Toronto, Ontario and Nucla, Colorado, Oct. 01, 2024 (GLOBE NEWSWIRE) -- Western Uranium & Vanadium Corp. (CSE: WUC) (OTCQX: WSTRF) (and together with its affiliates, 'Western” or the 'Company”) is pleased to announce that the Company has executed a binding Stock Purchase Agreement (the ”Agreement”) to purchase 100% of the shares of Pinon Ridge Corporation ('PRC”) and thereby acquire an approximately 900 acre property located in Montrose County, Colorado (the 'PRC Site”). In connection with the Agreement, the former PRC shareholders will be paid approximately USD830,000 for their PRC equity and shareholder loan repayments.

The acquisition is the second property package Western has acquired in addition to the Maverick Mineral Processing Plant site in Utah (the 'Utah Site”) and is part of Western's plans for developing and licensing one or more uranium and vanadium processing facilities (the 'Sites”) to process production from its resource properties in Colorado and Utah.  Western is utilizing a multiple site approach in order to optimize transportation and processing costs; notably, the Utah Site is located approximately four miles from Western's San Rafael project, while the Colorado Site is about 25 miles from Western's flagship Sunday Mine Complex. Significant accretion is sought through mine to mill proximity and the corresponding reduction to transportation and related costs. Purchasing the PRC Site has additional benefits having been previously licensed for a uranium mill in terms of offering a unique opportunity to leverage historical licenses, data and resources.