PLATEAU URANIUM reports 'Proof of Concept' Test work results highlighting recovery of both Lithium and Uranium into separate individual Concentrates

TORONTO, ONTARIO--(Marketwired - Oct. 4, 2017) - Plateau Uranium Inc. ("Plateau Uranium" or the "Company") (TSX VENTURE:PLU)(OTCQB:PLUUF)(FRANKFURT:QG1) is pleased to announce new metallurgical test work results from its Macusani Plateau uranium project in Peru. The work was completed by SGS Laboratories Perth, Australia and guided by Grenvil Dunn of Hydromet (Pty) Ltd. ("Hydromet"). The test work forms part of the Company's efforts to unlock value from the significant lithium resources contained within its uranium deposits.

The Company is continuing additional test work on uranium, lithium and other associated metals with the intention of further optimizing the process and establishing capital and operating costs for uranium and lithium co-production from the Macusani deposits.

Highlights

• The new test work commenced in April 2017 on representative bulk samples collected from two mineralized horizons from separate uranium deposits considered in the Company's PEA: a sample representative of average U-Li grades from planned open pit material (SOC) as well as a high grade uranium sample typical of potential underground material (PCH).
• The average U-Li SOC sample contains 579 ppm U and 402 ppm Li and the high uranium PCH sample contains 5906 ppm U and 577 ppm Li.
• Both samples exhibited similar metallurgical response indicating that both mineralization types could be upgraded employing a single flowsheet (see Figure 1 - Simple Concentration Flow Sheet).
• All results given below are non-optimized.
• The mineralization responds to a simple crush followed by attritioning and screening steps. Using standard metallurgical processing steps, the uranium-bearing mineral, autunite can be separated as a coarse fraction and leached in a weak sulfuric acid for recovery to an ion exchange resin. The fine fraction is amenable to magnetic separation resulting in a lithium-rich concentrate and some of the uranium in the fine fraction co-reports with the lithium in the magnetic fraction.
• Initial attrition-screen results are suggesting that in excess of 80 % of the uranium can be recovered in the plus 1 mm and sub 3.3 mm screen fraction. Leach tests have shown rapid uranium recoveries exceed 95% in a weak sulfuric acid tank leach scenario.
• Magnetic separation results indicate that approximately 47% of the lithium present in the PCH sample can be recovered to a magnetic concentrate comprising only 17% of the original mass. Approximately 5% of the uranium reports to this lithium-rich magnetic fraction.
• Lithium Grades (measured as Li) reported in the magnetic concentrates, were in the 1800-2000 ppm range or 9,500 -10,500 ppm Li Carbonate equivalent.
• Uranium grades in the attrition-screen gravity concentrates range from 2,000 ppm to >8,000 ppm U.
• Test work on the base case Lithium recovery route via whole ROM leaching continues to go well in Lima, Peru and will be reported separately when this work is concluded.
• Uranium and lithium co-production at Macusani represents significant potential value with commodity consensus prices for the mid to long term (beyond 2020) forecasted to range between US$53-75/lb U₃O₈ and US$8000-10,000 for Lithium Carbonate according to CIBC Global Mining Group Analyst Consensus research published September 29, 2017.