralization hosted on the Company's properties. This news release contains "forward-looking information" that is based on the Company's current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, the Company's business, plans, outlook and business strategy. The words "may", "would", "could", "should", "will", "likely", "expect," "anticipate," "intend", "estimate", "plan", "forecast", "project" and "believe" or other similar words and phrases are intended to identify forward-looking information. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect, including with respect to the Company's business plans respecting the exploration and development of the Company's mineral properties, the proposed work program on the Company's mineral properties and the potential and economic viability of the Company's mineral properties. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: changes in economic conditions or financial markets; increases in costs; litigation; legislative, environmental and other judicial, regulatory, political and competitive developments; and technological or operational difficulties. This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully, and readers should not place undue reliance on such forward-looking information. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable law.

The CSE has not reviewed, approved or disapproved the contents of this news release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/217530

FAQ

Why is Myriad Uranium (MYRUF) exiting Niger?

Myriad Uranium is exiting Niger due to the July 2023 coup d'etat, which has prevented the company from conducting operations in the country since then.

What project will Myriad Uranium (MYRUF) focus on after exiting Niger?

After exiting Niger, Myriad Uranium will focus all its attention on the Copper Mountain Uranium Project in Wyoming, USA.

What are the key features of Myriad Uranium's (MYRUF) Copper Mountain project?

The Copper Mountain Uranium Project in Wyoming has significant past production, a large historical uranium resource, and exciting exploration upside.

When did Myriad Uranium (MYRUF) terminate its property option agreement in Niger?

Myriad Uranium terminated its property option agreement with Loxcroft Resources , dated August 17, 2022, effective immediately as of July 23, 2024.