Plateau Uranium Negotiates First Access Agreement with Chaccaconiza Community and Announces New Prospecting Discovery - Seite 2

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The Company successfully negotiated access with Chaccaconiza community through our Peruvian team. Chaccaconiza has agreed to allow initial on-ground exploration work to be completed within 6 months, including: preparing access roads, establishing drill platforms as well as drilling. In addition, Chaccaconiza has agreed to allow the environmental baseline work to include their communal lands. Even though this community is far from the Company's existing uranium deposits, this is significant as Chaccaconiza territory extends northward to include some of the proposed process plant infrastructure anticipated in the 2016 PEA.

Prospecting and sampling work has been on-going for the past 2 months with several uranium occurrences discovered at 5 main areas (see Figure 1 - Chaccaconiza Project area - Radioactive Prospecting Anomalies). Several of the surface showings have visible uranium mineralization with radioactivity of 25,000 to 100,000 cps (the limit of the scintillometers and spectrometers used for uranium prospecting).

Chemical assays have just been received from the initial 32 grab samples submitted to CERTIMIN Laboratories in Lima. The results range from 7 to 9,766 ppm U₃O₈ with 12 samples exceeding 0.1% U₃O₈ and Li values ranging from 48.3 to 1140 ppm Li with 16 samples exceeding 400 ppm Li.

A recent site visit by Management included a trip to Chaccaconiza to review the results of the initial few weeks of prospecting work and discuss and plan potential future drill targets. Prospecting work has continued over the past 2 months aimed at extending the discoveries and developing/refining drill targets.

This discovery is significant because all previously known uranium deposits discovered and drilled to date are located in the uppermost/youngest volcanic rhyolite units located in the northeastern project area. The Chaccaconiza discoveries are located at higher elevations, but are hosted by the lower/oldest rhyolite units of the Quenemari volcanics. This highlights the prospectivity of the Company's entire project area with many concessions remaining un-explored and under-explored.

The Falchani occurrence covers ~2 km² area of elevated radioactivity and shows the highest prospectivity directly at surface. The neighbouring Iglesiani showing is located 2.5 km to the southeast of Falchani, and although located at a similar elevation, it is believed to be a slightly different stratigraphic level possibly due to faulting related to the valley separating the two occurrences.