Mr. Jon Bey reports

STANDARD URANIUM ANNOUNCES CLOSING OF FIRST TRANCHE OF PRIVATE PLACEMENT

Standard Uranium Ltd. has closed an initial tranche (Tranche 1) of its previously announced non-brokered private placement.

In connection with closing of Tranche 1 of the offering, the company issued 8,897,000 units, at a price of 10 cents per unit, for gross proceeds of $889,700. Each unit consists of one common share of the company and one-half of one common share purchase warrant. Each warrant entitles the holder to purchase one additional common share of the company at a price of 15 cents for a period of 36 months. The warrants are subject to an accelerated expiry if, any time after the closing date of the offering, the closing price of the common shares of the company on the TSX Venture Exchange, or such other market as the common shares may trade from time to time, is or exceeds 30 cents for 10 consecutive trading days, in which event the holders of the warrants may, at the company's election, be given notice and the company will issue a press release announcing that the warrants will expire five days following the date of such press release. The warrants may be exercised by the holder of the warrants during the five-day period between the date of the press release announcing the accelerated expiry date and the expiration of the warrants.

Net proceeds raised from the offering will be used for the exploration of the company's flagship Davidson River project and for working capital purposes.

In connection with closing of the offering, the company paid finders' fees of $34,800 and issued a total of 348,000 non-transferable share purchase warrants to certain arm's-length parties who assisted in introducing subscribers to the offering. A total of 138,000 of the finder's warrant are exercisable on the same terms of the warrants and 210,000 of the finders' warrants are exercisable to acquire one common share of the company at a price of 15 cents for a period of 24 months without accelerated expiry.

A director of the company participated in the offering and subscribed for one million units. Participation in the offering by an insider of the company constitutes a related party transaction within the meaning of Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The issuance of securities the insider of the company is exempt from the valuation requirement of MI 61-101 by virtue of the exemption contained in Section 5.5(b) as the company's shares are not listed on a specified market and from the minority shareholder approval requirements of MI 61-101 by virtue of the exemption contained in Section 5.7(1)(a) of MI 61-101, in that the fair market value of the consideration of the securities issued to the insider of the company does not exceed 25 per cent of the company's market capitalization.

All securities issued pursuant to Tranche 1 of the offering, and any shares that may be issuable on exercise of any warrants or finders' warrants, will be subject to a statutory hold period until Oct. 31, 2026, and concurrent TSX-V hold period pursuant to the policies of the TSX-V, as applicable. The company intends to complete a further tranche of the offering and will provide further information once complete.

Qualified person statement

The scientific and technical information contained in this news release has been reviewed and approved by Sean Hillacre, PGeo, president and vice-president, exploration, of the company and a qualified person as defined in National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

About Standard Uranium Lted.

Standard Uranium is a uranium exploration company and emerging project generator poised for discovery in the world's richest uranium district. The company holds interest in over 233,455 acres (94,476 hectares) in the world-class Athabasca basin in Saskatchewan, Canada. Since its establishment, Standard Uranium has focused on the identification, acquisition and exploration of Athabasca-style uranium targets with a view to discovery and future development.

Standard Uranium's Davidson River project, in the southwest part of the Athabasca basin, Saskatchewan, comprises 10 mineral claims over 30,737 hectares. Davidson River is highly prospective for basement-hosted uranium deposits due to its location along trend from recent high-grade uranium discoveries. However, owing to the large project size with multiple targets, it remains broadly undertested by drilling. Recent intersections of wide, structurally deformed and strongly altered shear zones provide significant confidence in the exploration model and future success is expected.

Standard Uranium's eastern Athabasca projects comprise over 42,384 hectares of prospective landholdings. The eastern basin projects are highly prospective for unconformity-related and/or basement-hosted uranium deposits based on historical uranium occurrences, recently identified geophysical anomalies and location along trend from several high-grade uranium discoveries.

Standard Uranium's Sun Dog project, in the northwest part of the Athabasca basin, Saskatchewan, comprises nine mineral claims over 19,603 hectares. The Sun Dog project is highly prospective for basement- and unconformity-hosted uranium deposits yet remains largely untested by sufficient drilling despite its location proximal to uranium discoveries in the area.

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