Basin Uranium Completes Acquisition of Wray Mesa
VANCOUVER, B.C. CANADA, May 10, 2022, BASIN URANIUM CORP. (CSE: NCLR) (OTC:BURCF) (FRA:6NP0) (“Basin Uranium” or the “Company”) today announces that further to it’s news release dated March 30, 2022 that it, through a wholly-owned subsidiary has completed an amalgamation with 1290945 B.C. Ltd (“NumberCo”). The principal asset of NumberCo is a 100%-interest in the Wray Mesa project in San Juan County, Utah.
“We are excited to move forward with plans to advance the Wray Mesa project and have already engaged a Qualified Person (QP) and permitting consultant, in addition to assembling a local exploration team” commented Mike Blady, CEO of Basin Uranium. “Given the extensive historical drilling and availability of data, in conjunction with QP consultation, we believe there is a pathway to build out a resource and deliver a maiden NI 43-101 compliant resource. We are finalizing exploration plans and budgets ahead of permit submission, and look to provide further updates on timing and objectives once completed.”
Basin Uranium issued 4,250,003 million shares of Basin Uranium Corp. as well as 250,000 shares to the original property vendor in consideration for the acquisition of NumberCo. The shares issued in conjunction to the acquisition will be subject to the following restrictions on transfer: 50% will be free trading on issuance with further tranches of 10% to be released monthly starting on the fifth month anniversary of closing.
About Basin Uranium Corp.
Basin Uranium Corp. is a Canadian junior exploration company focused on mineral exploration and development in the green energy sector. The Company owns the Wray Mesa project in southeastern Utah which has seen significant historic uranium and vanadium exploration and is located adjacent to the fully- permitted and production ready La Sal project. The Company has an option to acquire a 75% interest in the Mann Lake uranium project, located in the Athabasca basin in Northern Saskatchewan, Canada and holds an option in the CHG gold exploration project located approximately 15 kilometers northwest of the town of Clinton in south-central British Columbia.
For further information, please visit https://basinuranium.ca or email [email protected].
On Behalf of the Board of Directors
Mike Blady Chief
Executive Officer
[email protected]
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.
