First American Uranium Reports on New Mexico's Past Uranium Mining and Potential at Red Basin Project - Seite 2

Today, new market factors support the potential for the Grants uranium district in New Mexico to once again become a significant source of domestic uranium, including improved in situ leaching technologies that are lowering production costs and global demand growth that is driving up the price of uranium.

Increased international interest in nuclear power generation is contributing to the growing demand for uranium. For example, in August 2023, Sweden announced its plans to build at least 10 large nuclear reactors to meet that county's expected surge in demand for zero-carbon power. The nation's Minister of the Environment explained that Sweden needed massive volumes of nuclear-generated electricity since, unlike wind or solar, output can be reliably dialled up or down to keep the power supply steady during the peaks and troughs associated with renewable generation. The government also highlighted nuclear power's reduced environmental footprint and limited requirement for resources when compared to most energy sources [7].

Shawn Balaghi, First American Uranium’s CEO, commented: “Between New Mexico's history of significant uranium production and today's pro-uranium market forces, we are more than encouraged as we work toward creating a secure and domestic US-based uranium supply."

About First American Uranium Inc.

First American Uranium Inc. is engaged in the business of mineral exploration and the acquisition of mineral property assets in North America. Its objective is to locate and develop economic precious and base metal properties of merit and to conduct its exploration programs on the Silver Lake and Red Basin properties. The Silver Lake property is situated around Goosly Lake and approximately 30 km southeast of the town of Houston, in the Omineca Mining Division, British Columbia. The Company has acquired a 60% interest in a company that indirectly holds a 100% interest in the Red Basin uranium/vanadium mineral claims located in Catron County, New Mexico.

Sources:
1. SME Annual Meeting Feb. 25-Feb. 28, 2007, Denver, CO
2. EIA, 2006
3. McLemore, 1983; McLemore and Chenoweth, 1989, 2003
4. https://www.pewresearch.org/short-reads/2023/08/18/growing-share-of-am ...
5. https://www.eia.gov/electricity/annual/archive/2011/html/epa_03_01_a.h ...
6. https://www.eia.gov/electricity/monthly/epm_table_grapher.php?t=table_1_01
7. https://investingnews.com.au/haggan-scoping-study-confirms-the-scale-and-optionality-of-auras-critical-minerals-project-in-sweden

ON BEHALF OF THE BOARD

“Shawn Balaghi”
Shawn Balaghi, Chief Executive Officer

For further information, please contact: Telephone: [phone]

The CSE does not accept responsibility for the adequacy or accuracy of this release.

This press release includes "forward-looking information" that is subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Forward-looking statements may include but are not limited to, statements relating to the trading of the Company's common shares on the Exchange and the Company's use of proceeds and are subject to all of the risks and uncertainties normally incident to such events. Investors are cautioned that any such statements are not guarantees of future events and that actual events or developments may differ materially from those projected in the forward-looking statements. Such forward-looking statements represent management's best judgment based on information currently available.