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Fission Uranium Corp.

Company Data | Introduction | Projects in Hand | Management
News Update
| Chinese

Address :  700 – 1620 Dickson Avenue
Kelowna, British Columbia
Canada V1Y 9Y2
Tel No.: 1-250-868-8140
Fax No.: 1-250-868-8493
Toll Free No.: 1-877-868-8140
Web Site: www.fissionuranium.com
E-mail: ir@fissionuranium.com
Contact Person: Richard Newbury
Position: Investor Relations (604-375-5724)


Company Data

Traded Market: TSX / OTCQX / Frankfurt
Traded Symbol: FCU / FCUUF / 2FU
Outstanding Shares: 486.6 million
52 Week High: $ 0.49
52 Week Low: $ 0.095
Present Price: Click Here


Introduction

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Fission Uranium Corp. is a Canadian based resource company specializing in the strategic exploration and development of the Patterson Lake South (PLS) uranium property in Canada's Athabasca Basin district, home to the world's richest source of high-grade uranium. The PLS property is host to the class-leading Triple R uranium deposit. Fission is headquartered in Kelowna, British Columbia.

Management's goal is to grow shareholder value through further advancement of the Triple R deposit on a path to development and production and continued exploration at the large and highly prospective PLS project.


FLAGSHIP PROJECT

Patterson Lake South (PLS) Uranium Project

The 31,039 hectare PLS project is 100% owned and operated by Fission Uranium Corp. PLS is accessible by road with primary access from all-weather Highway 955, currently under active exploration and development.

PLS property has over 100 EM conductors and multiple exploration hotspots. Triple R deposit associated with just one of these EM conductors.

Triple R uranium Deposit

Five separate mineralized zones (R1515W, R840W, R00E, R780E and R1620E) over a 3.2 km strike (drill defined) mineralized system

Fission Uranium Corp. owns a 100% interest in the advanced, high-grade and near-surface Triple R uranium deposit, located on the south-western edge of Canada's Athabasca Basin.

The Triple R deposit is part of a 3.2 km mineralized trend on the Patterson Lake corridor. This mineralized trend is the longest lateral footprint in the Athabasca district and is hosted entirely within Fission's large-scale PLS property.

Fission's highly successful, dual strategy at PLS over the past several years has enabled the Company to explore for new mineralization while advancing developing the core part of the deposit to prefeasibility. High-grade zones have been discovered in both directions along trend of the main R780E zone and have been added to the overall resource estimate.

In 2019, the Company released results of two prefeasibility studies – one outlining a hybrid approach (combining open pit and underground techniques) and one outlining an underground-only mine plan. Both studies presented strong results, including low OPEX, fast payback and strong IRR, which highlight the potential for highly economic production at PLS. While both options remain viable, the upcoming feasibility study will focus on the best option, most likely the underground only scenario.

Advantage of Underground Scenario vs Hybrid Open-Pit / Underground Scenario

  • ~C$320M less initial capital cost compared to Open-Pit / Underground Hybrid scenario
  • Construction time reduced by 25% to 3 years
  • Bottom quartile OPEX cost of US $7.18 per lb U3O8
  • Surface footprint reduced by 90% and potentially less impact on environment
  • Higher IRR (25% After-Tax)
  • Favorable scenario with First Nations and Metis rights-holders and local communities

The Company has the strategic backing of China's CGN Mining, which has invested over $82M in Fission, at a substantial premium, in early 2016.

Fission's CEO and Chief Geologist, Ross McElroy, has led the Company's multi-discipline team to success with two major uranium discoveries in past decade. For his role in making the PLS discovery, he was awarded the PDAC 2014 Bill Dennis award and, jointly with Fission's former CEO, Dev Randhawa, won The Northern Miner's “Mining Person of the Year 2013”, EY Entrepreneur of the Year (Finalist) and The Mining Journal's “Excellence” Award. Leading mining publication, The Mining Journal, has called PLS the world's top undeveloped uranium asset.

Fission's regulatory and environmental permitting process is overseen by Mark Wittrup, MSc., P.Eng., P.Geo., CMC. Mr. Wittrup has 40 years of experience in the uranium sector and specializes in environmental and regulatory work.

Investment Highlights

  • Award winning project and management team
    • Discovered two world-class uranium deposits since 2010
  • World class uranium district
    • Triple R on a 3.2 km mineralized trend – largest lateral footprint in the Athabasca Basin
  • Large, shallow, high grade Triple R Deposit
    • Resource estimate of Indicated 102.4M lbs U3O8 at 2.1% U3O8 and Inferred 32.8M lbs U3O8 at 1.22% U3O8
  • One of the world's largest and lowest cost uranium projects
    • September 2019 PFS outlines underground mine production of 78.7M lbs of U3O8 , averaging 13.1M lbs for the first five years and LOM average cash costs of US$7.18/lb U3O8
  • Near-term resource growth
    • Future drill program
    • Triple R deposit is open in multiple directions
  • Untapped exploration potential
    • Majority of 31,039 ha property, which is 5 times the size of Manhattan Island, remains unexplored
    • 100s of potential drill targets


Management

Management and Directors

Ross McElroy, CEO, Chief Geologist, Director

Mr. McElroy is a professional geologist with over 30 years of experience in the mining industry. He is the winner of the Prospectors   Developers Association of Canada 2014 Bill Dennis award for exploration success and the Northern Miner mining person of the year 2013. He has comprehensive experience with managing and advancing many types of mineral projects from grassroots exploration to feasibility and production. He has overseen two major uranium deposit discoveries including the world-class Triple R deposit.

Raymond Ashley, VP Exploration

Mr. Ashley has worked in the mineral exploration industry for more than 30 years. Since 2009, he has been an independent consulting geoscientist and was a member of the Fission Energy team responsible for the high grade uranium J Zone discovery at Waterbury Lake and later with Fission Uranium's Triple R discovery.

Ryan Cheung, CFO   Corporate Secretary

Mr. Cheung provides accounting, management, securities regulatory compliance services to private and public-listed companies. Mr. Cheung also serves as an officer and/or director of a number of public-listed companies.

Darian Yip, Independent Chairman and Director

Mr. Yip has over 18 years of experience in the financial services industry and has been focused on the metals and mining sector for the past 13 years.

William Marsh, Director

Frank Estergaard, Director

Robby Chang, Director

He Fei, Director

Shiming Ma, Director


News Update

On September 8, 2020, Fission Uranium Corp. announced a change in senior management and Board of Directors as the Company focuses on developing the world-class Triple R uranium deposit located in Canada's Athabasca Basin.

The Company has appointed Ross McElroy as the chief executive officer of the Company. Mr. McElroy replaces Devinder Randhawa, who has elected to retire from management and the board of directors of the company and has moved to its advisory board. Fission has also appointed Darian Yip as its independent chairman.


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