Basin Uranium Receives South Pass Project Approval

Rhea-AI Summary

Basin Uranium Corp. (CSE: NCLR) has received approval from the Bureau of Land Management's Rock Springs Field Office for its Plan of Operations at the South Pass uranium project in Wyoming. The approval is subject to posting a reclamation bond with the Wyoming Department of Environmental Quality. The plan includes 51 drill holes and over 30,000 feet of exploratory and confirmatory drilling.

Basin is now proceeding with requests for proposals from contractors for future exploration at South Pass. The company is encouraged by Uranium Energy Corps.' agreement to acquire Rio Tinto's Wyoming assets, including the Sweetwater uranium processing plant with a 4.1-million-pound licensed capacity. This development is seen as positive for the Great Divide Basin's future as a uranium producing hub.

Positive

• Approval received for Plan of Operations at South Pass uranium project
• Plan includes 51 drill holes and over 30,000 feet of exploratory drilling
• Uranium Energy Corps. acquiring Sweetwater uranium processing plant (4.1-million-pound capacity) in the area

Negative

• Reclamation bond required before exploratory operations can begin
• Pending finalization of permitting and bonding process with Wyoming DEQ

Vancouver, British Columbia--(Newsfile Corp. - October 1, 2024) - BASIN URANIUM CORP. (CSE: NCLR) (CNSX: NCLR.CN) ("Basin Uranium", "Basin" or the "Company") is pleased to provide an update on its South Pass uranium project ("South Pass" or the "Project") located in the Great Divide Basin of Wyoming. The Bureau of Land Management's Rock Springs Field Office ("RSFO") has approved Basin Uranium's Plan of Operations for the Project subject to posting a reclamation bond that is accepted with the Department of Environmental Quality ("DEQ") of Wyoming before exploratory operations or surface disturbance can begin. Basin is currently working with the Wyoming DEQ to finalize permitting and bonding from the state and expects the process to conclude in the coming weeks. The Plan of Operation includes 51 drill holes and over 30,000 feet of exploratory and confirmatory drilling. The Company is now moving forward with requests for proposals ("RFP's") from contractors to facilitate future exploration at South Pass.

"Receiving approvals on our exploration plans at South Pass in a timely manner is welcome news for our Company and stakeholders. In addition to these regulatory approvals, the Company is encouraged by Uranium Energy Corps. ("UEC") agreement with Rio Tinto America Inc. to acquire 100% of Rio Tinto's Wyoming assets, which include the fully licensed Sweetwater uranium processing plant located in the Great Divide Basin," commented Mike Blady, CEO of Basin Uranium. "For many years the fate of the Sweetwater mill and its shuttered 4.1-million-pound licensed capacity was uncertain. To have a competent, respected and well-funded operator acquire the asset is fantastic news for the Great Divide Basin and it's future as a important uranium producing hub."

About Basin Uranium Corp.

Basin Uranium is a Canadian junior exploration company focused on mineral exploration and development in the green energy sector. The company has five advanced-stage uranium projects located in the United States, namely the Chord and Wolf Canyon projects in South Dakota, the South Pass and Great Divide Basin projects in Wyoming, and the Wray Mesa project in Utah. All five projects have seen extensive historical exploration and located in prospective development areas. The Company also has the Mann Lake uranium project, located in the world-class Athabasca basin of Northern Saskatchewan, Canada, in addition to the CHG gold project in south-central British Columbia.

For further information, please contact Mr. Mike Blady or view the Company's filings at www.sedar.com.

On Behalf of the Board of Directors
Mike Blady
Chief Executive Officer
info@basinuranium.ca
604-722-9842

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/224691

FAQ

What approvals has Basin Uranium (BURCF) received for its South Pass project?

Basin Uranium has received approval from the Bureau of Land Management's Rock Springs Field Office for its Plan of Operations at the South Pass uranium project in Wyoming, subject to posting a reclamation bond with the Wyoming Department of Environmental Quality.

How many drill holes are planned in Basin Uranium's (BURCF) South Pass project?

Basin Uranium's Plan of Operations for the South Pass project includes 51 drill holes and over 30,000 feet of exploratory and confirmatory drilling.

What recent development in the Great Divide Basin is Basin Uranium (BURCF) encouraged by?

Basin Uranium is encouraged by Uranium Energy Corps.' agreement to acquire Rio Tinto's Wyoming assets, including the Sweetwater uranium processing plant with a 4.1-million-pound licensed capacity, which is seen as positive for the area's future as a uranium producing hub.