Azarga Uranium Executes Earn-In Agreement for Kyzyl Ompul for Project Consideration of US$7.6 Million and a Net Smelter Royalty

Azarga Uranium Corp.

GREENWOOD VILLAGE, COLORADO--(Marketwired - Aug. 2, 2017) - AZARGA URANIUM CORP. (TSX:AZZ)(FRANKFURT:P8AA)(OTC PINK:PWURF) ("Azarga Uranium" or the "Company") is pleased to announce that its 70% controlled subsidiary, UrAsia in Kyrgyzstan Limited Liability Company ("UrAsia"), has executed an earn-in agreement (the "Agreement") with Mining Investment Company Alliance ("Alliance"). The Agreement provides Alliance with an earn-in option to acquire a 100% interest in UrAsia's Kyzyl Ompul Project in the Kyrgyz Republic in exchange for project consideration of US$7.6 million and a two percent net smelter royalty of up to US$5.0 million. The US$7.6 million of project consideration consists of: 1) US$6.0 million of cash payments and 2) US$1.6 million of exploration and development expenditures over a three-year period.