Consolidated Uranium Announces Drill Results from Daneros and Rim Mines and Acquisition of Key Surrounding Properties in Utah

Consolidated Uranium Inc. ("CUR", the "Company" or "Consolidated Uranium") (TSXV: CUR) (OTCQX: CURUF) is pleased to announce the creation and planned spin-out (the " Spin-Out ") of Premier American Uranium Inc. (" PUR "), currently a majority-controlled subsidiary of CUR focused on the acquisition, exploration, and development of uranium projects in Wyoming and Colorado. (Figure 1).

On May 24, 2023, the Company entered into an arrangement agreement with PUR (the " Arrangement Agreement "), pursuant to which among other things the Company has agreed to transfer ownership of certain indirect wholly-owned subsidiaries which hold eight U.S. Department of Energy (" DOE ") leases and certain patented claims located in Colorado (the " CUR Assets ") to PUR in exchange for 7,753,752 Class A common shares of PUR (" PUR Shares "), a portion of which will be distributed to the Company's shareholders on a pro rata basis (the " Arrangement "). PUR intends to apply to list the PUR Shares (the " TSXV Listing ") on the TSX Venture Exchange (the " TSXV "). The TSXV Listing will be subject to PUR fulfilling all of the requirements of the TSXV.

News Provided by GlobeNewswire via QuoteMedia