Name and Location
Patterson Lake South (PLS) – Triple R uranium project, Canada.

Client
Fission Uranium.

Project Description
A preliminary economic assessment (PEA) on the PLS project envisages a standalone mine and mill operation, which includes the development and extraction of the R00E and R780E zones of the Triple R deposit, and excludes the recently discovered R600W zone.

The study envisions a combination of openpit and underground mining, together with a dyke system – comprising a dyke and slurry wall – for water control. High-grade mineralisation containing more than 4% uranium (U₃O₈) is captured within the openpit, eliminating the need for expensive, specialised underground mining methods.

This hybrid openpit and underground mining results in an operating expenditure cost of $14.02/lb U₃O₈ over the life-of-mine, making Triple R potentially one of the lowest-cost uranium producers in the world.

These results might be further enhanced with the addition of the R600W zone discovered 495 m along strike to the west of the R00E zone.

The project has a mine life of 14 years producing an estimated 100.8-million pounds of yellowcake at a metallurgical recovery of 95%, with 77.5-million pounds of U₃O₈ recovered in the first six years of production. Average yearly production of 7.2-million pounds of U₃O₈ is estimated over the life-of-mine.

Net Present Value/Internal Rate of Return
The project has a base case pretax net present value, at a 10% discount rate, of $1.81-billion and a base case pretax internal rate of return of 46.7%, with payback estimated at 1.4 years.

Value
Initial capital costs are at $1.1-billion.

Duration
Not stated.

Latest Developments
None stated.

Key Contracts and Suppliers
None stated.

On Budget and on Time?
Not stated.

Contact Details for Project Information
Fission Uranium investor relations, Rich Matthews, tel +1 877 868 8140 or email rich@fissionuranium.com.