Plateau Uranium reports 95% Uranium recovery from the Uranium-rich surface mineralization at the Falchani Discovery

Plateau Uranium Inc. / Plateau Uranium reports 95% Uranium recovery from the Uranium-rich surface mineralization at the Falchani Discovery . Processed and transmitted by Nasdaq Corporate Solutions. The issuer is solely responsible for the content of this announcement.

TORONTO, Jan. 03, 2018 (GLOBE NEWSWIRE) -- Plateau Uranium Inc. ("Plateau Uranium" or the "Company") (TSX-V:PLU) (OTCQB:PLUUF) (FRANKFURT:QG1), a Uranium and Lithium development company, is pleased to announce the first metallurgical test result from the leaching of the uranium-mineralized rhyolites occurring at surface from the Falchani discovery at its Macusani Plateau lithium/uranium project in Peru. The work was completed by TECMMINE, a Peruvian metallurgical consulting company based in Lima, Peru, and was reviewed by Grenvil Dunn of Hydromet (Pty) Ltd. ("Hydromet"). The test work was conducted to determine the mineralogical and metallurgical characteristics of the uranium-bearing rhyolites and if they are similar at Falchani to those from the Company's existing uranium resources and deposits in the north-eastern part of the project area.

Highlights

• Leaching of 95% uranium using sulphuric acid at ambient temperatures of 20°C for 6 hours. Simple flowsheet identical to leach options used in 2016 Preliminary Economic Assessment ('PEA').
• Initial results exceed previous work used in 2016 PEA for existing uranium deposits (88% U recoveries) providing excellent upside for future Falchani processing options.
• Thick, potential higher uranium grades intersected from initial drill results at Falchani of 511-633 ppm U3O8 are 1.5 to 2 times existing resources used in 2016 PEA (289 ppm U3O8), which will improve potential processing footprint and lower throughput.
• Falchani uranium mineralization is located immediately at surface, suggesting enhanced economic potential of the Falchani discovery relative to the 2016 PEA where an average stripping ratio of 2:1 was used and LOM mining costs represented 67% of the potential production costs, estimated to be $17.28/lb U3O8 produced.
• The lithium-rich Falchani tuff unit mineralization averages 3,500 ppm Li (0.75% Li2O), is located deeper in the section and is uranium poor (averaging 10-15 ppm U), so was not considered for uranium extraction in this work. Lithium-rich mineralization remains open in all directions, and at depth.
• Drilling and test work continues at Falchani and additional results will be released when available.

Ted O'Connor, CEO of Plateau Uranium commented: "This initial leach test result from the uranium-rich Falchani rhyolite is extremely positive. The higher-grade Falchani surface uranium mineralization leaches better than our existing uranium deposits under the same low temperature acid leach conditions, which is exciting, and could lead to lower production cost potential - improving on our already robust uranium-only PEA numbers.