Western Uranium & Vanadium Provides Shareholder Updates

Rhea-AI Summary

Western Uranium & Vanadium Corp. (OTCQX: WSTRF) provided key updates on January 20, 2023. The company has successfully transitioned to in-house mining operations at the Sunday Mine Complex, adding ten employees and acquiring equipment for two mining teams. Operations are set to restart in early February 2023, focusing on the GMG Ore Body. Furthermore, twelve royalty checks amounting to $582,000 were issued in 2022 from Weld County wells, with new royalty payments expected from an additional eight wells. CEO George Glasier will participate in several industry conferences in early 2023.

Positive

• Transition to in-house mining operations completed, enhancing operational control.
• Addition of ten employees and new equipment supports mining efforts.
• Mining operations expected to restart in early February 2023.
• Royalty payments of $582,000 received in 2022 from successful oil and gas wells.

Negative

• None.

Toronto, Ontario and Nucla, Colorado, Jan. 20, 2023 (GLOBE NEWSWIRE) --  Western Uranium & Vanadium Corp. (CSE:WUC) (OTCQX:WSTRF) (“Western” or ”Company”) is providing the following shareholder updates:

Mining Operations – Sunday Mine Complex
Western’s transition from employing a mining contractor to building an in-house mining operation has now been completed. Since this transition began in spring 2022, ten (10) employees have been added to support mining operations and mining equipment and vehicles have been acquired to support deployment of two (2) fully equipped mining teams. All site infrastructure upgrades have been finished. The mines have been reopened and are currently being ventilated. Mining operations are now targeted to restart in early February 2023 and will initially involve additional development of the GMG Ore Body, stockpiling of high-grade ore and underground drilling/exploration to define additional production zones.

Oil and Gas Royalty Update
The first set of Weld County oil and gas wells commenced production in August 2021 and the operator issued twelve royalty checks during 2022 for a total royalty amount of $582,000. Due to the success of these first eight (8) wells, a second set of eight (8) wells were developed during 2022. Each of the new wells sold their first production in August 2022. The January 2023 royalty check will include the first royalty payments from the new wells and thus include royalty distributions on all sixteen (16) oil and gas wells within Western’s royalty area.

Industry Conference Attendance
During the first quarter of 2023, Western’s CEO, George Glasier, will be in attendance and available for individual meetings with shareholders and stakeholders at the following industry conferences: 

Vancouver Resource Investment Conference 2023: January 29-30^th in Vancouver, British Colombia, Canada  
Mines and Money Miami: February 23-24^rd in Miami, Florida, USA
PDAC 2023: March 5- 8^th in Toronto, Ontario, Canada 

About Western Uranium & Vanadium Corp.
Western Uranium & Vanadium Corp. is a Colorado-based uranium and vanadium conventional mining company focused on low cost near-term production of uranium and vanadium in the western United States, and development and application of kinetic separation.

Cautionary Note Regarding Forward-Looking Information: Certain information contained in this news release constitutes “forward-looking information” or a “forward-looking statements” within the meaning of applicable securities laws (collectively, “forward-looking statements”).  Statements of that nature include statements relating to, or that are dependent upon: the Company’s expectations, estimates, assumptions and projections regarding exploration and production plans and results; the timing of planned activities; whether the Company can raise any additional funds required to implement its plans;  whether regulatory or analogous requirements can be satisfied to permit planned activities; and more generally to the Company’s business, and the economic and political environment applicable to its operations, assets and plans. All such forward-looking statements are subject to important risk factors and uncertainties, many of which are beyond the Company’s ability to control or predict. Please refer to the Company’s most recent Management’s Discussion and Analysis, as well as its other filings at www.sec.gov and/or www.sedar.com, for a more detailed review of those risk factors.  Readers are cautioned not to place undue reliance on the Company’s forward-looking statements, and that these statements are made as of the date hereof. While the Company may do so, it does not undertake any obligation to update these forward-looking statements at any particular time, except as and to the extent required under applicable laws and regulations.

FOR ADDITIONAL INFORMATION, PLEASE CONTACT:

George Glasier	Robert Klein
President and CEO	Chief Financial Officer
970-864-2125	908-872-7686
gglasier@western-uranium.com	rklein@western-uranium.com

                       

FAQ

What are the updates from Western Uranium & Vanadium Corp. regarding mining operations?

Western Uranium has completed its transition to in-house mining operations, adding employees and equipment. Operations are set to restart in early February 2023.

How much royalty revenue did Western Uranium earn from oil and gas wells in 2022?

In 2022, Western Uranium earned $582,000 from royalties related to twelve oil and gas wells.

What is the significance of the new oil and gas wells for Western Uranium?

The new oil and gas wells will provide additional royalty payments, enhancing revenue from Western's royalty area.

When will Western Uranium's mining operations restart?

Mining operations at the Sunday Mine Complex are targeted to restart in early February 2023.

What industry conferences will Western Uranium's CEO attend in 2023?

CEO George Glasier will attend the Vancouver Resource Investment Conference, Mines and Money Miami, and PDAC 2023.