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Azarga Uranium : ASLB Decision Moves Dewey Burdock Closer to Resolution of Final NRC License Contentions

GREENWOOD VILLAGE, COLORADO–(Marketwired – Oct 23, 2017) – AZARGA URANIUM CORP. (TSX:AZZ)(FRANKFURT:P8AA)(OTC PINK:PWURF) ("Azarga Uranium" or the "Company") has received notice that the Atomic Safety and Licensing Board (the "ASLB") has issued a memorandum and order pertaining to the United States Nuclear Regulatory Commission (the "NRC") summary disposition motion to resolve the remaining two contentions from the ASLB’s 30 April 2015 partial initial decision for the Company’s Dewey Burdock In-Situ Recovery Uranium Project (the "Dewey Burdock Project") NRC License.

With respect to the outstanding contention requiring additional consultation between the NRC staff and the Oglala Sioux Tribe under the National Historic Preservation Act ("NHPA"), the ASLB granted the motion for summary disposition in favor of the NRC staff and the Company. With respect to the outstanding contention pertaining to the identification and protection of historic and cultural resources for the purposes of compliance with the National Environmental Policy Act, the ASLB did not grant the motion for summary disposition; however, the ASLB did provide specific guidance and establish a schedule to address the only remaining contention. As a result, the Company expects to have the final contention resolved by the second quarter of 2018. The Company’s NRC License for the Dewey Burdock Project continues to remain in good standing and the Company will fully support the NRC staff in resolving the only remaining contention.

"The ASLB decision moves the Company closer to having the final NRC License contentions resolved for the Dewey Burdock Project, while the NRC License continues to remain in good standing. The decision resolved one outstanding contention in favor of the Company and the NRC staff, completing the NHPA process, and provided a clear path towards resolving the only other remaining contention for the NRC License. The Company will continue to work with the NRC staff and other stakeholders to ensure that the only remaining contention is resolved in a timely manner," said Blake Steele, President of the Company.

About Azarga Uranium Corp.

Azarga Uranium is an integrated uranium exploration and development company that controls six uranium projects, deposits and prospects in the United States of America (South Dakota, Wyoming and Colorado) and the Kyrgyz Republic. The Dewey Burdock in-situ recovery uranium project in South Dakota (the "Dewey Burdock Project"), which is the Company’s initial development priority, has received its Nuclear Regulatory Commission License and draft Class III and Class V Underground Injection Control ("UIC") permits from the Environmental Protection Agency ("EPA") and the Company is in the process of completing other major regulatory permit approvals necessary for the construction of the Dewey Burdock Project, including the final Class III and Class V UIC permits from the EPA.

For more information please visit www.azargauranium.com.

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Disclaimer for Forward-Looking Information

Certain statements in this news release are forward-looking statements, which reflect the expectations of management regarding its disclosure and amendments thereto. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements may include, but are not limited to, statements with respect to the Company’s continued efforts to obtain major regulatory permit approvals necessary for the construction of the Dewey Burdock Project, including the final Class III and Class V UIC permits from the EPA, the Company’s expectation that the final Dewey Burdock Project NRC License contention will be resolved by the second quarter of 2018 and that the Company will continue to work with the NRC staff and other stakeholders to ensure that the only remaining contention is resolved in a timely manner. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management’s current views and are based on certain expectations, estimates and assumptions, which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including without limitation: (1) the risk that the Company does not obtain major regulatory permit approvals necessary for construction of the Dewey Burdock Project, including the final Class III and Class V UIC permits from the EPA, (2) the risk that the final Dewey Burdock Project NRC License contention is not resolved by the second quarter of 2018, (3) the risk that the Company does not continue to work with the NRC staff and other stakeholders and the only remaining contention is not resolved in a timely manner or at all, (4) the risk that such statements may prove to be inaccurate and (5) other factors beyond the Company’s control. These forward-looking statements are made as of the date of this news release and, except as required by applicable securities laws, the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements. Additional information about these and other assumptions, risks and uncertainties are set out in the "Risks and Uncertainties" section in the Company’s most recent MD&A filed with Canadian security regulators.

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release.

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