Plateau Uranium Negotiates First Access Agreement with Chaccaconiza Community and Announces New Prospecting Discovery

TORONTO, ONTARIO--(Marketwired - Oct. 16, 2017) - Plateau Uranium Inc. ("Plateau Uranium" or the "Company") (TSX VENTURE:PLU)(OTCQB:PLUUF)(FRANKFURT:QG1), a uranium and lithium exploration and development company, is pleased to announce that it has signed the first agreement with the local community of Chaccaconiza to explore a highly prospective area in the south central region of the Company's extensive mineral concessions in southeastern Peru. Initial prospecting has led to new uranium mineralization discovered at surface. Five large areas of strong radioactivity have been identified - the largest has an area over 2 square km (km²).

Highlights

• Initial Exploration Access Agreement signed with Chaccaconiza community - duration 6 months
• This is the first access to highly prospective area located in south central project area immediately north of Bear Creek's Corani silver project
• 5 large areas with high background radioactivity discovered through prospecting in 2 months of work
• Visible Uranium mineralization observed at surface in excess of 100,000 counts per second (cps) at numerous locations
• Initial surface sampling yields uranium assay values up to 8,281 ppm U (up to 1% U₃O₈)
• Falchani - the largest and highest prospectivity area covers an area >2 km²
• Significant discoveries in older volcanic rocks than previously known Macusani uranium-lithium deposits signals that the entire, under-explored land package remains highly prospective
• Immediate plans to drill test Falchani with at least 2 diamond drill holes, possibly more, subject to financing.
  
  

Ted O'Connor, CEO of Plateau Uranium stated: "We are extremely pleased our Peru team has been able to successfully negotiate exploration access with Chaccaconiza - our newest local community partner on the Macusani Plateau. After the first month on the ground, these strong initial prospecting and sampling discoveries have exceeded our expectations. What is most exciting to me is that we have not seen this large and extensive an area of high background radioactivity with surface uranium mineralization in all the years we have been working on the plateau. We are planning a small initial diamond drill program as follow up to test the compelling Falchani target."