Vancouver, British Columbia--(Newsfile Corp. - October 21, 2024) - Myriad Uranium Corp. (CSE: M) (OTCQB: MYRUF) (FSE: C3Q) ("Myriad" or the "Company"), which holds an earnable 75% interest in the Copper Mountain Uranium Project in Wyoming, USA, is pleased to announce that it is accelerating its option to acquire an initial 50% interest in Copper Mountain by issuing an aggregate of 1,093,702 Myriad common shares (each, a "Share") to Rush Rare Metals Corp. ("Rush") under the property option agreement dated October 18, 2023, as amended (see announcements here and here). Myriad is eligible to accelerate because its qualifying expenditures at Copper Mountain have now exceeded $1,500,000. Upon issuance of the Shares, Myriad will have met its obligations for 2024 and accelerated its 2025 payments, thereby securing 50% ownership. The maiden drill program at Copper Mountain is well underway and the Company is focused on meeting all its obligations under the option agreement expeditiously to cement full 75% ownership.
Thomas Lamb, Myriad's CEO, said, "Based on our historic data and the success of our field program thus far in validating that data, we are more and more convinced of the potential scale and quality of the Copper Mountain Uranium Project. We will continue to move forward aggressively with our work programs to unlock the potential of the Project and to earn our full 75% as quickly as practicable."
The 1,093,702 Shares have an aggregate value of $400,000, representing a deemed price per Share of approximately $0.365, calculated based on the 10 day value-weighted average price of the Company's common shares, as stipulated in the option agreement. Upon issuance, expected to be on October 25, 2024, the Shares will be subject to a hold period of four months and a day pursuant to applicable securities laws.
Peter Smith, Rush's CEO, said, "Myriad has done an outstanding job as our earn-in partner at Copper Mountain. Not only have they vastly expanded the project's overall potential by spearheading large-scale expansion of the claim area, which now includes several new highly prospective zones, all based on our cache of historical data and tens of millions in previous exploration spending by Union Pacific and others, but they have also started an extensive drill program which we hope will start to confirm and expand on some already highly significant historical resources. We are certainly lucky to have them as a partner, and we very much welcome their increased ownership interest in the project. Both Myriad and Rush stand to benefit from our expanding understanding of the massive potential of Copper Mountain in Wyoming, arguably the world's best uranium jurisdiction today."
Marketing Agreement
Myriad also announces that it has entered into a consulting services agreement dated as of October 21, 2024 with Arrow Park Capital Corp. ("Arrow"), pursuant to which Arrow will provide advertising services and social media management. The term of the agreement starts October 21, 2024 and runs to January 31, 2025. During the term, Myriad will pay Arrow $32,500, plus applicable taxes, for the services to be provided. Arrow is arm's length to Myriad, and neither Arrow nor any of its principals currently own or control any securities of Myriad. Arrow can be contacted at #122, 234-5149 Country Hills Blvd. NW, Calgary, AB T3A 5K8; Tel: (647) 567-9840; [email protected].
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 during the late 1970s including the development of a mine plan to fuel a planned fleet of California Edison reactors. 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 . News releases regarding historical drilling can be viewed here and here.
Myriad also has a 50% interest in the Millen Mountain Property in Nova Scotia, Canada, with the other 50% held by Probe Gold 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.
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.
