ESO announces $2,000,000 private placement

Trading Symbol TSX-V - ESO
Frankfurt - E2G

VANCOUVER, Feb. 7, 2012 /CNW/ - ESO Uranium Corp. (TSX-V: ESO), (the "Company" or "ESO"), announced that it is proceeding with a non-brokered private placement for gross proceeds of up to $2,000,000 (the "Offering").

Pursuant to the Private Placement, the Company will issue an aggregate of:

(i) up to 10,000,000 flow-through units ("FT Unit") to be issued at a price of $0.10 per FT Unit, for a total of $1,000,000. Each FT Unit will consist of one flow-through common share and one share purchase warrant ("FT Warrant"), where each FT Warrant will entitle the holder to purchase one non-flow-through common share at a price of $0.15 per share for a period of 24 months; and

(ii) up to 10,000,000 non-flow-through units ("NFT Unit") to be issued at a price of $0.10 per NFT Unit, for a total of $1,000,000. Each NFT Unit will consist of one non-flow-through common share and one share purchase warrant ("NFT Warrant"), where each NFT Warrant will entitle the holder to purchase one non-flow-through common share at a price of $0.12 per share for a period of 24 months.

The Company may, in appropriate circumstances, pay finders fees in connection with the Offering consisting of:

(i) a cash fee equal to an 6% of the gross proceeds received from the sale of FT Units and NFT Units; and

(ii) finders options ("Finders Options") equal to 6% of the number of FT Units and NFT Units sold.  Each Finders Option will entitle the holder to purchase one NFT Unit at a price of $0.10 per NFT Unit for a period of 24 months from the date of issue of the Finders Option.

The Offering is subject to TSX Venture Exchange acceptance, and all securities issued in connection with the Offering will be subject to a four (4) month hold period.

The gross proceeds from the sale of the FT Units shall be used to fund exploration on the Company's properties in the Athabasca Basin, Saskatchewan, including the Patterson Lake South Property, and the net proceed from the sale of the NFT Units shall be used for general working capital.

The Patterson Lake South property is a 50-50 Joint Venture held with Fission Energy Corp. (TSX-V: FIS). The project covers 13,497 ha (more than 30,000 acres) in 12 mineral claims on the southwest margin of the Athabasca Basin in the Broach Lake - Patterson Lake area.  The Patterson Lake South Property is accessible by road with primary access from all weather Highway 955, which runs north to the former Cluff Lake mine (approximately 60 Million pounds Uranium produced), and passes through the nearby UEX-Areva Shea Creek discoveries (approximately 100,000,000 lbs uranium in a combined indicated and inferred resource estimate from 2010) located 50km to the north, currently under continuing active exploration and development. The Patterson Lake South Joint Venture project is jointly operated by Fission Energy Corp. and ESO.

The non-brokered financing for up to $2,000,000, previously announced on December 6, 2011, was partially completed on December 29, 2011, and the balance of this offering has been terminated.

On behalf of the Board of Directors of ESO Uranium Corp.

"Ben Ainsworth"
Director

Please refer to the ESO Uranium website for further and updated 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.

Forward Looking Statements: The above contains forward looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward looking statements. Factors that could cause such differences include: changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry. Forward-looking statements in this release include statements regarding future exploration programs, operation plans, geological interpretations, mineral tenure issues and mineral recovery processes. Although we believe the expectations reflected in our forward looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements.

SOURCE ESO Uranium Corp.

For further information:

For corporate communications please contact:

Robert (Bob) Meister
ESO Uranium Corp.
Vancouver, BC
Phone: (604) 629-0293
Toll Free: 1-866-629-0293
Email: info@esouranium.com

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ESO Uranium Corp.

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