Le Lézard
Classified in: Mining industry
Subjects: MISCELLANEOUS, MISCELLANEOUS

FIRST URANIUM ANNOUNCES RESULTS OF DRILLING AND TRADING ON OTCQB


Vancouver, British Columbia, Nov. 08, 2022 (GLOBE NEWSWIRE) -- First Uranium Resources Ltd. (the "Company" or "First Uranium") (CSE: URNM) is pleased to announce the results of the assays of its 2022 coring programme on its wholly-owned subsidiary Southwind Corporation's US Rare Earth enriched Phosphate project, developed across northern Arkansas.

Three of the five areas under landowner agreements were cored. Whilst high grade phosphate with rare earth enrichment was identified in all three areas, one area stood out as exceeding expectations in terms of thickness of the deposit (the "High Grade Area").

In the High Grade Area, a gross section of 3.8m of phosphate yielded a net section (with 12% P2O5 cutoff) of 2.9m, containing average P2O5 content of 20.0% and 2030ppm total rare earths. Assays were performed on pulverized 15cm intervals of core to eliminate any geological bias. The grade is in line with previous outcrop assays and as the thickness is greater at this location than indicated in the published literature, the section is at the high end of expectation.

Southwind's immediate forward programme is to further assess these results and secure additional acreage. The Company will announce its plans for 2023 for the project before 2022 year-end, which may include drilling undrilled areas, infill drilling and pilot production planning.

Lee R. Beasley, CPG, is a qualified person as defined by National Instrument 43-101 ? Standards of Disclosure or Mineral Projects and has reviewed the scientific and technical information in this press release.

OTCQB

The Company is also pleased to announce that its common shares have been up-listed from the OTC Pink Sheet Open Market to the OTCQB Venture Market (the "OTCQB") by the OTC Markets Group Inc. The Company's common shares began trading on the OTCQB under the symbol "KMMIF" as of the opening of the market on November 1, 2022. The Company's common shares continue to trade on the CSE Exchange under the symbol "URNM" and the Frankfurt Stock Exchange under the symbol "5KA0".

Operated by OTC Markets, the OTCQB offers transparent trading in entrepreneurial and development stage companies that have met a minimum bid price test, are current in their financial reporting and have undergone an annual verification and management certification process. The OTCQB is recognized by the United States ("US") Securities and Exchange Commission as an established public market providing public information for analysis and value of securities. These standards provide a strong baseline of transparency, as well as the technology and regulations to improve the trading experience for investors.

About First Uranium Resources Ltd.

The Company is a resource exploration company focused on creating and exploring natural resource projects in North America. The Company has resource project in Saskatchewan, Canada, Arkansas, USA and an interest in an operating phosphate processing facility in Utah, USA.

We seek safe harbor.

For further information contact:

Kelvin Lee
Chief Financial Officer
Email: [email protected]

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this news release.

FORWARD LOOKING STATEMENTS:

This news release includes certain statements that may be deemed "forward-looking statements". All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would",
"may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include regulatory actions, market prices, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.



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