Energy Metals Corporation and Standard Uranium Inc. Business Combination Update
Vancouver, British Columbia, January 30, 2006: Energy Metals Corporation (TSX-V: EMC) ("Energy Metals") announces the following update further to its news release dated November 10, 2005, whereby Energy Metals and Standard Uranium Inc. (TSX-V: URN) agreed to enter into a business combination, such that Standard Uranium will become a wholly owned subsidiary of Energy Metals (the "Standard Uranium Transaction").
Standard Uranium has set its annual and special general meeting for March 10, 2006 to seek shareholder approval for the Standard Uranium Transaction. The Standard Uranium Transaction contemplates Energy Metals acquiring all of the issued and outstanding common shares of Standard Uranium, on the basis of 0.64 common shares of Energy Metals for every 1.00 common share of Standard Uranium.
The Company has also granted 100,000 stock options exercisable at a price of $4.15 per share for a period of four years to officers and employees of the Company. The stock options are subject to vesting as to 25% upon issuance and 25% each six months thereafter pursuant to Company's Stock Option Plan.
Energy Metals is a Canadian listed company involved in developing resources to power the 21st century. The Company has adopted a corporate strategy to focus on the acquisition and development of uranium assets in politically favorable and mining-friendly jurisdictions within the United States to take advantage of the continuing growth in the U.S. and worldwide of demand for electrical energy. This increasing consumption is occurring at a time when uranium mine supplies are dwindling and inventories are being depleted.
The Company is targeting advanced uranium prospective properties in Wyoming, Texas and New Mexico that are amenable to ISL (in-situ leaching). This form of uranium mining was pioneered in Texas and Wyoming. It utilizes water wells and oxygen-fortified groundwater to mine the uranium in place. Energy Metals is also actively advancing other conventional mining and ISL opportunities for uranium properties in the States of Utah, Nevada, Oregon and Arizona.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Energy Metals Corporation
Paul Matysek, CEO and President
604-684-9007
Bill Sheriff, Corporate Development, Director
1-972-333-2214
Ran Davidson, Corporate Communication
604-697-5688
