American Uranium Completes Joint Venture on the Pine Tree-Reno Creek Properties with Strathmore.

DENVER -- American Uranium Corporation (OTCBB:AUUM) is pleased to announce it has completed a formal Joint Venture Agreement with Strathmore Minerals Corporation ("Strathmore") to finance the development of the Pine Tree-Reno Creek Project, located in Campbell County, Wyoming, in the central Powder River Basin, within the Pumpkin Buttes Uranium District. The total land package has combined several nearby properties (Pine Tree, Four Mile Creek, West Reno, State and Private leases) and now comprises approximately 16,000 acres (6,475 hectares).

The Pine Tree-Reno Creek Property historical resource estimate exceeds 13 million pounds U308. Previous work completed by various operators during the 1980s has identified several areas of additional mineralization that provide new exploration targets that could potentially increase the size of the resource. Ground water studies completed on the Pine Tree and West Reno properties during the 1980s suggest that much of the uranium is amenable to in-situ recovery. Cameco's Smith Ranch uranium ISR operation is located approximately 30 miles south of the Pine Tree project and AREVA's Christensen Ranch Uranium ISR operation is located approximately 20 miles to the northwest. The following is a tabulation of the historical resources estimate contained in the Pine Tree-Reno Creek land package:

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AUUM is entitled to the sole and exclusive right to earn a 60% interest in the Pine Tree-Reno Creek Project. The terms of the transaction are summarized as follows:

1. AUUM will reimburse Strathmore 100% of all reasonable expenditures incurred by Strathmore relating to the Project, to a maximum of $300,000.

2. AUUM will issue to Strathmore 6,000,000 common shares in the capital stock of AUUM.

3. Once AUUM has spent a total of US$5,000,000 in the first 3 years of the agreement, it will have earned an initial 22.5% interest in the Project, and will have satisfied the requirements of joint venture partner status with Strathmore.

4. AUUM will incur a total of $33,000,000 in expenditures on the Project over a 6-year period, subject to confirming that the project has at least 13 million lbs of U3O8.

5. Following the third anniversary of the closing date, Strathmore will retain an independent third-party firm to calculate the resource. If the third-party evaluation is less than 13 million lbs. U308, then the remaining US$28 million that AUUM must spend on the Project between the 3rd and 6th anniversary of closing will be reduced proportionately.

6. Strathmore will remain operator of the project until AUUM has completed its 60% earn-in commitment.

7. Strathmore has retained a right to earn back 11% of the Property within 90 days of the completion of a bankable feasibility study by paying $14,000,000 to AUUM.

Dr. Bob Rich, CEO and President of American Uranium, states, "A number of uranium industry experts consider Reno Creek to be one of the premier undeveloped ISR properties in the United States, and I am very pleased that American Uranium has the opportunity to acquire 60% of this valuable asset."

AMERICAN URANIUM CORPORATION (OTCBB:AUUM) is an American-focused uranium exploration company that is dedicated to the acquisition and development of uranium properties within the United States.

LEGAL NOTICE REGARDING FORWARD-LOOKING STATEMENTS

Statements in this news release that are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward-looking statements in this news release include that we will fund the Pine Tree-Reno Creek project to $33,000,000; that much of the uranium is amenable to in-situ recovery; and that historical estimates of reserves can meaningfully translate into a mineable resource. It is important to note that the Company's actual outcomes may differ materially from those statements contained in this press release. Factors which may delay or prevent these forward-looking statements from being realized include misinterpretation of data, that we may not be able to raise sufficient funds to complete the payment obligations; that weather, new equipment may not perform as anticipated; logistical problems or hazards prevent us from exploration, development or from fulfilling our joint venture obligations once formed; that we may not be able to attract or retain key employees or advisors in the current competitive environment; that results that we have found in any particular holes are not necessarily indicative of larger areas of our property; we may not be able to reach agreement with Strathmore on aspects of our agreements; and that despite encouraging data there may be no commercially exploitable mineralization on the properties based upon the applicable world uranium prices and the quality or grade of the resource. Readers should refer to the risk disclosures outlined in our periodic reports filed on EDGAR with the Securities and Exchange Commission, and those of other junior resource exploration companies to fully understand the risks we face.