October 26, 2010 VANCOUVER, B.C. – Western Uranium Corporation (TSX-V:WUC) (the “Company ”) is pleased to announce that it has established a new corporate entity to conduct exploration activities in South America. The new company, Meryllion Minerals Corporation ( “Meryllion ”), is currently a wholly-owned subsidiary of the Company and will be headed up by Willem Fuchter, PhD PGeo, a geologist with worldwide experience in gold and base metal exploration. Meryllion has acquired an option to purchase the 14,000 hectare Cerro Amarillo-Cajon Grande copper-gold property located in the MalargГ¼e District, in the Province of Mendoza, Argentina. Under the option agreement Meryllion has the exclusive right to engage in exploration activities on the properties for up to 52 months before exercising its option to acquire a 100% interest in the properties. The option is exercisabeable by Meryllion at any time, however, so long as the exploration program is ongoing, Meryllion will make payments to the owners of the property, which payments will total US$525,000 if the exploration program continues for at least 40 months. When the option is exercised, Meryllion will pay a final purchase price of US$2,500,000. The owners of the property will also be entitled to a 1% NSR in the event the properties are placed into commercial production. The Cerro Amarillo – Cajon Grande property is located at the southern end of the highly productive Late Miocene – Pliocene magmatic arc that hosts the El Teniente and Los Bronces porphyry giants in Chile. The yet-to-be tested property has drill targets indicated by geophysics (IP and magnetics), and contains a number of other unexplored prospective areas. About Meryllion Minerals Corporation The Company ’s board of directors recently approved management ’s recommendation that the Company no longer focus exclusively on uranium exploration in Canada and the United States. Given that mandate, Meryllion was created by the Company to undertake exploration programs in, and to acquire an interest in, South American properties, with an emphasis on Argentina, Brazil and Peru. The Company has agreed to fund Meryllion with a minimum of US$2 million over the next two years with the goal of developing a “property of merit ” that will qualify for a TSX Venture Exchange listing. Dr. Fuchter will head up the exploration effort with the support of a technical team headquartered in Buenos Aires. Immediately prior to the TSX Venture Exchange listing the management team will own 10% of the listed company with the Company holding the remaining 90%, not including any interim equity financing. Dr. Fuchter has over 25 years ’ experience working in mines and on exploration projects in Africa, Asia, North and South America, Europe, and the Middle East for both junior and major mining companies, including Riofinex, Falconbridge Gold, Kinross, and Ivanhoe Mines. He has degrees from Rhodes University in South Africa and Queen ’s University in Canada, and is a registered Professional Geoscientist in the Province of Ontario.
Western Uranium is Creston-based company (British Columbia, Canada) with a phone number 6046696446x775827331. Our data show that the company is located at the address: Georgia 885W Vancouver St RR 4. The company has a web site: www.westernuraniumcorp.com.
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