Plateau Uranium commences drilling on high-grade Pinocho area, Macusani, Peru / Proposes to Issue Shares to Settle Debt

TORONTO, ONTARIO--(Marketwired - Nov. 28, 2016) - Plateau Uranium Inc. ("Plateau Uranium" or the "Company") (TSX VENTURE:PLU)(FRANKFURT:QG1) is pleased to announce commencement of the initial drill program at the high-grade Pinocho uranium occurrence, an extension of the Kihitian Complex uranium deposits on the Company's Macusani Plateau uranium project in southeastern Peru. Pinocho represents one of the most prospective of several previously untested higher grade, near-surface uranium targets on the Company's extensive 910 km² land package. Historical underground adits were established previously at Pinocho by IPEN ("Institute of Peruvian Nuclear Energy"). Results of channel sampling completed by the Company from these adits in 2009 suggests high grades are to be expected (see Company news release of December 14, 2009 through this link and also available at www.plateauuranium.com and www.sedar.com). Pinocho remains one of the highest priority targets on the project, but has not been followed up to date. Prospecting, sampling and mapping work is also being conducted around the Corachapi deposit area at Chimboya to generate and prioritize future drill targets.

Highlights

• Pinocho adits were developed along high grade sub-horizontal planar uranium mineralization with thicknesses exceeding 2 metres, surrounded by lower grade disseminated mineralization of unknown thickness, open in all directions.
• 96 channel samples collected from Pinocho adits in 2009 by the Company intersected uranium grades up to 4.37% U (5.15% U₃O₈) averaging 3836 ppm U (4524ppm U₃O₈) with 15 ppm U low background
• 12 samples contained >1% U (1.18% U₃O₈), and 50 samples contained >500ppm U (590 ppm U₃O₈)
• Initial diamond drill program will consist of 5-8 drill holes totaling 800-1000m
• Community agreement and government approvals in place for exploration drill program
• Road access completed
• Company-owned diamond drill rigs mobilized and drilling has commenced
• Additional drilling planned, but will depend on results of this initial program
• Chimboya area exploration ground-work and target generation on-going

Debt Settlement