Western Uranium & Vanadium Corp. (CSE:WUC) (OTCQX:WSTRF) (“Western” or ”Company”) is providing the following Company updates:
Sunday Mine Complex – GMG Ore Body: Production Update The first phase of the ongoing Sunday Mine Complex project was to define and develop the GMG Ore Body (“GMG”); however after 30 feet of waste rock removal high-grade uranium ore has been intersected continuously. Thus the team began mining the ore in front of them, from the main drift (tunnel), without targeting the highest grade ore zones. Because of the project’s success, the mining contractor began probing and logging the 10-ton load hauls. On 25 individual days from December to early February, the mining contractor probed and logged each of the 200 load hauls five times; the 2,000 tons of new production was moved into four separate underground stockpiles. The mining contractor has reported a uranium grade of 1% (0.9962) and a vanadium grade, by the 1:6 historic ratio, of about 6%. This translates into uranium/vanadium stockpile quantities of 39,800 lbs of uranium and 239,000 lbs of vanadium. At current market prices, the post-processing recovery value is over $3.5 million. (1)(2) Ore production is continuing and an additional mining operations update is expected in about 2 weeks. Work at the GMG Ore Body has been highlighted in a slide show added to Western’s website (www.western-uranium.com).
Western announces that it has granted an aggregate of 900,000 options (“Options”) to purchase common shares to a number of officers, directors, and employees of Western under the Company’s Incentive Stock Option Plan. The Options were granted on February 9, 2022 after market close, and the exercise price set at CAD$1.76 based upon the closing prices on both the day of the grant and the prior trading day. Each option is exercisable to acquire one common share for a five-year term starting with the vesting date. The Options vest equally in three installments beginning on the date of grant and thereafter on April 1, 2022, and July 1, 2022.
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.
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