Mr. Warren Stanyer reports

ALX URANIUM CORP. ANNOUNCES 2017 EXPLORATION PLANS FOR HOOK-CARTER PROPERTY, ATHABASCA BASIN, SASKATCHEWAN

ALX Uranium Corp. has received notice from Denison Mines Corp. of its 2017 uranium exploration plans on the Hook-Carter property. Hook-Carter is located along the prolific Patterson Lake corridor in the southwestern Athabasca basin area of Saskatchewan, where a series of world-class uranium deposits have been discovered since late 2012.

The 2017 exploration plan for Hook-Carter includes initial ground resistivity and electromagnetic surveying during the winter season, followed by a reconnaissance five-hole diamond drill program (2,700 metres) during the summer months. Work is expected to be focused on the southwestern portion of the property, where Athabasca sandstone thicknesses vary between 250 metres and 450 metres.

Sierd Eriks, ALX's vice-president, exploration, commented: "Historical drilling at Hook-Carter has demonstrated several fundamental indications that uranium mineralization may be present on the property. We look forward to Denison applying their considerable exploration expertise at Hook-Carter in the coming year."

In late 2016, Denison executed a definitive agreement with ALX to acquire an immediate 80-per-cent ownership of the Hook-Carter property in exchange for the issuance of 7.5 million common shares of Denison. Under the terms of the agreement, ALX retains a 20-per-cent interest in the property and Denison has agreed to finance ALX's share of the first $12-million in expenditures (see ALX's news releases dated Oct. 13, 2016, and Nov. 7, 2016). Denison is the operator of exploration on the property.

About Hook-Carter

Hook-Carter consists of 38 claims totalling 19,573 hectares (48,366 acres) and is located approximately 25 kilometres east of Highway 955 in the southwestern portion of the Athabasca basin region in Northern Saskatchewan. The property includes the 28 claims Denison acquired from ALX and 10 contiguous claims recently acquired from Areva Resources Canada Inc. and UEX Corp. that have been added to the project under the area of interest provisions of the ALX-Denison agreement.

Hook-Carter is highlighted by 15 kilometres of strike potential along the Patterson Lake corridor, which is host to the recently discovered Triple R deposit (Fission Uranium Corp.), Arrow deposit (NexGen Energy Ltd.), and Spitfire and Hornet discoveries (a joint venture between Purepoint Uranium Group Inc., Cameco Corp., and Areva Resources Canada), all of which occur within eight kilometres to 20 kilometres of the property. Hook-Carter features between 250 metres and 700 metres of Athabasca Group sandstone cover overlying the basement rocks that define the prospective geological trends or corridors. As a result, the property offers potential for both basement-hosted and unconformity-hosted uranium mineralization.

Very limited drilling has been carried out on the property, with only eight holes drilled on the property to date, including only five holes on the Patterson Lake corridor and three holes on the parallel southeastern Derkson corridor. No drilling has been carried out on the parallel Carter corridor to the northwest. The majority of historical drill holes show significant sandstone alteration, encouraging sandstone geochemistry and favourable basement geology in terms of lithology and structure.

All the holes drilled to date were designed to test for the unconformity uranium deposit model, seldom penetrating more than 100 metres into the basement rocks, and, therefore, the basement is considered unexplored. Approximately three kilometres southwest along trend of the property boundary, historical drilling on the Derkson corridor returned a mineralized result approximately five metres below the unconformity (0.24 per cent triuranium octoxide over 2.5 metres reported in drill hole DER-04 by SMDC-Imperial Oil, 1978).

Technical information in this news release has been reviewed and approved by Sierd Eriks, PGeo, vice-president, exploration, who is a qualified person, in accordance with the Canadian regulatory requirements set out in National Instrument 43-101.

About ALX

ALX is actively exploring a portfolio of prospective properties in the Athabasca basin totalling approximately 145,000 hectares.

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