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
