Pegasus Resources Inc. announced the acquisition, by staking, of the Energy Sands Project (the “Property” or “Project”), located in Emery County, Utah. The Project consists of sandstone-hosted uranium and vanadium mineralization with demonstrated potential to establish resources, with historical small-scale mining having occurred in two isolated regions of the Property. Project highlights: 30 unpatented lode claims, totaling 600 acres.

Located within the San Rafael Uranium District, and approximately 4 kilometres from the San Rafael Uranium Project of Western Uranium. Historical small-scale production, between 1953 and 1956, totaling 51.8 Tons at a grade of 0.373% U3O8 and 1.10% V2O5. Uranium mineralization on the Project is hosted within the Salt Wash Member of the Jurassic Morrison Formation.

Mineralization within the Tidwell Mineral Belt of the San Rafael Uranium District is oriented in a series of roughly northeast trends. Individual mineralized bodies are tabular to lenticular with the long axis aligned along the trend. The Energy Sands Project is on-trend and approximately 4 kilometres from the Western Uranium's Rafael Uranium Project, which is host to 758,050 tons of indicated mineral resources averaging 0.225% U3O8 and 0.30% V2O5 (containing 3,404,600 million pounds of U3O8 and 4,595,600 million pounds of V2O5); and 453,850 tons of inferred mineral resources averaging 0.205% U3O8 and 0.28% V2O5 (containing 1,859,600 million pounds of U3O8 and 2,510,600 million pounds of V2O5), at a cut off grade of 0.06% U3O8 (from the Nov-19, 2014 Technical Report filed by Western Uranium).