CEBOLLETA PROJECT

LOCATION

1 A qualified person and the Company has been unable to verify the information and that the information is not necessarily indicative to the mineralization on the property
*  Dahlkamp, Franz J., 2010; Uranium Deposits of the World, vol. 2 USA and Latin America; Springer – Verlag publisher; 517 pages.

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OVERVIEW

An Advanced Exploration Uranium Project 

* The reliability of the historical estimate is considered reasonable but a qualified person has not done sufficient work to classify the historical estimate as a current mineral resource and the Company is not treating the historical estimate as a current mineral resource.

HISTORICAL EXPLORATION

1 The reliability of the historical estimate is considered reasonable but a qualified person has not done sufficient work to classify the historical estimate as a current mineral resource and the Company is not treating the historical estimate as a current mineral resource.

2 Historical work completed prior to 1980.

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Historical Estimate*

AREA CUTOFF eU3O8 % TONS (K) TONS U3O8 (K) U3O8 lbs (K)
Area I-II-V 0.08 0.173 4,564 7.874 15,748
Area III 0.08 0.162 998 1.616 3,232

* The reliability of the historical estimate is considered reasonable but a qualified person has not done sufficient work to classify the historical estimate as a current mineral resource and the Company is not treating the historical estimate as a current mineral resource.

*Notes on the historic estimate:

  1. The historic estimate is from the NI 43-101 Technical Report on Resources Cebolleta Uranium Project, Cibola County, New Mexico from March 24, 2014
  2. The quantity and grade of reported Inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to verify these Inferred resources as an Indicated or Measured mineral resource and it is uncertain if further exploration will result in upgrading them to an Indicated or Measured mineral resource category;
  3. Historic resource estimates are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources estimated will be converted into Mineral Reserves;
  4. The historic estimate was completed in 2014 in accordance with Canadian Securities Administrators (CSA) National Instrument 43-101 (NI 43-101) and have been estimated in conformity with generally accepted Canadian Institute of Mining, Metallurgy and Petroleum (CIM) “Estimation of Mineral Resource and Mineral Reserves Best Practices” guidelines;
  5. Resources are stated at a 0.08% eU3O8 cut-off grade; sufficient to define potentially underground mineable resources; however mineable underground shapes have not yet been defined;
  6. The lower cut-off was ascertained using a uranium price of US$50.00/lb, at the current Term Price, underground mining costs at US$60/ton, and milling plus G&A costs at US$16.50/ton;
  7. A tonnage factor of 16.0 cubic ft per ton was used for all tonnage calculations;
  8. Mineral resource tonnage and contained metal have been rounded to reflect the accuracy of the estimate, and numbers may not add due to rounding;
  9. Resources are reported on a 100% basis for URRE controlled lands, as in-situ resources without reference to potential mine-ability except for the referenced cut-off grade
  10. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues, although the Company is not aware of any such issues.
  11. The work needed to upgrade or verify the historical estimate includes verification of historic drilling, surveying, sampling, assay certificates and mining data, remodeling historic information into an updated 3D model, & applying new economic thresholds to the project with updated mining costs, uranium prices and cut-off grades. 

“NI 43-101 Technical Report on Resources Cebolleta Uranium Project, Cibola County, New Mexico, USA” –effective Date: March 24, 2014

Metallurgy & Process Development

NEXT STEPS

Exploration will continue across the site in the near term with a focus on geophysics as well as validation/infill drilling to confirm the historical deposit data and increase the confidence level to work towards a new resource model and estimation.

Concurrently, geo-metallurgical assessment and sample selection will focus on confirming historical data to work towards an updated preliminary flowsheet. 

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