Mr. Jeremy Poirier reports

NEXUS URANIUM OPTIONS GREAT DIVIDE BASIN PROJECT TO CANAMERA ENERGY METALS

Nexus Uranium Corp. has entered into an option agreement with Canamera Energy Metals Corp. under which Canamera may earn up to a 90-per-cent interest in Nexus's Great Divide Basin uranium project in Wyoming.

Under the terms of the option agreement, Canamera will finance exploration on the property and make cash and share payments to Nexus over a four-year period. If Canamera completes all earn-in requirements, Nexus will retain a 10-per-cent carried interest in the project and receive approximately $280,000 in cash, $500,000 in Canamera shares and benefit from $2.75-million in exploration expenditures -- all without further capital outlay by Nexus.

"This option structure advances Great Divide basin through a fully funded exploration program while we retain meaningful exposure to the project," said Jeremy Poirier, chief executive officer. "Canamera's exploration commitment should generate the technical data needed to evaluate the property's potential, and Nexus shareholders benefit from that work without dilution."

Option agreement terms

Canamera may acquire up to a 90-per-cent interest in the Great Divide basin project through the following earn-in structure:

First option (51-per-cent interest):

• 500,000 Canamera shares issued to Nexus within five days of closing;
• $30,000 cash payment within five days of closing;
• $100,000 cash payment by the 18-month anniversary;
• $250,000 in exploration expenditures by the 18-month anniversary;
• An additional $500,000 in exploration expenditures by the second anniversary.

Second option (additional 20 per cent for 71 per cent total):

• $250,000 in Canamera shares issued to Nexus;
• $75,000 cash payment;
• $1-million in exploration expenditures, all by the third anniversary.

Third Option (additional 19 per cent for 90 per cent total):

• $250,000 in Canamera shares issued to Nexus;
• $75,000 cash payment;
• $1-million in exploration expenditures, all by the fourth anniversary.

If Canamera does not complete an option stage, it retains only the interest earned to that point. Following exercise of the applicable options, the parties will form a joint venture to advance the project. The property remains subject to a 1.25-per-cent net smelter royalty to Nexus Uranium.

Great Divide basin project

The Great Divide basin project comprises 104 unpatented mining claims (approximately 2,080 acres) located southwest of Jeffrey City and northwest of Wamsutter in Fremont and Sweetwater counties, Wyoming. The project is held through Clean Nuclear Energy Corp., a wholly owned subsidiary of Nexus.

The claims are situated in Wyoming's Great Divide basin uranium district. Mineralization in the area is hosted in roll-front deposits and the property has seen historical exploration dating to the 1970s. The project adjoins Premier American Uranium's Cyclone property.

About Nexus Uranium Corp.

Nexus Uranium is a Canadian exploration company focused on uranium projects in North America. In the United States, the company holds the Chord and Wolf Canyon projects in South Dakota, the South Pass project in Wyoming, and the Wray Mesa project in Utah. The Great Divide basin project in Wyoming is now under option to Canamera Energy Metals Corp. In Canada, Nexus holds the Mann Lake project in Saskatchewan's Athabasca basin.

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