English | 简体中文 | 繁體中文 | 한국어 | 日本語
Friday, 26 April 2019, 13:10 HKT/SGT
Fission Announced the Results of the PLS Project
- Addressing Low OPEX of US$6.77/lbs
- Increased Indicated Resources and Decreased Initial CAPEX

HONG KONG, Apr 26, 2019 - (ACN Newswire) - CGN Mining Company Limited (the "Company") is one of the listed arms of CGN Group, which is the 3rd largest nuclear power group in the world. The Company is positioned as the unique investment and financing platform for the development of overseas uranium resources of CGN Group. As the largest uranium group listed in Hong Kong, the Company is mainly engaged in developing and trading of natural uranium resources used by nuclear energy enterprises.

As of 31 December 2018, the Company's assets include 19.90% equity in Fission Uranium Corp. ("Fission") of Canada. In year 2018, the winter and summer exploration for the Patterson Lake South ("PLS") Project of Fission was completed and the overall exploration results were good. A uranium mineralization section with high grade and large thickness was found in all resource exploration upgrade boreholes, which helped the partial resource level of the PLS Project to be upgraded from the inferred level to the indicated level.

On 16 April 2019, Fission announced the results of a Pre-feasibility Study Report ("PFS Report") of Mineral Reserves for the PLS property in Canada's Athabasca Basin region. Particular highlights include the low operating costs ("OPEX"), the high internal rate of return and broad growth potential. The PFS Report also focuses on the production situation from the R00E and R780E zones.

The PFS Report shows OPEX of the PLS Project, at the amount of US$6.77/lb, which is substantially lower than the 2015 PEA technical report with estimated costs of US$12.38/lb. The decreased initial CAPEX is of C$1.49B and sustaining capital (including reclamation and closure) is of total C$214M. The PFS Report shows mineral reserves of PLS Project is 90.5 million lbs U3O8, and the average production is 15 million lbs U3O8 per year over the first five years. The Indicated Mineral Resources is 103.77 million lbs U3O8, an increase of 18% compared to the estimate reported on February 20, 2018.

The strike of the high-grade mineralized Patterson Lake tread lies in an east-west direction, from west to east, the high grade zones discovered include R1515W, R840W, R00E, R780E and R1620E. At present, the PLS Project's Mineral Reserves are based on the estimate of two Indicated Resources of the R780E and R00E zones. There are also three mineralized zones along strike, includes R1515W, R840W and R1620E. The future plan of Fission is to add more exploration investment into these three areas and upgrade the indicated resources from the inferred level to the indicated level gradually.

The total length of PLS Project's mineral resources is 3.17 km, which is the longest high-grade uranium metallogenic belt discovered in Saskatchewan, Canada, and also one of the biggest untapped high-grade uranium mines in the world. The publicity of prefeasibility study presents a very strong base case for production at PLS and further improves the potential economics and de-risks the project. Moving forward, Fission has the potential to add resources to the R00E and R780E zones and the other three known mineralized zones, continuous exploration investment in the future will assist to prolong the mine life and enhance the project economics.

Topic: Press release summary Sectors: Daily Finance, Daily News
From the Asia Corporate News Network

Copyright © 2022 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.


Latest Press Releases
D3eSports Announces REV3AL Partnership for Virtual-to-Real E-Racing Programs  
Wednesday, November 30, 2022 1:20:00 AM
Palladium One Reports 10.4% Nickel, 3.4% Copper over 2.3 Meters and Adds Second Drill Rig at The Tyko Project, Canada  
Nov 29, 2022 20:00 HKT/SGT
Aurora set for major expansion after SET debut, first for jewel retail biz  
Nov 29, 2022 19:00 HKT/SGT
Eisai Announces Approval of Partial Change to Label for Dosage and Administration of Aricept for Treatment of Dementia with Lewy Bodies  
Tuesday, November 29, 2022 6:28:00 PM
Tokyo Gas, Osaka Gas, Toho Gas and Mitsubishi Collaborate to Produce e-methane in the US and Transport It to Japan, Utilizing Cameron LNG in Louisiana  
Tuesday, November 29, 2022 6:12:00 PM
PLN Nusantara Power and Mitsubishi Power's Muara Karang Power Plant Recognized as "Project of the Year" at Asian Power Awards 2022  
Tuesday, November 29, 2022 6:00:00 PM
Hektar REIT's ESG Commitment Rewarded with Two Awards  
Nov 29, 2022 18:00 HKT/SGT
Regina Miracle Fiscal 2023 Interim Results Revenue Reaches HK$4.61 Billion; Hitting a Record High for the Period, Net Profit Rose 23.1% to HK$313 Million  
Nov 29, 2022 17:55 HKT/SGT
Genetec's Q2FY2023 Performance Remains on Track  
Nov 29, 2022 17:00 HKT/SGT
Corinium Presents: CISO Malaysia  
Nov 29, 2022 16:02 HKT/SGT
More Press release >>
More events >>
Copyright © 2022 ACN Newswire - Asia Corporate News Network
Home | About us | Services | Partners | Events | Login | Contact us | Cookies Policy | Privacy Policy | Disclaimer | Terms of Use | RSS
US: +1 214 890 4418 | China: +86 181 2376 3721 | Hong Kong: +852 8192 4922 | Singapore: +65 6549 7068 | Tokyo: +81 3 6859 8575