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ESO And Uravan Execute Option Agreement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 3, 2011) - ESO Uranium Corp. (TSX VENTURE:ESO - News; FRANKFURT:E2G - News; the "Company" or "ESO") is pleased to announce that it has entered into an Option to Purchase Agreement (the "Option") with Uravan Minerals Inc. (Uravan).ESO Uranium Corporation (ESO) has granted Uravan an exclusive Option to acquire 100% interest in their Mathison Lake mining claims (S-108465 and S-108466) (the "MATH project") in the Athabasca Basin, Northern Saskatchewan. The MATH project totals 8121 hectares and adjoins Uravan's Outer Ring (OR) project on the north. The OR property is owned 100% by Uravan and located along the Cable Bay shear zone in the Pasfield Lake area.The Option is exercisable by Uravan over a three (3) year term conditional on: (1) Uravan making a one time cash payment to ESO amounting to Twenty-five Thousand Dollars ($25,000), (2) Uravan issuing an aggregate of 1,000,000 Uravan Common Shares to ESO, in four tranches of 250,000 Common Shares over three years, and (3) Uravan incurring an aggregate exploration expenditure on the MATH project of not less than Two Hundred Thousand Dollars ($200,000). Subject to Uravan fulfilling the terms of the Option, as described above, Uravan will acquire 100% interest in the MATH project and ESO will retain a 2% Uranium Royalty, a 2% Net Smelter Royalty on other non-uranium Mineral Products and a 5% Diamond Royalty. The Option is subject to the approval by the TSX Venture Exchange and any other appropriate regulatory body. When issued, all Uravan Common Shares issuable to ESO shall be subject to a four month hold period from the date of issue.A surface geochemical program was completed over the OR project area in July 2010. The geochemical data from the Outer Ring sampling program capitalized on new technology developed from a pilot study conducted on the Cigar West uranium deposit (Cigar West Study) (1). The Cigar West Study was a collaborative applied research program conducted by Uravan and QFIR (Queen's Facility for Isotope Research) in 2009 over a known high-grade uranium deposit. The study was designed to develop new surface geochemical techniques that can better identify bedrock sources of uranium mineralization at greater depths. This research clearly identified distinctive elements and isotopic compositions that have been mobilized from the deposit to the surface media from depths greater than 450 meters. A similar surface geochemical survey is planned for the MATH project in early June 2011.On behalf of the Board of Directors of ESO Uranium Corp.Anthony Harvey, Chairman, President, CEO(1) The Cigar Lake deposit is on the Waterbury/Cigar uranium property; a joint venture partnership between Cameco Corporation, AREVA, Idemitsu Kosan Co. Ltd., and Tokyo Electric Power Co. (TEPCO) located in the Athabasca Basin, Saskatchewan. Uravan thanks both AREVA and Cameco for their collaboration and gracious support for the Cigar West Study; and the support provided by the Cigar Lake facility during our field operations.This news release includes certain statements that express management's expectation or estimates of future performance and may be deemed "forward-looking statements". These forward-looking statements include plans, estimates, forecasts and statements as to management's expectations regarding its mineral properties. These forward-looking statements involve assumptions, risks and uncertainties and actual results may vary materially. For these reasons shareholders should not place undue reliance on such forward-looking information.United States residents are cautioned that some of the information that may be published by ESO Uranium Corp. may not be consistent with United States Securities and Exchange Commission disclosure rules and may be materially different from what the Company is permitted to disclose in the United States and therefore United States residents should not rely on such information.Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.