Resource World Magazine

PATERSON LAKE continued from page 21 from ores grading 4.7% U3O8 for a total cost of $654 million at $4.70 a share. For investors, both Alpha and Fission have been attractive stocks due to the proposed solidification to a single company as operator and owner of the project, with the added value of earning shares of the two Spincos, both of whom have uranium projects elsewhere in Saskatchewan in grassroots and advanced stages of exploration. The proposed buyout is subject to the approval of shareholders of Alpha Minerals. Both companies will have shareholder votes to confirm the acceptance of the Spincos. The directors of both companies have approved the buyout and the formation of the Spincos. Regional Activity As a result of the PLS success, the area surrounding the property has been staked by a number of companies – all of whom have conducted exploration highlighted by radiometric and electromagnetic airborne surveys in search for uraniferous boulders, and electromagnetic conductors known to be associated at times with uranium mineralization. Noteworthy companies adjoining and nearby the PLS project are as follows: Aldrin Resouce Corp. [ALN-TSXV] has an option agreement to acquire an undivided 70% interest in the Triple M uranium property located adjacent south and west of the PLS Project. The six mineral licenses in two separate contiguous blocks total 12,001 hectares. Athabasca Uranium Inc. [UAX-TSXV] has carried out a multiphase airborne Mag/ EM survey over portions of its Keefe Lake, Fisher River and McGregor Lake uranium projects on the southeastern margin of the Athabasca Basin. The 736 line-km V-TEM survey examined subsurface anomalies as well as magnetic features that may control alteration and mineralization events. Azincourt Uranium Inc. [AAZ-TSXV] has an option to earn a 50% interest from Fission Uranium in the 27,000-hectare PLN property immediately north of PLS Project and 30 km south of the UEX/AREVA Anne and Collette uranium deposits at Shea Creek. Geophysical data indicates a possible extennovember 2013 sion of the Carter conductor corridor that could extend onto the Azincourt property. Ground geophysical surveys have been completed and with drilling of prioritized targets to take place this winter. CanAlaska Uranium Ltd. [CVV-TSX; CVVUF-OTCBB; DH7N-FSE] has an option from Ashburton Ventures Inc. [ABR-TSXV; ARB-FSE] to earn a 50% interest in two properties totaling 5,536 hectares directly north of the PLS Project. Geophysical data indicates that some prospective structures appear to extend on the claims from adjoining projects. The company has 16 uranium projects throughout the Athabasca Basin. Forum Uranium Corp. [FDC-TSXV; FDCFF-OTC; F3E-FSE] owns three individual claim blocks totaling 9,900 hectares on their Clearwater Project that adjoins the south boundary of the PLS Project. The company is currently conducting an airborne and ground evaluation of the property with the view to drill targets identified this winter. In addition to additional prospective uranium projects in the Athabasca Basin region, Forum has a strategic land position adjacent AREVA Kiggavik uranium mine develop's ment project in Nunavut. International Enexco Ltd. [IEC-TSXV; IEXCF-OTCQX; IE6-FSE] has released positive results from its 2013 drill program on the Mann Lake uranium project in the Athabasca Basin where 15,721 metres were drilled in 21 holes under the direction of the project's operator, Cameco Corp. A follow-up winter drill program is being discussed for 2014 by Enexco, and its joint venture partners Cameco and AREVA. Lakeland Resources Inc. [LK-TSXV; 6LL-FSE] has seven uranium properties in the Athabasca Basin; some staked and some optioned. The prospects cover over 100,000 hectares. Makena Resources Inc. [MKN-TSXV] recently acquired three claim blocks totaling 6,687 hectares in the Athabasca Basin. The west block directly borders the recent discovery at the Patterson Lake South. NexGen Energy Ltd. [NXE-TSXV] is conducting a 3,000-metre drilling program at its Rook 1 Project covering an area about 700 metres along interpreted extensions of the PLS 3B conductor and a parallel conduc- tor approximately 800 metres to the east. Nuinsco Resources Ltd. [NWI-TSX] has been exploring the Diabase Peninsula uranium prospect in the Athabasca Basin. In addition to airborne and ground geophysics and radon surveys, the most recent results of which are pending, Nuinsco drilled 42 holes totaling 17,356 metres. Of these, 33% returned samples with uranium content exceeding 50ppm and 67% have returned values greater than 10ppm uranium. Purepoint Uranium Group Inc. [PTUTSXV] has a joint venture with Cameco Corp. [CCO-TSX; CCJ-NYSE], 39.5%, and AREVA, 39.5%, on their Hook Lake Project on the northeast boundary with the Patterson Lake South Alpha/Fission project. The property comprises nine claims totaling 28,683 hectares where three prospective structural corridors have been defined by multiple electromagnetic conductors that have been confirmed to be the result of graphitic metasediments that lay beneath Athabasca sandstone. A winter 2013/14 exploration program has been proposed. Rio Grande Mining Corp. [RGV-TSXV] has entered into an option agreement with Canadian International Minerals Inc. [CIN-TSXV] to acquire a 75% interest in 15 claims (18,042 hectares), comprising two claim groups in the Athabasca region about 35 km south-southwest of the PLS discovery. The Western Athabasca Syndicate consists of Athabasca Nuclear Corp. [ASC-TSXV], Lucky Strike Resources Ltd. [LKY-TSXV], Noka Resources Inc. [NX-TSXV] and Skyharbour Resources Ltd. [SYH-TSXV]. The group has carried out an initial radon in water survey on its 246,643-hectare Preston Lake property located south of the PLS discovery. Zadar Ventures Ltd. [ZAD-TSXV] has completed Phase II exploration of its PNE uranium project in the Patterson Lake area that included ground-based geophysical surveys (hand-held scintillometer prospecting), boulder mapping and AlphaTrack radon detector surveys over nine target areas is now complete. The PNE Project shares a common boundary with the Patterson Lake North project of Fission Uranium and Azincourt Uranium. n www.resourceworld.com 57

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