FISSION URANIUM CORP. has released its upcoming development plans for its PLS project in Canada’s Athabasca Basin. Fission has successfully strengthened its books by closing a $17.07M financing and transitioning from an explorer to developer.
Fission Uranium Corp. is a Canadian based resource company specializing in developing the Patterson Lake South uranium property and has its headquarters in Kelowna, British Columbia. Fission’s common shares are listed on the Toronto Stock Exchange under the symbol “FCU” and trade on the OTCQX marketplace in the U.S. under the symbol “FCUUF.”
Following the funding, Fission will now build upon its technical team’s strength as it prepares to enter into the Environmental Assessment phase and advance with a Feasibility Study. The Company will also expand its operations team with in-house engineering expertise and work to begin a feasibility study for the high-grade Triple R uranium deposit.
Environmental Approval Process
Fission has now finished most of the environmental baseline work needed to support the regulatory approvals process. There remains to be uncompleted work on engagement and consultation with local Indigenous and community groups to move the project forward. Fission has continued to carry out the required work to support the environmental assessment and CNSC licensing processes. It is in a strong position to enter this critical phase of project development.
Fission will advance its next phase in project advancement plans for the Triple R deposit thanks to its newly closed $17.07M financing, which has supported the Company’s treasury. Additionally, the funding has enabled Fission to reduce the Sprott credit facility principal, further strengthening the Company’s financial position.
Enhanced Operations Team
Fission has a new regulatory and environmental manager, Mark Wittrup. Mr. Wittrup was the project manager and lead author for the McArthur River EIS and licensing process and had 40 years of experience in the uranium sector. He was also the Assistant Deputy Minister, Environmental Protection and Audit at the Saskatchewan Ministry of Environment and is currently VP Environmental and Regulatory Affairs with the Clifton Engineering Group. Fission plans to enlarge its operations team by appointing a Senior VP of Project Development.
Ross McElroy, President and CEO of Fission, said the Triple R deposit had the potential to become one of the lowest-cost uranium mining operations in the world. With a strengthened treasury now in place and backed by committed, supportive shareholders, Fission was able to complete the transition from explorer to the developer. Thanks to their environmental and social governance to date, as well as a robust pre-feasibility study (“PFS”) using underground mining methods, they were in an excellent position for the next stage of project development. McElroy said they would further continue building out their operations team and commence a feasibility study.