WestKam Gold Corp. announced that it has signed a Letter of Intent ("LOI") dated June 21, 2024 with Ameranium Resources Corp. (an arm's length party) for the purchase of 100-per-cent legal and beneficial interest in 131 lode claims in Grand County, Utah, covering 2,649 acres (1,072 ha), called the Powerline One Project (the "Powerline").

The Powerline lies within sedimentary rocks of the Colorado Plateau, the most prolific uranium mining region in the United States, and has produced over 328 million pounds U3O8 (at 0.2 to 0.4% U3O8) since the 1950's (referenced from January 30, 2024, NI 43-101 Technical Report on the Powerline Uranium Project from Ameranium Resources Corp). Utah is a mining-friendly state with a long history of mining. The required environmental surveys have been completed and permits to carry out drilling have been issued by the United States Bureau of Land Management.

Drilling can commence at any time following the posting of the necessary reclamation bond. Field work and mining can be carried out year-round. Prior work on the project identified a prospective target zone extending across the Powerline property, and resulted from reanalysis and reinterpretation of historical seismic data.

The data was cross-analyzed against gamma ray logs from numerous historical abandoned oil and gas wells. Gamma ray logs are a common geophysical log used in downhole surveying of wells drilled by the oil and gas industry and are used to assist in identifying lithological units in a well. Pursuant to the terms of the LOI, the purchase price payable by WestKam will be: At closing, WestKam will issue and deliver to Ameranium 4,500,000 of its common shares; and on or before August 1, 2024, WestKam will pay Ameranium USD 105,000.

Ameranium will covenant to pay these funds to the Bureau of Land Management to pay the annual maintenance fees and any other land costs due and outstanding relating to the Powerline project. All WestKam shares issued to Ameranium will be subject to a hold period expiring four months and one day after their date of issue pursuant to applicable Canadian securities laws and the policies of the TSX Venture Exchange ("TSXV"). This acquisition, and issuance of the WestKam shares thereunder, is subject to TSXV approval.

Not finder's fees are payable in connection with the transaction. The Company is in the process of completing due diligence on the Powerline project. Upon successful due diligence, the parties will work to finalize and execute a definitive agreement for submission to the TSX-V for approval.

The Company will provide updates on this transaction as and when they become available.