Fission Uranium Corp.

Fission Uranium Corp.

Type	Public
Traded as	TSX: FCU, OTCQX: FCUUF
Industry	Uranium mining
Founded	2013
Founder	Dev Randhawa
Headquarters	Kelowna, Canada
Key people	Chairman and Chief Exec. Officer Mr. Ross E. McElroy P.Geol. B.Sc., President, Chief Geologist, Chief Operating Officer, Director and Chairman of Disclosure Committee Mr. Paul Charlish Chief Financial Officer Mr. Raymond M. Ashley B.Sc., P. Geophysics[1]
Number of employees	39 (2016)
Website	fissionuranium.com

Fission Uranium Corp. is a mineral exploration company. It is engaged in the exploration and development of uranium assets. Its sole project is the Patterson Lake South (PLS) Project located in Canada's Athabasca Basin District.^[2]

History

Fission’s history can be traced directly to Strathmore Minerals Corp., which was founded in 1996 by Dev Randhawa.^[3] Under the leadership of Mr. Randhawa, Strathmore Minerals spun out a company called Fission Energy Corp in 2008,^[4] at which time Mr. Randhawa left Strathmore to run Fission Energy. Ross McElroy, joined Fission Energy and led the company’s technical team to its first major discovery: the J Zone at Waterbury Lake in Saskatchewan’s Athabasca Basin.

A second discovery, at PLS in the Athabasca Basin, was made in November 2012. In 2013, Fission Uranium Corp. was spun out of Fission Energy by the management team run by CEO and Chairman, Dev Randhawa, and company President and COO, Ross McElroy, after a deal was made with Denison Mines Corp to acquire all assets except PLS.^[5] In January, 2015, Fission Uranium announced a major resource estimate in the indicated and inferred categories which, at that time, was the largest undeveloped resource in the Athabasca Basin region.^[6]

In Fall 2015, Fission Uranium became embroiled in a dispute with a small group of dissident shareholders over an attempted merger with Denison Mines Corp. The deal was opposed by some of the company’s shareholders, who went on to stage an attempted ‘proxy fight’ ^[7] The attempt failed and Fission’s incumbent board of directors received an overwhelming majority of the shareholder vote, which saw the largest shareholder voting numbers in Fission’s history.^[8][9]

In January 2016, Fission Uranium Corporation entered into an agreement with Hong Kong based utility subsidiary CGN Mining, which took a 19.9% share in the company and purchased up to 35% of annual production from the Patterson Lake South project for the investment of $82 million at a price of $0.85.^[10]

Operations

The PLS project is Fission’s core asset and is host to the Triple R deposit, the undeveloped uranium deposit in Canada's Athabasca Basin District.^[11] The property consists of around 17 contiguous claims totaling over 30,000 hectares located approximately 550 kilometers north-northwest of the city of Prince Albert and 150 kilometers north of the community of La Loche. The PLS Property is located within the Mid-Boreal Upland Ecoregion of the Boreal Shield Ecozone.^[12]

Awards

Fission Uranium and its management and technical teams have won a series of awards since its founding. These include: The Northern Miners “Mining Person/s of the Year, 2013”,^[13] PDAC’s “Bill Dennis Award for a Canadian Discovery and Prospecting Success, 2014”^[14] and The Mining Journal’s “Exploration of the Year, 2015”.^[15]

References