Resource World Magazine

Ben Ainsworth, President & CEO, Alpha Minerals in a soil gas survey adjacent to Highway 955. The recovery of assessment reports, describing this, flagged an area of priority for further work which included airborne radiometric and magnetic surveys. It was surface prospecting, that followed up from a (patent-pending Fission Uranium/SPI Inc.) high-resolution airborne radiometric survey, that discovered the high-grade uranium boulders. Boots on the ground found high-grade uranium boulders believed to be sourced to the northeast (the most recent up-ice direction) within the Patterson Lake conductor corridor. Staking by ESO Minerals Inc. and Strathmore Minerals Corp. in 2007 as a 50/50 JV (which companies later morphed to become Alpha Minerals Inc. and Fission Uranium Corp.) became the basis of one the most successful exploration ventures in Saskatchewan in recent years. The Patterson Lake South Project The PLS property comprises 17 contiguous claims totaling 31,039 hectares. The property is accessed by way of the all-weather gravel Cluff Lake Mine Road (Saskatchewan Highway 955) that traverses north-south through the property. The major support centres are Prince Albert 660 km south and Fort McMurray 175 km west from the property. In September of this year the companies signed a definitive arrangement agreement to which Fission will acquire Alpha and its primary asset, the 50% interest in the Patterson Lake South JV. Alpha shareholders will receive 5.725 shares of Fission and a cash payment of 0.001 cents per Alpha share. In addition, Alpha shareholders will receive all of the common shares of a new company (Alpha Spinco) and hold all of Alpha's non-cash assets and november 2013 Garrett Ainsworth, VP Exploration, Alpha Minerals Dr. Michael Gunning, Chairman, Lead Technical Advisor, Alpha Minerals obligations other than Alpha's interest in the PLS joint venture. Similarly, the current shareholders of Fission will receive all of the common shares of a new company (Fission Spinco) and hold all of the Fission's non-cash assets, including the patent-pending highresolution airborne radiometric survey and obligations other than the PLS joint venture and certain related assets. Each of the Spincos will receive approximately $3 million in cash to finance future operations. PLS Geology & Uranium Deposit The Patterson Lake South deposit is a uraniumbearing northeast structure within a regional scale conductor corridor. Mineralization is so far defined within a 1.02-km portion of the Patterson Lake corridor within which five separate high-grade zones have been delineated. The five zones are defined as one through five from southwest to northeast located at R00E, R390E, R585E, R780E and R945E. Each zone has been drilled by way of a single hole, a single fence of holes, or several fences of holes within each zone and all zones intersected exceptionally high-grade uranium mineralization. Uranium mineralization on the property is analogous with mono-metallic deposits that are dominantly basement hosted such as at Cameco's Millenium mine and Rio Tinto's Roughrider deposit. PLS is associated with variable amounts of gold contained within alteration halos of illitechlorite in graphitic metapelitic sediments. The uranium deposits are overlain by surficial glacial deposits that cover minor Devonian turbidites and sandstones which, in turn, overlie the Precambrian crystalline basement. Cretaceous mudstone overlies the Precambrian crystalline basement to the west and east of Patterson Lake. Dev Randhawa, Chairman & CEO, Fission Uranium Ross McElvoy, President & COO, Fission Uranium Raymond Ashley, VP Exploration, Fission Uranium www.resourceworld.com 19

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