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International Consolidated Uranium Acquires High-Grade Matoush Uranium Project in Quebec

May 12, 2021

International Consolidated Uranium Inc. has entered into a definitive share purchase agreement to acquire a 100%, undivided interest, in the high-grade Matoush Uranium Project in tQuebec.

Key Points:

  • High-Grade and Substantial Historic Resources – Based on a press release issued by Strateco Resources Inc. (“Strateco”) on December 7, 2012, Matoush was considered to have the following historical Mineral Resources: 
    • Indicated Mineral Resources of 586,000 t at an average grade of 0.954% containing 12.329 m lbs of U3O8
    • Inferred Mineral Resources of 1,686,000 t at an average grade of 0.442% containing 16.44 m lbs of U3O8
    • This historical estimate is considered to be a “historical estimate” under National Instrument 43-101 – Standards of Disclosure for Mineral Projects(“NI 43-101”) and is not considered by the Company to be current. See below under the heading “Global Historical Mineral Resource Table”.
  • Advanced Stage Project – An Updated Preliminary Economic Assessment on the Property was published in April of 2010 which contemplated access via a ramp decline, mining using longhole methods followed by cemented rock fill (CRF).
  • Good Exploration Potential – The Matoush Fault Zone, the structure that controls the mineralization, has been identified over a strike length extending 11km southward and 5km northward beyond the historic resource area. In addition, many of the zones of mineralization within the historic Mineral Resources are open along strike and down plunge.
  • Proven Mining Jurisdiction with Uranium Endowment  Quebec ranks highly as a mining jurisdiction and has seen significant past expenditures on uranium exploration by both major and junior mining companies.
  • Compelling Acquisition Structure  Deferred cash and share based consideration offers potential to reduce the ultimate total purchase price equity dilution.

Philip Williams, CEO commented, “We are very pleased to add another high-grade, advanced stage project, in a top ranked mining jurisdiction, to our global project portfolio. As with our other projects, Matoush was the subject of significant past exploration and economic evaluation work. It stands out for its high-grade and sizeable historical resource, ranking as one of the highest-grade undeveloped uranium projects outside of the Athabasca Basin in Saskatchewan as well as its promising exploration potential. We look forward to bringing a fresh perspective to development of the project with a focus on engagement with the local indigenous stakeholders before undertaking any project level activity. We recognize that uranium mining can be a lightning rod issue and, as such, it is incumbent on us to garner social acceptance before attempting to advance a project. Fortunately, uranium mining in Canada, under the strict regulation of the Canadian Nuclear Safety Commission, has an excellent track record with studies showing no significant impacts to the health of the public living near uranium mines or mills. Canada's long-standing experience in uranium mining has resulted in the development of stringent regulations and leading practices for the protection of health and safety of persons and the environment which, of course, we intend to adhere to fully.”

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