Fission Energy is now Fission Uranium

In case you missed all the news last week and the start of this week, this is just a quick note to confirm that following the asset sale to Denison, Fission Energy is no longer trading. Shareholders now own a stake in the new spin out, Fission Uranium Corp., and in Denison Mines.

Please visit us (Fission Uranium Corp.) at www.fissionuranium.com. I'll no longer be posting material to this blog but will continue commenting on the uranium sector, nuclear energy and of course Fission Uranium, on our new website. I look forward to seeing you there!

Dev Randhawa, CEO of Fission Uranium Corp.

Assays give us best results yet with massive grades and intercepts

Assays are in for hole PLS13-051, within zone R390E and they are superb: 10.5m of 29.26% U3O8 within 53m of 6.57% (check out the press release here). One of three discovery zones, R390E has been delivering incredible results with previous assays including 4.92% over 34m. In the world of uranium, those grades and those meters are phenomenal.

As our President, COO and head geologist, Ross McElroy commented, “The winter drilling program at PLS continues to deliver world-class results in both quality and quantity.” He’s not wrong. It’s clear that we are making superb progress when you consider that 1% uranium equals 22lbs per ton and 5% equals 110lbs per ton – high grades have the ability to grow lbs in the ground very quickly. What’s more, these results are at shallow depth.

Here are the official assay highlights. You’ll find more technical information in the press release.
• 53.0m @ 6.57% U3O8;
• Including 10.5m @ 29.26% U3O8
• Highest assay in the interval: 44.6% U3O8 over 0.5m

As ever, please get in touch with any questions and be sure to connect with us on Twitter and LinkedIn for company updates.

Dev Randhawa

Study on lives saved by nuclear energy

You may have already seen this but I wanted to draw attention to an excellent article on the Scientific American website about a recently-published study from NASA’s Goddard Institute authored by Pushker Kharecha and James Hansen (recognized as one of the founders of modern global warming science).

Originally published in the Environmental Science and Technology Journal, the study suggests that 1.8 million lives have been saved by replacing fossil fuel sources with nuclear and goes on to estimate that up to 7 million lives would be saved in the next four decades, along with substantial reductions in carbon emissions, if nuclear power replaced fossil fuel usage on a large scale.

Of additional interest is the fact that the study finds the proposed expansion of natural gas would not be as effective in saving lives and preventing carbon emissions.

Read the article, it’s worth five minutes of your time. There’s so much misinformation spread by a generally anti-nuclear media that it is refreshing to see such respected academics and scientists step forward with the facts.

Dev Randhawa

Why China has such an aggressive nuclear build program

Great article on CNN Money recently – an interview with Andrew Brandler of CLP Group on why China has such an aggressive nuclear build program. Well worth reading the full article but if you don’t have the time, I’ve pasted some of the more interesting bits below. I particularly like the way Brandler addresses the capital costs of nuclear program and how these can be reduced by implementing a full program (like the French did) rather than doing things piecemeal.

Here are a couple of quotes:

I suspect China will standardize the design and they will localize the fabrication and get the whole supply chain geared up and they will mass-produce to get the cost down. This is what the French did in the '70s and '80s with their nuclear program. There's no fundamental reason why you can't implement an aggressive build-out of nuclear power at reasonable cost. If you're doing a one-off project, like in the United States, with all the regulatory issues and design issues, the costs just balloon. But if you can spread all those upfront costs over a whole program, it's not so burdensome. And if you can get the supply-chain working -- which China is very good at -- you can bring those costs down dramatically.

Without nuclear it's hard to see how the world will continue to meet energy demand growth without catastrophic risk to the climate. Nuclear is the only technology that exists today that can provide base-load power at a reasonable cost -- if you get the program right -- with zero carbon emissions.

Dev Randhawa

Rock solid end to a rock solid drill program

In case you missed our latest press release – we’ve just announced the results from the final ten holes of our incredible Winter drill program. The results include 9.9m off-scale within 26.5m interval at R00E zone – one of three discovery zones we identified during the program.

I recommend you check out the press release for the highlights and additional technical details and also wanted to take this opportunity to comment on the Winter drill program as a whole. We started with just four holes and, with an 80% drill target success rate, we have expanded this to three Discovery Zones along an 800m strike length which is open in all directions. Each of the Discovery Zones is at shallow depth and assays to date have confirmed wide, high grade intercepts.

Fantastic results, yet I feel this is just the start for PLS. Our geo team, led by our President, COO and Head Geologist, Ross McElroy, has put in a tremendous amount of work at PLS. Their efforts date back prior to the high grade boulder discovery in 2010  when Mr McElroy’s investigation of the property first led him to believe this was a project that had serious potential.

Since then, in our capacity as the operators, Fission has driven PLS forward to its current position as an emerging major discovery and the success of the Winter drill program speaks volumes about the work and dedication of Mr McElroy and our geo team. I’m sure you can imagine how pleased they are with the program results and their enthusiasm for the upcoming Summer drill program.

As ever, please get in touch with any questions and be sure to connect with us on Twitter and LinkedIn for company updates.

Dev Randhawa

More high grade uranium at PLS… a lot more

In case you missed our latest press release, another batch of assays have come in from R00E Zone at PLS and include some great figures. You know, when you get results like this and you’re prepping the news release, it can be hard to decide on what to highlight first. The release we sent out had included the following figures in the title: 23m of High Grade Uranium including 2m of 12.4% U3O8. Yet we could just as easily have used 37.5m of High Grade Uranium including 13.0m of 1.97% U3O8.

The figures are from different holes in the same zone and both tell a story of high grades from the wide intercepts we’ve encountered at PLS. Each of the three discovery zones has continued to impress and excite as results have come in and while we are now at the end of the Winter drill season, preparations for next program are already well underway.

The full highlights are below:
• Hole PLS13-037 (line 025W) intersected multiple intervals of mineralization totaling 23m including:
  o 7.5m grading 2.25% U3O8 (71.0m-78.5m)
  o 2.0m grading 6.31% U3O8 (105.0m -- 107.0m)
  o 2.0m grading 12.4% U3O8 (120.0m -- 122.0m)
• Hole PLS13-027 (line 025W) intersected:
  o 37.5m (61.0m-98.5m) grading 1.17% U3O8, including:
  o 13.0m of 1.97% U3O8 (78.0m -- 91.0m)
• Hole PLS13-029 (Line 025W) intersected:
  o 30.0m (63.0m-93.0m) grading 0.76% U3O8, including:
  o 3.5m grading 3.57% U3O8 and a further 3.5m grading 2.08% U3O8

Be sure to get in touch with any questions and connect with us on Twitter and LinkedIn.

Dev Randhawa

Latest step-out results double strike length

Our latest drill results at PLS have hit yet more off scale radioactivity and doubled the strike length of the R390E zone – one of the three discovery zones at our PLS property. I recommend checking out the latest press release  for the full details.

All four holes intersected off-scale radioactivity within broader zones of significant mineralization and two of the holes (PLS13-061 and PLS13-066) have extended the high-grade mineralized section of the zone 15m to the west and 15m to the east respectively. This zone has now been delineated with 9 drill holes and importantly, it remains open in all directions.

As you know, we’re still in the process of an active exploration program including 9,000m to 10,000m of drilling and are taking maximum advantage of the existing winter ice. The entire drill program has, in my opinion, been a huge success – as can be seen from the tremendous news flow that we’ve experienced over the last couple of months. With each new set of results our PLS discovery has made another big leap forward – providing shareholders with increasing value as we get closer to the finalization of the Denison deal and the launch of the SpinCo – Fission Uranium Corp.

I’ve pasted in the latest drilling highlights below and again, recommend that you check out the release
• Holes PLS13-061 and 066 have doubled the strike length of the high grade core as intersected in holes PLS13-038, 051 and 053 to 60m.
• PLS13-066 (L420E) intersected 64.0m of weak to strong mineralization (81.5m – 145.5m) with a total of 5.57m of off-scale (>9999 cps) radioactivity
• PLS13-061 (L360E) intersected four mineralized radioactive intervals (76.5m – 140.0m) ranging in strength from weak to strongly radioactive and in width from 1.0m to 30.5m, including a 30.5m of  interval ranging from weak to strong mineralization (109.5m – 140.0m) with a total 4.13m of off-scale (>9999 cps) radioactivity

As ever, please don’t hesitate to get in touch with any questions and be sure to connect with us on Twitter and LinkedIn for the latest updates.

Dev Randhawa

Fantastic assay results at PLS

And the assay results are… 34m of 4.92% U3O8, Including 12.5m at 12.38%. When it comes to uranium these are huge results and they really do underline why all eyes are on Fission and PLS! You can read the press release here.

If you’ve been following the PLS story you’ll know that the first hole drilled on the R390E zone (hole PLS13-038) had the sort of scintillometer results that made industry observers sit up and stare and below you’ll find the assay results for that hole.

Our team was confident that we would have grades this high but it’s always satisfying to see the results come in. Here’s what Ross McElroy, our President and Head Geologist and the driving technical expertise behind PLS since  we first started working on it in 2008, had to say: “High grades, wide intercepts, shallow depth – the three critical elements of successful mineral exploration. The Winter program, which is still ongoing, continues to enjoy phenomenal success and we will continue to share results as soon as they come in."

Here are the drill result highlights and please don’t hesitate to get in touch with any questions.

Composited drill hole mineralized intersections for PLS13-038 returned two broad zones of uranium mineralization:

UPPER URANIUM ZONE = 34m (87.0m – 121.0m):
• 34.0m @ 4.92% U3O8;
• Includes 12.5m @ 12.38% U3O8
LOWER URANIUM ZONE = 17.5m (126.5m – 144.0m)
• 17.5m @ 0.96% U3O8;
• Includes 5.5m @ 2.07% U3O

Dev Randhawa

Ten holes – ten hits. PLS Discovery Zone extended to 80m

In case you missed our latest press release, ten additional step-out drill holes in the R00E zone at PLS have intersected anomalous radioactivity, with 8 holes intersecting significant mineralization including 6 holes intersecting variable amounts of off-scale radioactivity.

 The R00E zone has now been traced for >80m of strike length at shallow depth from PLS13-049 (L060W) to the west to PLS13-052 (L015E) to the east, and up to 50m wide (L025W). The zone remains open along strike and width and drill continues.

I recommend you read the release for the full technical details but for now, here are the highlights:

*PLS13-052 (L015E) intersected 31.5m of weak to strong mineralization with 5.95m of off-scale (>9999 cps) radioactivity: mineralization starting at 62m
*PLS13-043 (L040W) intersected 26.5m of weak to strong mineralization with 4.63m of off-scale (>9999 cps) radioactivity: mineralization starting at 63m
*PLS13-041 (L040W) intersected 19.0m of weak to strong mineralization with 4.15m of off-scale (>9999 cps) radioactivity: mineralization starting at 63m

Dev Randhawa

780 Meter Step Out uncovers 3rd high grade discovery zone at PLS

A step out hole drilled 780m East of the original discovery at PLS has hit off-scale radioactivity to give us yet another Discovery Zone. You can check out the press release for the full details. This is the 3rd high grade zone we’ve discovered at PLS and we’re still only partway through the drill program.

You know, as the CEO of an exploration company, you sometimes have to take a step back and shake your head in wonder and here’s why:

As you know, Denison is acquiring a large portion of Fission’s properties and as part of the deal we’ll be spinning out a NewCo called Fission Uranium Corp. Existing Fission shareholders will get 0.355 shares of Denison and 1 share of Fission Uranium Corp. per share of Fission owned.

When we originally came to agreement with Denison we knew this would deliver great value to Fission shareholders. Denison is going to be in a phenomenal position and Fission Uranium Corp would be starting out with $15m in the bank, the same management and head geo that build Fission and a selection of highly prospective properties including the PLS discovery which, at the time the deal was made, was at an extremely early stage.

What’s changed is that with Fission Uranium Corp. existing Fission shareholders are not just going to be a part of some highly prospective assets, they are going to have a rapidly expanding high grade discovery in their pocket and the cash to develop it….

Don’t hesitate to get in touch with any questions and be sure to connect with us on Twitter and LinkedIn.

Dev Randhawa

The hits keep coming! Another 18.9m Total "Off-Scale" Radioactivity Within 67.0m of Mineralization at PLS

Based on the amount of news we’re putting out these days I imagine you’re probably keeping a pretty close eye on our press releases and Twitter feed, however, in case you missed the latest news release Fission has drilled yet another fantastic hole at PLS, specifically from delineation drilling in the recently discovered R390E zone. 

At 18.9m of off-scale (>9999 cps) mineralization, PLS13-053 represents the largest accumulation of discrete off-scale mineralized intervals in any drill hole on PLS property to date. From a technical perspective, I think our COO and Chief Geologist Ross McElroy says it best: “We are still in the early stages but we now have drill results from three very substantial holes. We are on to a significant zone of mineralization and we continue to work at defining and expanding upon what we have found."

Exciting times, no doubt about it. The team is working flat out to move this discovery forward and it’s great to see their efforts rewarded with this level of results.  Of course, when Fission Energy completes its deal with Denison shortly, PLS will be operated by Fission Uranium Corp rather than Fission Energy, however, since the same management team and head geo will be running the Fission Uranium Corp (it’s being spun out of the Fission/Denison deal), I’m sure you’ll agree that the emerging discovery will to be in good hands! If you’re not up on the latest info regarding the deal and the spinout – Fission Uranium Corp, please take a look at my blog post of March 7th. 

Please don’t hesitate to get in touch with any questions and be sure to connect with us on Twitter, LinkedIn and sign up for email updates.

Dev Randhawa

Another great PLS strike for Fission: 13.89m of “Off-Scale” Radioactivity in 53.0m of Mineralization

Yet another great hit in a succession of strong (some might say superb…) results as our PLS drill program continues. Please check out the press release for the full details. If you’re in a rush then here are the headlines:

*53.0m interval of continuous mineralization
    *including 11.5m of continuous “off-scale” radioactivity (>9999 cps)
    *the sum of discrete intervals of “off-scale” radioactivity total 13.89m
    *>26% of the interval measure “off-scale”.
    *Located 15m grid east of PLS13-038 (see news release dated Feb. 19, 2013) in which mineralization was found over 57.5m. 11.65m of which was “off-scale”.

In addition delineation drilling in the R390E area, PLS13-044 drilled 10m north of PLS13-038 intersected a total 34.0m of mineralization in four discrete zones of weak to moderate, and locally strong mineralization including a narrow (0.1m) interval of “off-scale” radioactivity totaling 3.0m.

The team and I continue to be thrilled at the way PLS is progressing. Such great results confirm the tremendous starting position that our NewCo (Fission Uranium Corp) will have when it spins out following the completion of the Fission/Denison deal.

Here’s what Ross McElroy, Fission’s President, COO, and Chief Geologist had to say, "PLS13-051 extends the strike length of R390E’s broad zone of mineralization, which includes significant amounts of off-scale radioactivity, initially discovered in PLS13-038 15m to the west. We are focusing our efforts to define this area as we target drilling around these holes that have returned such excellent results.”

I recommend you check out the release itself and please get in contact with us right away with any questions. Be sure to also follow our Twitter feed and connect with us on LinkedIn.

Dev Randhawa

Fission and Denison sign definitive agreement

If you didn’t catch our latest press release, we have now signed a definitive agreement with Denison regarding the sale of a large portion of Fission’s assets to Denison and the subsequent spin out of Fission Uranium Corp – the NewCo that will emerge with PLS as its flagship property. Fission shareholders at the time of the deal’s close will own shares in both companies. This definitive agreement replaces the binding letter of agreement that we announced in January.

I’m thrilled about this deal as I feel strongly that it delivers a number of solid benefits to the shareholders of both companies, specifically:

*Substantial value offered to Fission shareholders for the Assets
*The opportunity for Fission shareholders to simultaneously be a part of the NewCo (Fission Uranium Corp) with its extremely prospective Western Athabasca exploration portfolio (including the growing discovery at PLS) and the impressive assets of Denison, which include several advanced exploration properties plus an interest in the McClean Lake mill
*Fission Uranium Corp will be very well funded
*Fission Uranium Corp will continue forward under the leadership of the same successful management team that developed Fission
*Further solidifies Denison as the consolidator of strategic assets in the Athabasca Basin, to the benefit of both sets of shareholders

The press release includes a number of legal and technical details and I recommend you take the time to read through it. In the meantime, we continue to push forward with our drill programs and as you’ll know from recent press releases, we’ve been enjoying enormous success at PLS which as I’ve mentioned will become the flagship property of Fission Uranium Corp when it spins into existence upon completion of the deal with Denison.

As always, please get in touch with any questions and be sure to connect with us on Twitter and LinkedIn.

Dev Randhawa

China and Nuclear Energy

China Wants Nuclear Reactors, and Lots of Them… that’s the title of a recent article in Business Week and personally I think it’s spot on.

The country currently has 29 reactors under construction, another 51 planned and a whopping 120 reactors proposed. In other words, it’s not only a major user of nuclear energy (sixteen operating reactors), it plans to be the leader in nuclear energy and related technology full stop.

Quite aside from the sheer number of reactors on the way, China is pushing forward with new and innovative designs such as pebble- bed reactors which will bring dramatic increases in the amount of energy a reactor can generate. Operating nuclear reactors already deliver the most cost-efficient high-base load energy available but it’s great to see the industry pushing forward in the quest for even better designs and results.

Take a look at the article. I think you’ll agree with me that China’s nuclear energy plans are good for China, good for the nuclear industry and great for the uranium sector.

Dev Randhawa

Drilling at PLS Expands Lakeshore Zone Width to >50m with High Grade Mineralization

If you’ve not seen our latest release, we just announced another round of results from our drill program at PLS. We’ve completed an additional ten holes, seven of which are mineralized (highlights below). Our aim is of course to expand the initial discovery zone while exploring additional zones of interest and you’ll be pleased to hear that this approach is definitely bearing fruit.

Drilling Highlights include:
* Expansion of the flat-lying, shallow depth lakeshore mineralized zone on L025W to >50m width north-south
* PLS13-029 (L025W): 34.0m interval of continuous mineralization; including discrete intervals totaling of 1.88m of “off-scale” radioactivity (>9999 cps)
* PLS13-031 (L025W): 26.0m interval of continuous mineralization; including discrete intervals totaling 1.54m of “off-scale” radioactivity (>9999 cps)
* PLS13-035 (L010W): Two intervals of continuous mineralization of 9.5m wide each; including discrete intervals totaling 0.85m of “off-scale” radioactivity (>9999 cps)
* Alteration and associated weak mineralization on 100m east on-trend step-out show potential to host high grade mineralization along strike to the east

Here’s what Ross McElroy, Fission’s President, COO, and Chief Geologist, had to say "Drilling continues to expand the impressive initial zone of mineralization at PLS and is already developing the potential of a new mineralized zone 115m to the east. Our technical team is working flat out to process the data we are receiving as drilling progresses in order to optimize the ongoing program."

I recommend you check out the release itself  and please get in contact with us right away with any questions. Be sure to also follow our Twitter feed and connect with us on LinkedIn.

Dev Randhawa

Cameco anticipates Japan will restart six to eight units by end of year

Interesting article in the Financial Post recently: Cameco’s tax issues offset by improving prospects in Japan. The article kicks off with an observation about Cameco paying off the CRA (Canada Revenue Authority) but what interested me was the following paragraph:

On the fourth quarter conference call, Cameco’s management stated that Japan is no longer deferring uranium deliveries or asking the company to buy its material. They also said utilities are spending heavily on reactor upgrades – as much as $13-billion so far – and anticipate six to eight units will restart by the end of 2013.

A lot of people are still waiting to see what’s going to happen with Japan this year. I think a comment like this from the largest uranium producer in the world is a pretty strong indication of where things are headed.

Dev Randhawa

Fission hits 57.5m of Mineralization With 11.65m Off-Scale on-strike step-out

If you’ve not yet read our latest press release, further step-out drilling at the Patterson Lake South (PLS) property has delivered a 57.5m band of strong mineralization that includes 11.65 off-scale radioactivity on 385m On-Strike Step-out.

Here are the key highlights:

• Two main wide broad zones of mineralization (Upper and Lower Zone), as measured with a GR-110 hand-held scintillometer;
• Upper Zone (86.5m – 144.0m) - A 57.5m wide zone characterized by variable radioactivity from weak to very strong throughout.
• Of particular note within the Upper Zone is a continuous 11.9m wide interval (94.9m – 106.8m) of very strong mineralization which includes 10.6m of off-scale radioactivity.
• Lower Zone (165.0m – 180.5m) – A 15.5m wide zone characterized by intermittent weak to locally moderate mineralized zones and barren intervals.

I strongly recommend you check out the release as it has a comprehensive overview of progress to date. Suffice to say, the Fission team and I are thrilled at the way things are progressing.  Ross McElroy, our President, COO and head Geo had this to say:

"Such broad mineralization at shallow depth, and with such a large zone of off-scale radioactivity, is extremely encouraging. It’s particularly exciting considering this is coming so soon after our earlier high grade hits and we are still only a small way into the Winter drill program ."

Take a look at the press release and please get in contact with us right away with any questions. Be sure to also follow our Twitter feed and connect with us on LinkedIn.

Dev Randhawa

Fission COO discusses plans for NewCo's flagship in 2013

Fission Energy stakes additional ground south of PLS discovery

If you’ve not seen our latest press release, we’ve just staked three additional claims south of our Patterson Lake South (PLS) project.  The claims will be added to our Patterson Lake property, located immediately north of PLS which is owned 100% by Fission.

The three new claims comprise a total area of 11,535.39ha and part of Fission’s objective to stake highly prospective ground where the target depth of uranium mineralization is expected to be shallow, as is the case with its PLS and the 100% Fission-owned Patterson Lake property immediately to the north.

An updated map showing the additional claims for the Patterson Lake property can be found here

As you know, our discovery at PLS is expanding quickly and we are confident that focusing on the underexplored Western end of Canada’s Athabasca Basin will result in continuing success for Fission and, once the deal with Denison Mines is complete, for NewCo. If you’re not up to speed on the Denison deal, I strongly recommend you check out some of my earlier posts as well as our recent press releases.

As always, please get in touch with any questions and be sure to connect with us on Twitter and LinkedIn in order to stay up to date with Fission news and industry comments.

Dev Randhawa

Fission COO on plans for 2013

NewCo’s management and technical team

In April of this year – just two months from now – Fission will complete the sale of its Eastern Athabasca portfolio and Namibia property to Denison and will spin out a NewCo. With over $15million in the bank, a new discovery and highly prospective land package in the Athabasca Basin, NewCo will obviously be off to a great start. However, who exactly will be running NewCo?

The answer is the same management and technical team who built Fission, including myself (Dev Randhawa) and Ross McEloy  For those unfamiliar with us, here’s a quick overview:

Dev Randhawa Executive Profile

Dev Randhawa is an experienced senior manager with broad international experience in developing resource, mining exploration and energy companies.

Since 2007, Dev Randhawa has remained the Chairman and CEO of Fission Energy Corp., which has focused on uranium exploration in Saskatchewan. Mr. Randhawa founded Strathmore Minerals Corp. in 1996 and remained CEO until September 2008. Fission Energy was spun out of Strathmore Minerals in 2007. In 2006, Mr. Randhawa founded Pacific Asia Energy Inc. He was President and CEO until its sale to Green Dragon Gas wholly owned subsidiary, Greka China Ltd, for 35.18 million in 2008.

In 2011 Fission Energy was named a TSX Venture 50(r) Company. "The TSX Venture 50(r) are the top 10 companies listed on the TSX Venture Exchange, in each of the five major industry sectors - mining, oil & gas, technology & life sciences, diversified industries and clean technology - based on a ranking formula with equal weighting given to return on investment, market cap growth, trading volume and analyst coverage. All data was as of December 31, 2010."

Dev Randhawa received a Bachelors Degree in Business Administration with honours from Trinity Western College of Langley, British Columbia in 1983 and received his Master in Business Administration from the University of British Columbia in 1985.

Ross McElroy Executive Profile

Mr. McElroy is a professional geologist with over 22 years of experience in the mining industry. He has experience with working and managing many types of mineral projects from grass roots exploration to feasibility and production.

Mr. McElroy has held previous positions with both major and junior mining companies, which include BHP Billiton, Cogema Canada (now AREVA), and Cameco. He was a member of the early stage discovery team of the MacArthur River uranium deposit.

Mr. McElroy received a Bachelor's Degree in Science, with a Specialization in Geology from the University of Alberta in 1987. Mr. McElroy is a registered professional geologist in Alberta, Saskatchewan and Nunavut/Northwest Territories.

Dev Randhawa

A look at NewCo’s property portfolio

Just two months from now, Fission shareholders will be part of NewCo as it leaps into existence with Fission’s management team at the helm, over $15 million in cash, a new discovery and an exciting portfolio on the Western edge of the Athabasca.

I’ve previously blogged about the value of the deal as well as NewCo’s management team. Now I’d like to take a moment to cover PLS in more detail since it will be NewCo’s flagship. Fission has recently announced a new $4million drill program at PLS but to bring you up to speed, here is the write up from our property overview page:

PLS (Paterson Lake South)
PLS Joint Venture: Fission Energy 50% / Alpha Minerals 50%.
"This is a potentially large, high grade, unconformity style, basement hosted uranium deposit - much like Roughrider, Millennium or Eagle Point Mine." David Talbot, Dundee Securities

Discovery and Property Highlights:
• High grade, shallow depth uranium discovery
• High grade boulder field
• Boulders assayed up to 40%
• Aggressive drill program in place

2012 Fall Exploration Program
"Fission has been aggressive in its exploration methodology, a trait that we believe investors are looking for from exploration companies located in the world's highest grade uranium camp." David Talbot, Dundee Securities

Continued ground investigations during the Fall 2012 program resulted in the significant expansion of the high-grade uranium boulder field discovered in 2011. Seventeen of 40 radioactive boulder samples demonstrated "off-scale" radioactivity (> 9,999 cps), extending the area a further 2.35km to the south-west as well as 0.8km to the west.

A 9-hole 1632 core drilling program (PLS12-017 to PLS12-025) commenced at the Patterson Lake South property in November 2012. A 6.0 m wide interval of high grade mineralization with massive visible pitchblende in veins (up to 21cm wide), blebs and flecks was intersected in the discovery drill hole PLS12-022, located approximately 3.8 km northeast of the high grade boulder field. Subsequently step-out hole PLS12-044 intersected a 13.0m wide interval of strong mineralization, including intermittent intervals, totaling 2.14m of off-scale (>9999 cps) radioactivity. PLS12-025, collared 10m north of hole PLS12-024, intersected a 22.5m wide interval of strong mineralization including a narrow band of off-scale (>9999 cps) radioactivity. In each case, the mineralization occurs at shallow depth in basement rocks.

Composited drill hole mineralized intersections include:
• Hole PLS12-024: 18.0m @ 1.78% U3O8 from 65.0m to 83.0m
• including 12.5m @ 2.49% U3O8
• including 3.5m @ 4.33% U3O8
• including 0.50m @ 11.1% U3O8
• Hole PLS12-022: 8.5m @ 1.07% U3O8 from 70.5m to 79m
• including 2.5m @ 2.63% U3O8
• Hole PLS12-025: 22.5m @ 0.4% U3O8 from 60.5m to 83.0m
• including 4.03m @ 0.85% U3O8
• Hole PLS12-023: 9.5m @ 0.27% U3O8 from 66.5m to 76.0m

The PLS property page has more detailed information including maps and I encourage you to visit it. As always, please get in touch with any questions.

Dev Randhawa

PLS Discovery Gathers Pace - 2nd Step-Out Hole Hits 37m of Continuous Mineralization, including total of 4.35m Off-Scale Radioactivity

If you’ve not seen our latest press release, the new drill program at PLS is already showing fantastic success and we’re only just at the start of the program! As you know, we announced a shallow depth, high grade discovery there in Nov 2012 and last month we began a $4 million drill program. The first two holes of the program were drilled at a 15m step-out to the west of hole PLS12-024 (12.5m @ 2.49% U3O8: see news release dated Nov. 12, 2012) with the following results:

• PLS13-027 - 37.0m continuous mineralization; total intervals >9999 cps – 4.35m
• PLS13-026 - 21.0m continuous mineralization; total intervals >9999 cps - 0.75m

Technical Highlights include:

• Hole PLS13-027: 37.0m wide interval of well-developed mineralization (60.5 – 97.5m) including intermittent intervals totaling 4.35m of radioactivity >9999cps. PLS13-027 was drilled 15m grid west of hole PLS12-024 and 10m grid south of PLS13-026.
• Hole PLS13-026: 21.0m wide interval of strong mineralization (63.0 – 84.0m) including intermittent intervals totaling 0.75m of radioactivity >9999cps. PLS13-026 was drilled 15m grid west of PLS12-024

As was the case with previous drill results from the fall 2012 program (holes PLS12-022, 023, 024 and 025), the mineralization occurs at shallow depth in basement rocks. The strongly radioactive intervals occur within a broader region of moderate radioactivity that extend above the Archean basement into the overlying sandstone and extends downward into the basement.

Please check out the full press release for further details.

Dev Randhawa

Understanding the value of the Denison deal

One share in Fission is going to deliver 0.355 shares in Denison and 1 share in NewCo.  That translates into:

Dev Randhawa

FIssion COO on what investors will get from the deal with Denison

Why the Western Athabasca

As part of the Denison/Fission agreement, Denison will be acquiring Fission’s Athabasca Basin properties with the key exceptions of PLS and two other properties located in the Western rim of the Basin. These three properties, along with Fission’s Peru properties will form the portfolio of NewCo, the company being spun out as a result of the deal.

Let’s take a look at Western Athabasca. PLS is obvious – we have a brand new, shallow depth high grade discovery there. But what about Paterson Lake and North shore which are also on the Western side and will be spun out with PLS? Well the interesting fact about the Western edge of the Basin is that’s where the first major (and I mean major) discoveries were made including Cluff Lake and they shared the common characteristics of high grades at shallow depth – sound familiar? Once these deposits were mined out, the geo teams moved further into the Basin on the assumption that the Western edge had given all it had.

They were wrong. PLS is proof of that, as is the UEX discovery at Shea Creek and we feel strongly enough about our other two properties there that we’ve recently staked even more ground (and I can tell you we’re not the only ones doing that…). The West is back in favour in a big way and NewCo will be the leading explorer there.

Dev Randhawa

Fission COO and Head Geo discusses the Denison Deal

Plans for PLS

A $4million drill program got underway this month to expand the new discovery make at our PLS property in November. If you missed the news back, I really recommend you check out the press releases and my blog posts at that time.

In short, we had been hunting for the source of a large, particularly high grade boulder field that we had discovered at PLS and confirmation came when every one of the last four holes of our Winter 2012 drill program hit high grade uranium at shallow depth.

So, a $4million drill program at the most exciting new discovery to be made in the Athabasca in recent times but what next?

Well in case you don’t already know, PLS will be the flagship of the NewCo that is being spun out of the Denison/Fission deal. I’ll be heading up that company and taking the hugely successful Fission geo team and management team with me along with approx.. $18 million in cash.

While NewCo will also have other Western Athabasca properties and a great land package in the emerging uranium district of Macusani in Peru, we are going to be fully focused on using our highly experienced (and successful) geo and drill teams to develop PLS. The geology present there – with high grades and shallow depth – is a geologist’s dream and I expect to be sharing a lot of news about our progress there as time passes. Watch this space

Dev Randhawa

Fission COO and Head Geo sums up 2012 for Fission and investors

NewCo: The most exciting new uranium junior to emerge in the Basin

As you are all aware by now, Denison has signed a binding letter of intent to acquire a selection of Fission’s properties, including Waterbury Lake, the Easterm Athabasca properties and our part of the Namibia Dome JV (with Rio) in Namibia.

What Denison is not acquiring are Fission’s Westerm Athabasca properties, foremost of which is PLS, which you may know by its full name of Patterson Lake South.  Denison is also not acquiring approx. $18 million that Fission will have in cash and in fact, they’ll be paying Fission back for any money spent on Waterbury Lake between now and April when the deal will be finalized.

So, what happens to Fission’s Western properties, PLS, approx. 18 million in cash and a very attractive land package in Peru’s Macusani region? It becomes part of NewCo – a spinout run by the same management and geo team that made the Waterbury Lake and PLS discoveries….

I’ve been successfully running uranium exploration companies for a number of years now and I can tell you that PLS is one of the most prospective properties out there right now. If you check out the press releases and my blog posts in Nov and Dec you’ll see what I mean:

A shallow depth, high grade discovery and we’ve only just scratched the surface of PLS. And with a serious chunk of money in the bank and a head Geo (Ross McElroy) who’s been instrumental in five of the last nine major uranium discoveries in the Athabasca, NewCo is already extremely well-positioned – something that current Fission shareholders are going to be very pleased about when NewCo spins into existence at the end of the Denison deal and they receive one share for every FIS share held.

Dev Randhawa

Denison to acquire Fission : Reasons why you should be excited

If you didn’t catch the press release this week, Denison Mines (DML CN) has announced the signing of a Binding Letter of Intent to acquire Fission. The release has the full details but I wanted to share my opinion.

Why I Like This Deal: 
1. We are increasing Fission shareholder value in a volatile market
2. This is a chance for Fission shareholders to be part of a great company (Denison)
3. It’s a win for Denison (and therefore for Fission shareholders) because:

     One - the addition of the aforementioned Fission assets gives Denison an incredible portfolio in the Athabasca Basin – the world’s leading source of high-grade uranium.
     Two - Fission’s Waterbury lake is the proven extension of Rio Tinto’s Roughrider deposit (acquired during the takeover of uranium explorer Hathor) and not only would Rio appreciate extending  this ore-body but Rio will also require a mill and Denison owns 25% of the McLean Lake mill.
     Three - Kepco (the Korean Energy Company, in addition to holding 14.92% of Denison, also owns the other 40% of the Waterbury JV with FIS.

What the Media is NOT saying:
The media has focused on the Denison shares that Fission shareholders will receive but they don't realize the incredible value that NewCo will have and that, in my opinion, is one of the most compelling parts of the deal:
1.  NewCo will have $18m in cash and Denison will repay Fission any money spent on Waterbury between now and the closing of the deal
2.  NewCo will have 50% of PLS (one of the most exciting new discoveries  to occur in the Basin)
3.  NewCo will have three other properties in Western Athabasca
4.  NewCo will have one of most experienced  and successful management and geo teams in the uranium exploration business. 

Dev Randhawa

PLS update: $4 million drill program to define and expand recent discovery

Having two discoveries under our belt means it’s definitely exciting times for Fission. We announced a new $5.5m drill program for our Waterbury Lake property earlier this month and now it’s time for PLS.

We’re starting a $4.0m winter drilling program for PLS in mid-January and as you can imagine, we are laser-focused on the recent high-grade uranium discovery we made there at the end of 2012.

Here’s what Ross McElroy,Fission’s President, COO, and Chief Geologist had to say, "Our success at PLS during the previous twelve months of exploration, particularly with the last drill program, means we have a very clear goal. Every one of the last four holes of in the Fall 2012 program identified high grade uranium at shallow depth so our aim here is the further delineation and expansion of that discovery.”

I encourage you to read the full release which covers the key technical details. Be sure to get in touch with any questions, as well as connect with us on Twitter, LinkedIn and YouTube (all links on the Fission homepage) to stay up to date with company and industry news.

Dev Randhawa

China: the build out continues

The World Nuclear Association (WNA) recently reported that a new reactor in China (at the Ningde nuclear power station in Fujian province) has started supplying power to the grid, 58 months after construction start.  The Ningde power station will ultimately have six reactors, four of which will come on line to 2015.

This brings the number of operating reactors in China up to 16, with a further 29 under construction, 52 planned and 120 proposed. There are a couple of important points worth bearing in mind when you consider China’s energy plans.

Firstly, the Chinese don't have elections which means, unlike Japan, Korea or Germany for example, China’s energy strategy is based on common sense while other governments must temper the need to secure the right energy mix with the need to get reelected.

The second is that China is by no means the only country aggressively adding nuclear to its energy mix but, as these impressive figures show, it’s the bell weather for the nuclear energy industry and right now the forecast is most definitely growth.

Dev Randhawa

$5.5million, 60 hole drill program announced for Waterbury Lake

If you’ve not seen today’s press release, I’m excited to tell you that we’ve announced a major drill program of 21,000m over 60 drill holes for Waterbury’s Winter 2013 exploration program.

As you would expect, the main focus will be to continue expanding the J Zone’s high grade unconformity mineralization, in addition to the basement mineralization found throughout, particularly in the western part of the J-Zone.

The press release covers the technical detail of the program but to summarize: we’ll be using three drills to test the J Zone in three key areas with a grid drilling program to systematically expand the areas of proven mineralization.

You can find an updated map highlighting the planned 2013 winter drill program, in addition to the final results of the summer 2012 program on the Waterbury project page.

Dev Randhawa

PLS Update: Assay results confirm 54% of boulders over 10% U308

If you haven’t seen our latest press release I’m delighted to confirm we now have the assay results from the boulder prospecting and survey program at PLS. 37 boulders, ranging in size from 1cm to 45cm were reported, with half of them returning grades over 10% U3O8. The highest grade assayed at a huge 40%.

To put the figures into greater perspective, the world average grade for uranium is a mere 0.2% U308….
The press release contains more detailed information on the announcement but in the meantime, here are a few points regarding its significance:

The recent results have not only expanded the high-grade uranium boulder field in the immediate vicinity, they’ve also identified new areas to the west and south-west by up to 800m and 2.5km respectively. We believe that this large distribution of mineralized boulders discovered to the south-west may represent debris from more than one mineralized source from the up-ice direction.

As you’ll know if you caught the news about our successful drill results last month at PLS, advanced planning for a new and aggressive drill program during the winter 2013 field season is in progress. The primary focus will be expanding the shallow depth, high-grade uranium discovery announced in drill holes PLS12-(022 to 025) (see news release Dec 05, 2012).

This is a very exciting time for Fission and PLS so be sure to stay with us while we look to build on the extremely successful end to our 2012 activity as we enter 2013. Please get in contact with any questions and be sure to follow us on Twitter (@FissionEnergy) and LinkedIn to keep up with the latest updates.

Dev Randhawa

An end to out of control costs and emissions? Japan’s PM declares wish to build more reactors

Japan’s new PM, Shinzo Abe, made it clear during an interview on Sunday with television network TBS that he is in favour of building new reactors, stating that "new reactors will be totally different from the ones built 40 years ago -- those at the Fukushima Daiichi plant that caused the crisis," and that "We will be building them while earning understanding of the public as to how different they are." You can read coverage of the interview here.

By getting Japan’s nuclear energy industry moving again with new builds and restarts Shinzo Abe, whose party won the recent election by a landslide, will be able to put an end to out of control energy costs and carbon emissions in Japan. As many observers have highlighted, Japan simply cannot sustain the vast economic and emission costs brought on by using fossil fuels in place of nuclear energy and the new PM clearly plans to resolve the problem the right way.

Great news for Japan. Great news for the nuclear energy industry.

Dev Randhawa