Mr. Thomas Lamb reports

MYRIAD URANIUM TO COMMENCE PHASE II DRILLING AT COPPER MOUNTAIN

Myriad Uranium Corp. has engaged Nasco Industrial Services and Supply (NISS) to conduct phase II drilling at the Copper Mountain uranium project in Wyoming.

NISS will initially deploy a diamond core rig to the project. Preparations have commenced and the rig is expected to be mobilized during June.

Highlights:

• Final results from the company's highly successful Phase I program are reported on-line.
• Phase II will be a staged program consisting of 4,500 metres over two stages, with anticipated expansion to 7,000 to 10,000 metres in a third stage. Comprehensive details are set out in the company's recent National Instrument 43-101 technical report.
• The primary objectives of Stage 1 are to test the deposits, other than Canning, that underpin the historic resources of 26.63 million pounds and generate current data support future maiden mineral resource estimates.
• Stage 2 will focus on identifying growth opportunities beyond the historic resources by testing targets that were not taken to resource level. New targets identified by the recent geophysical work and the U.S. Department of Energy Bendix report, which estimated a low- to intermediate-grade uranium exploration target of between 245 million and 655 million pounds within a defined assessment area at Copper Mountain will also be tested. The exploration target is conceptual in nature. Insufficient exploration has been done to define a current mineral resource, and it is uncertain whether further exploration will result in delineation of a mineral resource.
• Stage 3 is intended to build on the success of the initial 4,500-metre program, with the objective of advancing toward a maiden mineral resource estimate, subject to drilling results and sufficient supporting data, while further following up on newly identified exploration targets.

Myriad's chief executive officer, Thomas Lamb, commented: "Our phase II program is designed to confirm historic resources and go well beyond them. Unlike Union Pacific when they estimated resources and planned a large-scale mine at Copper Mountain during the late 1970s, we are armed with advanced district-scale geophysics, Phase I chemical assays which revealed increased grades due to positive disequilibrium, the 1982 Bendix survey and methodology, and, above, all our top-flight QP George van der Walt, who has proven to be as outstanding as we'd hoped. Phase II is designed to provide strong validation for the historic resource and to provide the road map to define and grow the resource base materially beyond what was historically defined."

Phase II breakdown

Phase II drilling is planned in stages. A total of 15,000 feet (4,500 metres) is planned in the first two stages, and it is anticipated that further drill planning will increase the drilling to between 23,000 and 33,000 feet (7,000 to 10,000 metres) in Stage 3. The strategy comprises:

• Stage 1 (7,500 feet/2,250 metres) -- test areas of mineralization and geological controls underlying historic deposit estimates and targets using diamond drilling, sampling and modern quality assurance/quality control protocols; this includes drilling of two to four holes each at the Lucky Cliff, Arrowhead, Mint, Hesitation and Gem targets:
  • The following deposit figures are historical estimates and are not current mineral resources or mineral reserves:
    • Lucky Cliff: Twenty holes were drilled at Lucky Cliff by Union Pacific in the late 1970s. At least 10 holes intersected mineralization in excess of 100 parts per million eU3O8 (equivalent triuranium octoxide) from depths as shallow as 20 feet (six metres). LK-9 intersected 355 feet of 0.027 per cent eU3O8 starting at 59 feet (including 207 feet of 0.032 per cent eU308). LK-11 intersected 31 feet of 0.020 per cent at 21.5 feet and 59.5 feet of 0.025 per cent at 83.5 feet. Other intersections in this target area included 15.5 feet of 0.055 per cent eU308 at 55 feet in hole LK-10. Higher grades are associated with a mafic dike intruding the main fault zone through the target area.
    • Arrowhead: Mining during the 1950s until 1964 produced approximately 500,000 pounds at an average grade of 0.15 per cent U3O8. Union Pacific (1977) estimated that approximately 470,000 pounds remain at an average grade of 0.070 per cent eU3O8.
    • Mint: RMEC (1977) estimated that the Mint deposit contains 2.38 million pounds at an average grade of 0.030 per cent eU3O8.
    • Hesitation: RMEC (1977) estimated that the Hesitation deposit contains 2.20 million pounds at an average grade of 0.025 per cent eU3O8.
    • Gem: RMEC (1977) estimated that the Gem deposit contains 1.44 million pounds at an average grade of 0.023 per cent eU3O8.
• Stage 2 (7,500 feet/2,250 metres) -- stepout drilling of high-priority targets identified by the Union Pacific and Bendix studies (there are more than 15 other targets) as well as the recent geophysical interpretations; the exact locations of drilling during this stage are still to be determined;
• Stage 3 (8,000 to 18,000 feet/2,400 to 5,500 metres) -- resource delineation drilling at selected targets and preliminary technical studies, contingent on positive Stage 1 and Stage 2 results; comprising infill drilling to support a maiden mineral resource estimate, subject to drilling results and sufficient supporting data and generate preliminary metallurgical, geotechnical and recovery method screening studies.

Historical estimates

While Myriad Uranium has determined that the historical estimates described in this news release are relevant to the Copper Mountain project area and are reasonably reliable given the authors and circumstances of their preparation and are suitable for public disclosure, readers are cautioned to not place undue reliance on these historical estimates as an indicator of current mineral resources or mineral reserves at the project area. A qualified person (as defined under NI 43-101) has not done sufficient work to classify any of the historical estimates as current mineral resources or mineral reserves, and Myriad Uranium is not treating the historical estimates as a current mineral resource or mineral reserve. Also, while the Copper Mountain project area contains all or most of each deposit referred to, some of the resources referred to may be located outside the current Copper Mountain project area. Furthermore, the estimates are decades old and based on drilling data for which the logs are, as of yet, predominantly unavailable. The historical resource estimates, therefore, should not be unduly relied upon.

Inherent limitations of the historical estimates include that the nature of mineralization (fracture hosted) makes estimation from drill data less reliable than other deposit types (for example, those that are thick and uniform). From Myriad Uranium's viewpoint, limitations include that the company has not been able to verify the data itself and that the estimate may be optimistic relative to subsequent work, which applied a delayed fission neutron (DFN) factor to calculate grades. On the other hand, DFN is controversial, in that the approach is viewed by some experts as too conservative. Nevertheless, it was applied in later resource estimations by Union Pacific relating to Copper Mountain. To verify the historical estimates and restate them as current resources, a program of redrilling is required to generate new data that can be used to establish the correlation and continuity of geology and grades between boreholes with sufficient confidence to estimate mineral resources.

Qualified person

The scientific or technical information in this news release respecting the company's Copper Mountain project has been reviewed and approved by George van der Walt, MSc, PrSciNat, FGSSA, a principal consultant with The MSA Group Pty. Ltd. and a qualified person as defined in NI 43-101, Standards of Disclosure for Mineral Projects. While the content of the reports is considered to be relevant and reliable, the underlying data, such as original drill logs, sampling, analytical and test data certificates, quality assurance and quality control, are not available for verification. Further work, such as drilling and sampling, will be required to verify or create supplementary information to support the underlying assumptions and conclusions.

About Myriad Uranium Corp.

Myriad Uranium holds a 75-per-cent interest in the Copper Mountain uranium project in Wyoming, United States, with a definitive agreement in place to acquire the remaining 25-per-cent interest through an acquisition of Rush Rare Metals Corp. Copper Mountain hosts multiple historic uranium deposits and past-producing mines, including the Arrowhead mine (approximately 500,000 pounds U3O8 produced). The district saw extensive exploration and development by Union Pacific in the late 1970s, including approximately 2,000 boreholes and advanced mine planning prior to uranium market downturn conditions in 1980. Union Pacific is estimated to have invested approximately $125-million (2026 dollars) in exploration and development at Copper Mountain, generating significant historical resource estimates.

Myriad also holds a 10-per-cent free carried interest in the Red Basin uranium project, which was recently sold to 8VC- and Overmatch-backed Subatomic Industries. Red Basin has significant historical uranium resources derived from extensive drilling by Occidental Oil in the late 1970s. It also has significant vanadium, which has been designated a strategic and critical mineral by the U.S. government.

We seek Safe Harbor.