Western Uranium Forms Meryllion Minerals Corporation to Explore for Copper-Gold in South America

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 26, 2010) - Western Uranium Corporation (TSX VENTURE:WUC) (the "Company") is pleased to announce that it has established a new corporate entity to conduct exploration activities in South America. The new company, Meryllion Minerals Corporation ("Meryllion"), is currently a wholly-owned subsidiary of the Company and will be headed up by Willem Fuchter, PhD PGeo, a geologist with worldwide experience in gold and base metal exploration.

Meryllion has acquired an option to purchase the 14,000 hectare Cerro Amarillo-Cajon Grande copper-gold property located in the Malargüe District, in the Province of Mendoza, Argentina. Under the option agreement Meryllion has the exclusive right to engage in exploration activities on the properties for up to 52 months before exercising its option to acquire a 100% interest in the properties. The option is exercisabeable by Meryllion at any time, however, so long as the exploration program is ongoing, Meryllion will make payments to the owners of the property, which payments will total US$525,000 if the exploration program continues for at least 40 months. When the option is exercised, Meryllion will pay a final purchase price of US$2,500,000. The owners of the property will also be entitled to a 1% NSR in the event the properties are placed into commercial production. The Cerro Amarillo – Cajon Grande property is located at the southern end of the highly productive Late Miocene – Pliocene magmatic arc that hosts the El Teniente and Los Bronces porphyry giants in Chile. The yet-to-be tested property has drill targets indicated by geophysics (IP and magnetics), and contains a number of other unexplored prospective areas.

About Meryllion Minerals Corporation

The Company's board of directors recently approved management's recommendation that the Company no longer focus exclusively on uranium exploration in Canada and the United States. Given that mandate, Meryllion was created by the Company to undertake exploration programs in, and to acquire an interest in, South American properties, with an emphasis on Argentina, Brazil and Peru.

The Company has agreed to fund Meryllion with a minimum of US$2 million over the next two years with the goal of developing a "property of merit" that will qualify for a TSX Venture Exchange listing. Dr. Fuchter will head up the exploration effort with the support of a technical team headquartered in Buenos Aires. Immediately prior to the TSX Venture Exchange listing the management team will own 10% of the listed company with the Company holding the remaining 90%, not including any interim equity financing.

Dr. Fuchter has over 25 years' experience working in mines and on exploration projects in Africa, Asia, North and South America, Europe, and the Middle East for both junior and major mining companies, including Riofinex, Falconbridge Gold, Kinross, and Ivanhoe Mines. He has degrees from Rhodes University in South Africa and Queen's University in Canada, and is a registered Professional Geoscientist in the Province of Ontario.

About the Cerro Amarillo-Cajon Grande Property

Cerro Amarillo-Cajon Grande is a gold-rich porphyry property containing two partially explored mineralized porphyry systems and four unexplored colour anomalies. The two porphyry occurrences are known as Cerro Amarillo and Cajon Grande. The property is located at a latitude of 35° 16' 25" S and a longitude of 70° 09' 22" approximately 25 kilometers due east of the Chilean border. The prospect lies at an elevation of about 3,400 meters above sea level in the foothills of the Cordillera.

The Cerro Amarillo occurrence contains a classical porphyry system that includes stockwork-, disseminated-, skarn-, breccia- and vein-styles of mineralization. Mineralization is typically zoned. The central porphyry plug contains abundant "A" type quartz-magnetite stockworks. Chalcopyrite occurs in the stockworks and is disseminated in the altered intrusive. Fresh sulphides are visible at surface.. However, within the surrounding hydrothermal breccia zone, deep weathering and abundant pyrite is expected to result in an excellent supergene trap for copper and gold leached from the central porphyry and the breccia itself. The skarns occur in an almost perfect ring at the intersection between vertical cylinder of breccia and the shallow dipping calcareous sediments. At the current level of erosion, almost the entire ring is exposed at surface. Garnet skarns are most abundant with lesser amounts of epidote, sulphide, hematite and magnetite. Sparse peripheral veins containing barite, hematite, galena and sphalerite occur out to a radius of approximately 1km from the centre of the system. Previous grab sampling indicates that these veins can contain high gold grades, although their volume is limited. Ground magnetics and alteration patterns suggest that there is potential for the system to enlarge with depth.

The data collected to date indicate fertile gold-rich Cu-Mo-Au porphyry systems located on the property situated at the southern end of the El Teniente/Los Bronces belt which have not been drill-tested. And with the advent of the austral summer, Meryllion will be mounting an exploration campaign that is expected to lead to first-stage drill testing of the Cerro Amarillo occurrence.

About the Company

Western Uranium Corporation is a mineral exploration company with properties in Argentina, Nevada, and New Mexico and has entered into an earn-in agreement with AuEx Ventures for the Baza gold-copper project in Spain. The Company has its head office in Vancouver, Canada; its executive management team is based in Reno, Nevada.

On behalf of the Board of Western Uranium Corporation

Pamela J. Klessig, President & CEO

The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For more information, please contact

Western Uranium Corporation
Pamela Klessig
Chief Executive Officer
775-827-3311
info@westernuranium.com
www.westernuraniumcorp.com

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