Mr. Paul Reynolds reports

AZINCOURT URANIUM CLOSES OPTION AGREEMENT TO ACQUIRE A 70% INTEREST IN THE EAST PRESTON URANIUM PROJECT IN THE ATHABASCA BASIN

Further to its news release dated March 28, 2017, Azincourt Uranium Inc. has completed the acquisition of an option to acquire an undivided 70-per-cent interest in the East Preston project, located in the highly prospective western Athabasca basin.

At closing, the company:

• Paid aggregate cash consideration of $150,000 ($75,000 to each of the optionors Skyharbour Resources Ltd. and Clean Commodities Corp.);
• Issued aggregate share consideration of 4.5 million shares (2.25 million shares to each of Skyharbour Resources and Clean Commodities);
• Paid a finder's fee to Transcend Capital Inc. of 398,913 shares.

Azincourt may exercise the option by incurring an aggregate of $2.5-million of staged expenditures and paying an aggregate of $1-million in staged cash payments over four years.

There is an underlying 2-per-cent net smelter return royalty on commercial production from the East Preston project, and Areva Resources Canada will retain a right of first refusal on any future proposed sale of East Preston.

The company will provide a detailed follow-up news release summarizing the proposed work program on the East Preston project once determined.

About Azincourt Uranium Inc.

Azincourt Uranium is a Canadian-based resource company specializing in the strategic acquisition, exploration and development of uranium properties based out of Vancouver, B.C. The company's Patterson Lake North property, also located in the western Athabasca basin, lies adjacent and to the north of the Patterson Lake South property (Arrow deposit), owned by Fission Uranium Corp. In addition, the company is currently evaluating additional uranium properties to acquire or joint venture.

We seek Safe Harbor.