Azincourt Uranium Inc. – Uranium Exploration in the Athabasca Basin
OVERVIEW
Azincourt Uranium Inc. (TSXV:AAZ)
is a junior uranium exploration company with a key asset in the newest
emerging uranium district in Canada’s Athabasca Basin. The Company has a
staged option to earn up to a 50 percent interest in Fission Uranium Corp.’s
Patterson Lake North (PLN) project. The PLN project is immediately
adjacent to Patterson Lake South property held jointly by Fission (50
percent) and Alpha Minerals (50 percent)—the site of a major new high
grade discovery in the region.
The planned 2013 exploration program has a budget of $1.5 million and
will include 2,500 m of drill work as well as airborne EM geophysical
surveys. Azincourt Uranium is managed by a team of experienced mining
professionals with impressive track records of success under some of the
biggest names in the uranium mining industry.
INVESTMENT HIGHLIGHTS
- Portions of PLN are drill-ready and other areas have been identified for further airborne and ground geophysical surveys and interpretation.
- Ideally located in the Athabasca Basin in Saskatchewan, Canada— the world’s largest source of high grade uranium supplying more than 19% of global uranium requirements.
- Immediately adjacent to the north of Fission Uranium’s PLS property and only 5.7km from the high grade uranium discovery at PLS.
- Project operated by Fission’s technical team led by chief geologist Ross McElroy who has been instrumental in five of the last nine major discoveries in the Athabasca Basin.
- Experienced board, management and technical teams with a history of success and a track record of delivering shareholder value.
- $1.5 million budgeted work program scheduled for 2013 including a 2,500 m drill program and airborne and ground EM geophysical surveys.
KEY PROJECTS
Patterson Lake North Project — Athabasca Basin, Saskatchewan, Canada
The Patterson Lake North (PLN) Project is located in the prolific Athabasca Basin of
Saskatchewan, Canada in the emerging uranium district of Patterson
Lake. The property comprises approximately 27,000 hectares of highly
prospective, under-explored land about 30km south of the UEX/AREVA Anne
and Collette uranium deposits near Shea Creek.
PLN is immediately adjacent to the Patterson Lake South (PLS) JV
project (Fission/Alpha Minerals) and only 5.7 km to the north of the
recent major high grade uranium discovery at PLS. Exploration work at
PLS has identified high grade uranium in bedrock in three separate pods
and drill results include a drill hole intersection of 6 m at 35.0% U3O8
in 49.5M at 6.26% U3O8 (PLS 13-053) (see Fission Energy Corp. news
release dated April 24, 2013).
The PLN property lies within a large basin scale NE trending gravity
low structural corridor that also incorporates the adjacent PLS
property. The former Cluff Lake mine and the UEX-Areva Shea Creek
deposits lie along the western margin of this structural feature. PLN is
prospective for hosting structurally controlled high-grade uranium
mineralization that is often associated with basement graphitic shear
zones within clay altered metasedimentary basement lithologies. Several
EM anomalies are evident within PLN, including what may be interpreted
to be the southern extension of the Saskatoon Lake EM conductor, which
itself is associated with the Shea Creek deposit to the north.
The property was first staked by Fission Uranium in 2004 and since
then, $4.7 million has been spent on exploration work including airborne
magnetic, EM geophysical and moving loop time domain EM surveys as well
as first-pass drilling of a few select targets. Fission put the PLN
project on hold in 2008 to concentrate on the discovery of the J-Zone to
the east of PLN. In 2012, Fission returned to work on the property,
conducting further detailed loop EM and resistivity surveys and
establishing new drill targets.
In April 2013, Fission Uranium and Azincourt Uranium signed an
agreement giving Azincourt a staged option to earn up to a 50 percent
interest in PLN. Under the agreement, the Company must commit to $12
million in exploration expenditures over a four-year time frame as well
make a payment of $4.75 million in cash or AAZ shares.
Fission Uranium is the operator on the project and their technical
team will be responsible for the exploration work at PLN. Azincourt will
be jointly responsible for work planning and will offer technical
oversight. Geologist Ross McElroy, who has been instrumental in five of
the last nine major discoveries in the Athabasca Basin, heads the PLN
technical team.
The planned exploration work for Year 1 of the option contract will
commence in July and continue through January 2014. The $1.5 million
2013/2014 program outlined below is aimed at testing existing targets
and generating additional targets for future exploration.
Summer/Fall 2013
- Airborne EM in north part of the property
- Radon/Helium Sampling and Lake Bottom Spectrometer/Bathymetry
Winter 2013/14
- Moving Loop Time Domain EM Surveys in south portion of PLN property
- Magneto-Tellurics
- Moving Loop Time Domain EM surveys in north portion of PLN property
- 2,500-meter drill program to commence in January 2014
SUMMARY
Azincourt Uranium is an exploration company with an exciting earn-in
option uranium play in the world class uranium district of Canada’s
Athabasca Basin. The Patterson Lake North project, operated by Fission
Uranium, is 5.7 km to the north of the major new high grade discovery at
the Fission/Alpha JV Patterson Lake South property. Both Fission and
Azincourt believe PLN is prospective for hosting structurally controlled
high-grade uranium mineralization.
Under an agreement signed in April 2013, Fission Uranium gave
Azincourt Uranium the option to earn up to a 50 percent interest in the
property subject to the commitment of $12 million in exploration
expenditures over a four-year time frame. The planned 2013/2014
exploration program has a budget of $1.5 million and will include 2,500
meters of drill work as well as airborne EM geophysical surveys.
Geologist Ross McElroy, who has been instrumental in five of the last
nine major discoveries in the Athabasca Basin, is leading the project
technical team at PLN.
Azincourt Uranium’s management team comprises experienced, successful
mining professionals focused on growing the company and creating value
for shareholders by acquiring additional properties.
MANAGEMENT
Ted O’Connor, P.Geo., M.Sc., B.Sc. — President and Chief Executive Officer
Mr. O’Connor is a professional geoscientist with more than 22 years of experience, predominantly in the uranium exploration industry. He spent the last 19 years with Cameco, one of the world’s largest uranium producers. Most recently he was a Director of Cameco’s Corporate Development group where he was responsible for evaluating, directing and exploring for uranium deposits throughout North America, Australia, South America and Africa. Mr. O’Connor successfully led new project generation from early exploration through to discovery on multiple unconformity uranium projects. He was also responsible for opportunity evaluation, acquisition and for managing Cameco’s exploration partnerships aimed at growing and diversifying Cameco’s exploration portfolio in new jurisdictions and other uranium model types.
Mr. O’Connor is a professional geoscientist with more than 22 years of experience, predominantly in the uranium exploration industry. He spent the last 19 years with Cameco, one of the world’s largest uranium producers. Most recently he was a Director of Cameco’s Corporate Development group where he was responsible for evaluating, directing and exploring for uranium deposits throughout North America, Australia, South America and Africa. Mr. O’Connor successfully led new project generation from early exploration through to discovery on multiple unconformity uranium projects. He was also responsible for opportunity evaluation, acquisition and for managing Cameco’s exploration partnerships aimed at growing and diversifying Cameco’s exploration portfolio in new jurisdictions and other uranium model types.
In addition to being a Director in Cameco’s Corporate Development
group, Mr. O’Connor has also held director and executive positions in
several of Cameco’s wholly owned subsidiaries working in Australia,
North and South America and Europe.Prior to joining Cameco, Mr. O’Connor
was an exploration field and underground mine geologist for major
mining companies and junior explorers searching for gold, diamonds and
base metals.
Ian Stalker — Chairman and Director
Mr. Stalker is the former CEO of UraMin Inc., the London and Toronto listed public uranium company that was acquired by Areva for US$2.5 billion in August 2007. Prior to joining UraMin, he was a Vice President of Gold Fields Ltd., which at one point was the world’s fourth largest gold producer. Mr. Stalker has more than 30 years of development and operational mining experience in countries across the world. With an enviable hands-on approach, he worked his way up from operational roles early on in his career to executive positions with some of the largest mining companies in the world.
Mr. Stalker is the former CEO of UraMin Inc., the London and Toronto listed public uranium company that was acquired by Areva for US$2.5 billion in August 2007. Prior to joining UraMin, he was a Vice President of Gold Fields Ltd., which at one point was the world’s fourth largest gold producer. Mr. Stalker has more than 30 years of development and operational mining experience in countries across the world. With an enviable hands-on approach, he worked his way up from operational roles early on in his career to executive positions with some of the largest mining companies in the world.
Dev Randhawa, MBA — Director
Mr. Randhawa is the CEO of Fission Uranium – Azincourt’s JV partner and the operator at PLN. He brings to Azincourt a strong track record of success, having occupied senior executive roles in the uranium sector since 1996 when he founded Strathmore Minerals – growing it to a $420m market cap. In 2007 he spun out Fission Energy Corp., which made two major discoveries in three years in the Athabasca Basin and in 2011 was named at Top 50 TSX-V company for its high performance. In 2013 he successfully arranged a major sale of Fission Energy assets to Denison Mines, delivering considerable shareholder value, before spinning out Fission Uranium.
Mr. Randhawa is the CEO of Fission Uranium – Azincourt’s JV partner and the operator at PLN. He brings to Azincourt a strong track record of success, having occupied senior executive roles in the uranium sector since 1996 when he founded Strathmore Minerals – growing it to a $420m market cap. In 2007 he spun out Fission Energy Corp., which made two major discoveries in three years in the Athabasca Basin and in 2011 was named at Top 50 TSX-V company for its high performance. In 2013 he successfully arranged a major sale of Fission Energy assets to Denison Mines, delivering considerable shareholder value, before spinning out Fission Uranium.
June 19, 2013 09:00 ET
http://www.marketwire.com/press-release/azincourt-closes-private-placement-receives-tsx-venture-exchange-approval-option-with-tsx-venture-aaz-1803572.htm
Azincourt Closes Private Placement and Receives TSX Venture Exchange Approval to Option With Fission Uranium
VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 19, 2013) - Azincourt Resources Inc. (TSX VENTURE:AAZ)
(the "Company" or "Azincourt") announces that further to its news
releases dated April 30, 2013 and May 15, 2013, the Company has now
received TSX Venture Exchange ("Exchange") approval to:
The Company has the right to acquire incremental interests in the PLN by making annual payments to FCU and incurring minimum work expenditures on the PLN project. To acquire the first 10% interest, the Company must pay FCU $500,000 ($100,000 paid to date and the balance to be paid on closing) and incur $1,500,000 of work on the PLN project.
PLN lies adjacent to the north of Fission's Patterson Lake South (PLS) joint venture property (Fission 50%, Alpha Minerals 50%), where recent drill results located 5.7km to the south, have identified high grade uranium in bedrock in 3 separate pods and have included a drill hole intersection of 6m at 35.0% U3O8 in 49.5M at 6.26% U3O8 (PLS 13-053) (see Fission Energy Corp. news release dated April 24, 2013)
.
PLN lies within a large basin scale NE trending gravity low structural corridor that also incorporates the adjacent PLS property. The former Cluff Lake mine (>60M lbs U3O8 produced) and the UEX-Areva Shea Creek deposits (42 km and 27 km to the north respectively) lie along the western margin of this structural feature. The recently discovered high-grade uranium mineralization found at PLS located 5.7km to the south, also lies within this structural corridor. Coincidentally, PLN also lies within a complex magnetic corridor showing magnetic highs and lows and breaks in regional major features. Several EM anomalies are evident within PLN, including what may be interpreted to be the southern extension of the Saskatoon Lake EM conductor, which itself is associated with the Shea Creek deposit to the north.
To date Fission has spent ~$4.7M on exploration on PLN ranging from airborne to ground geophysics to a first-pass drilling of a few select targets. Portions of PLN are currently drill-ready and other areas require further ground geophysical surveys and interpretation to bring them up to drill ready stage.
The $1.5 million budgeted work program for year 1 will consist of ~2500m of diamond drilling in addition to select areas of airborne EM geophysical survey coverage. It is anticipated that radon and helium surveys designed to assist in the detection of subsurface uranium occurrences will be conducted in certain areas to assist in developing high priority drill targets.
PRIVATE PLACEMENT
The Company announces that it has closed its private placement and issued an aggregate of 10,000,000 common shares (the "Shares") at $0.15 per share for gross proceeds of $1,500,000. The Shares are subject to a four-month hold period expiring October 19, 2013. The proceeds of the private placement will be used by the Company to fund its first year work expenditures on its PLN project.
The Company has agreed to pay finders fees in cash aggregating $83,650 in connection with the private placement.
GRANT OF STOCK OPTIONS
The Company confirms its previously announced grant of 1,750,000 incentive stock options to directors and officers of the Company. Each option is exercisable to purchase one common share of the Company at a price of $0.18 for a period of five years from the date of grant, in accordance with the Company's stock option plan.
BOARD AND OFFICER CHANGES
Further to the Company's news release of May 15, 2013: (i) each of Darren Devine and Latika Prasad have resigned as directors of the Company; (ii) each of Ian Stalker, Terrence (Ted) K. O'Connor and Dev Randhawa have been appointed as directors of the Company; (iii) Ian Stalker will not be acting as President but will remain Chairman; (iv) Ted O'Connor has assumed the positions of CEO and President; and (v) Latika Prasad has resigned as CFO and Vivien Chuang has been appointed as CFO in her place.
NAME CHANGE
The Company has made application to the TSX Venture Exchange to change its name to Azincourt Uranium Inc. to more clearly reflect its new business and commitment to developing the PLN project. The Company's ticker symbol remains TSXV:AAZ.
QUALIFIED PERSON
Paul Reynolds P.Geo., a director of Azincourt, is the qualified person who has reviewed the geological data summarized in this news release on behalf of Azincourt.
ON BEHALF OF THE BOARD OF AZINCOURT RESOURCES INC.
Ted O'Connor, CEO and President
This press release includes "forward-looking statements", including forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Azincourt. Statements regarding the exercise of the option are subject to all of the risks and uncertainties normally incident with the raising of capital and completing corporate transactions including, but are not limited to, financing risks, property title issues and regulatory approvals. There is no assurance the Company will be able to acquire any interest in the PLN. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially.
- its option agreement with Fission Uranium Corp. ("FCU") dated April 29, 2013 whereby Azincourt can earn up to a 50% interest in FCU's Patterson Lake North project ("PLN");
- the technical report dated May 5, 2013 prepared by Allan Armitage, Ph.D., P.Geol. of GeoVector Management Inc. for the PLN project (which has been filed on SEDAR);
- a part-and-parcel private placement (more fully described below) whereby the Company raised $1,500,000 to be used to complete its first year work expenditures on the PLN project; and
- a finder's fee agreement dated April 29, 2013 whereby the Company has agreed to pay Pure Capital Holdings Inc. a fee in stages as it acquires incremental interests in the PLN project over time. In year one, the fee will be $136,250 payable following the Azincourt spending $2,000,000 to acquire the first 10% interest in the PLN project, payable by the issuance of 908,333 common shares of the Company, at a deemed price of $0.15 per share;
The Company has the right to acquire incremental interests in the PLN by making annual payments to FCU and incurring minimum work expenditures on the PLN project. To acquire the first 10% interest, the Company must pay FCU $500,000 ($100,000 paid to date and the balance to be paid on closing) and incur $1,500,000 of work on the PLN project.
PLN lies adjacent to the north of Fission's Patterson Lake South (PLS) joint venture property (Fission 50%, Alpha Minerals 50%), where recent drill results located 5.7km to the south, have identified high grade uranium in bedrock in 3 separate pods and have included a drill hole intersection of 6m at 35.0% U3O8 in 49.5M at 6.26% U3O8 (PLS 13-053) (see Fission Energy Corp. news release dated April 24, 2013)
.
PLN lies within a large basin scale NE trending gravity low structural corridor that also incorporates the adjacent PLS property. The former Cluff Lake mine (>60M lbs U3O8 produced) and the UEX-Areva Shea Creek deposits (42 km and 27 km to the north respectively) lie along the western margin of this structural feature. The recently discovered high-grade uranium mineralization found at PLS located 5.7km to the south, also lies within this structural corridor. Coincidentally, PLN also lies within a complex magnetic corridor showing magnetic highs and lows and breaks in regional major features. Several EM anomalies are evident within PLN, including what may be interpreted to be the southern extension of the Saskatoon Lake EM conductor, which itself is associated with the Shea Creek deposit to the north.
To date Fission has spent ~$4.7M on exploration on PLN ranging from airborne to ground geophysics to a first-pass drilling of a few select targets. Portions of PLN are currently drill-ready and other areas require further ground geophysical surveys and interpretation to bring them up to drill ready stage.
The $1.5 million budgeted work program for year 1 will consist of ~2500m of diamond drilling in addition to select areas of airborne EM geophysical survey coverage. It is anticipated that radon and helium surveys designed to assist in the detection of subsurface uranium occurrences will be conducted in certain areas to assist in developing high priority drill targets.
PRIVATE PLACEMENT
The Company announces that it has closed its private placement and issued an aggregate of 10,000,000 common shares (the "Shares") at $0.15 per share for gross proceeds of $1,500,000. The Shares are subject to a four-month hold period expiring October 19, 2013. The proceeds of the private placement will be used by the Company to fund its first year work expenditures on its PLN project.
The Company has agreed to pay finders fees in cash aggregating $83,650 in connection with the private placement.
GRANT OF STOCK OPTIONS
The Company confirms its previously announced grant of 1,750,000 incentive stock options to directors and officers of the Company. Each option is exercisable to purchase one common share of the Company at a price of $0.18 for a period of five years from the date of grant, in accordance with the Company's stock option plan.
BOARD AND OFFICER CHANGES
Further to the Company's news release of May 15, 2013: (i) each of Darren Devine and Latika Prasad have resigned as directors of the Company; (ii) each of Ian Stalker, Terrence (Ted) K. O'Connor and Dev Randhawa have been appointed as directors of the Company; (iii) Ian Stalker will not be acting as President but will remain Chairman; (iv) Ted O'Connor has assumed the positions of CEO and President; and (v) Latika Prasad has resigned as CFO and Vivien Chuang has been appointed as CFO in her place.
NAME CHANGE
The Company has made application to the TSX Venture Exchange to change its name to Azincourt Uranium Inc. to more clearly reflect its new business and commitment to developing the PLN project. The Company's ticker symbol remains TSXV:AAZ.
QUALIFIED PERSON
Paul Reynolds P.Geo., a director of Azincourt, is the qualified person who has reviewed the geological data summarized in this news release on behalf of Azincourt.
ON BEHALF OF THE BOARD OF AZINCOURT RESOURCES INC.
Ted O'Connor, CEO and President
This press release includes "forward-looking statements", including forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Azincourt. Statements regarding the exercise of the option are subject to all of the risks and uncertainties normally incident with the raising of capital and completing corporate transactions including, but are not limited to, financing risks, property title issues and regulatory approvals. There is no assurance the Company will be able to acquire any interest in the PLN. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS
REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF
THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
Contact Information
Azincourt Resources Inc.
(604) 638-8067
(604) 648-8105 (FAX)
Azincourt Uranium Inc. – Uranium Exploration in the Athabasca Basin
OVERVIEW
Azincourt Uranium Inc. (TSXV:AAZ) is a junior uranium exploration company with a key asset in the newest emerging uranium district in Canada’s Athabasca Basin. The Company has a staged option to earn up to a 50 percent interest in Fission Uranium Corp.’s Patterson Lake North (PLN) project. The PLN project is immediately adjacent to Patterson Lake South property held jointly by Fission (50 percent) and Alpha Minerals (50 percent)—the site of a major new high grade discovery in the region.The planned 2013 exploration program has a budget of $1.5 million and will include 2,500 m of drill work as well as airborne EM geophysical surveys. Azincourt Uranium is managed by a team of experienced mining professionals with impressive track records of success under some of the biggest names in the uranium mining industry.
INVESTMENT HIGHLIGHTS
- Portions of PLN are drill-ready and other areas have been identified for further airborne and ground geophysical surveys and interpretation.
- Ideally located in the Athabasca Basin in Saskatchewan, Canada— the world’s largest source of high grade uranium supplying more than 19% of global uranium requirements.
- Immediately adjacent to the north of Fission Uranium’s PLS property and only 5.7km from the high grade uranium discovery at PLS.
- Project operated by Fission’s technical team led by chief geologist Ross McElroy who has been instrumental in five of the last nine major discoveries in the Athabasca Basin.
- Experienced board, management and technical teams with a history of success and a track record of delivering shareholder value.
- $1.5 million budgeted work program scheduled for 2013 including a 2,500 m drill program and airborne and ground EM geophysical surveys.
KEY PROJECTS
Patterson Lake North Project — Athabasca Basin, Saskatchewan, Canada
The Patterson Lake North (PLN) Project is located in the prolific Athabasca Basin of Saskatchewan, Canada in the emerging uranium district of Patterson Lake. The property comprises approximately 27,000 hectares of highly prospective, under-explored land about 30km south of the UEX/AREVA Anne and Collette uranium deposits near Shea Creek.PLN is immediately adjacent to the Patterson Lake South (PLS) JV project (Fission/Alpha Minerals) and only 5.7 km to the north of the recent major high grade uranium discovery at PLS. Exploration work at PLS has identified high grade uranium in bedrock in three separate pods and drill results include a drill hole intersection of 6 m at 35.0% U3O8 in 49.5M at 6.26% U3O8 (PLS 13-053) (see Fission Energy Corp. news release dated April 24, 2013).
The PLN property lies within a large basin scale NE trending gravity low structural corridor that also incorporates the adjacent PLS property. The former Cluff Lake mine and the UEX-Areva Shea Creek deposits lie along the western margin of this structural feature. PLN is prospective for hosting structurally controlled high-grade uranium mineralization that is often associated with basement graphitic shear zones within clay altered metasedimentary basement lithologies. Several EM anomalies are evident within PLN, including what may be interpreted to be the southern extension of the Saskatoon Lake EM conductor, which itself is associated with the Shea Creek deposit to the north.
The property was first staked by Fission Uranium in 2004 and since then, $4.7 million has been spent on exploration work including airborne magnetic, EM geophysical and moving loop time domain EM surveys as well as first-pass drilling of a few select targets. Fission put the PLN project on hold in 2008 to concentrate on the discovery of the J-Zone to the east of PLN. In 2012, Fission returned to work on the property, conducting further detailed loop EM and resistivity surveys and establishing new drill targets.
In April 2013, Fission Uranium and Azincourt Uranium signed an agreement giving Azincourt a staged option to earn up to a 50 percent interest in PLN. Under the agreement, the Company must commit to $12 million in exploration expenditures over a four-year time frame as well make a payment of $4.75 million in cash or AAZ shares.
Fission Uranium is the operator on the project and their technical team will be responsible for the exploration work at PLN. Azincourt will be jointly responsible for work planning and will offer technical oversight. Geologist Ross McElroy, who has been instrumental in five of the last nine major discoveries in the Athabasca Basin, heads the PLN technical team.
The planned exploration work for Year 1 of the option contract will commence in July and continue through January 2014. The $1.5 million 2013/2014 program outlined below is aimed at testing existing targets and generating additional targets for future exploration.
Summer/Fall 2013
- Airborne EM in north part of the property
- Radon/Helium Sampling and Lake Bottom Spectrometer/Bathymetry
- Moving Loop Time Domain EM Surveys in south portion of PLN property
- Magneto-Tellurics
- Moving Loop Time Domain EM surveys in north portion of PLN property
- 2,500-meter drill program to commence in January 2014
SUMMARY
Azincourt Uranium is an exploration company with an exciting earn-in option uranium play in the world class uranium district of Canada’s Athabasca Basin. The Patterson Lake North project, operated by Fission Uranium, is 5.7 km to the north of the major new high grade discovery at the Fission/Alpha JV Patterson Lake South property. Both Fission and Azincourt believe PLN is prospective for hosting structurally controlled high-grade uranium mineralization.Under an agreement signed in April 2013, Fission Uranium gave Azincourt Uranium the option to earn up to a 50 percent interest in the property subject to the commitment of $12 million in exploration expenditures over a four-year time frame. The planned 2013/2014 exploration program has a budget of $1.5 million and will include 2,500 meters of drill work as well as airborne EM geophysical surveys. Geologist Ross McElroy, who has been instrumental in five of the last nine major discoveries in the Athabasca Basin, is leading the project technical team at PLN.
Azincourt Uranium’s management team comprises experienced, successful mining professionals focused on growing the company and creating value for shareholders by acquiring additional properties.
MANAGEMENT
Ted O’Connor, P.Geo., M.Sc., B.Sc. — President and Chief Executive OfficerMr. O’Connor is a professional geoscientist with more than 22 years of experience, predominantly in the uranium exploration industry. He spent the last 19 years with Cameco, one of the world’s largest uranium producers. Most recently he was a Director of Cameco’s Corporate Development group where he was responsible for evaluating, directing and exploring for uranium deposits throughout North America, Australia, South America and Africa. Mr. O’Connor successfully led new project generation from early exploration through to discovery on multiple unconformity uranium projects. He was also responsible for opportunity evaluation, acquisition and for managing Cameco’s exploration partnerships aimed at growing and diversifying Cameco’s exploration portfolio in new jurisdictions and other uranium model types.
In addition to being a Director in Cameco’s Corporate Development group, Mr. O’Connor has also held director and executive positions in several of Cameco’s wholly owned subsidiaries working in Australia, North and South America and Europe.Prior to joining Cameco, Mr. O’Connor was an exploration field and underground mine geologist for major mining companies and junior explorers searching for gold, diamonds and base metals.
Ian Stalker — Chairman and Director
Mr. Stalker is the former CEO of UraMin Inc., the London and Toronto listed public uranium company that was acquired by Areva for US$2.5 billion in August 2007. Prior to joining UraMin, he was a Vice President of Gold Fields Ltd., which at one point was the world’s fourth largest gold producer. Mr. Stalker has more than 30 years of development and operational mining experience in countries across the world. With an enviable hands-on approach, he worked his way up from operational roles early on in his career to executive positions with some of the largest mining companies in the world.
Dev Randhawa, MBA — Director
Mr. Randhawa is the CEO of Fission Uranium – Azincourt’s JV partner and the operator at PLN. He brings to Azincourt a strong track record of success, having occupied senior executive roles in the uranium sector since 1996 when he founded Strathmore Minerals – growing it to a $420m market cap. In 2007 he spun out Fission Energy Corp., which made two major discoveries in three years in the Athabasca Basin and in 2011 was named at Top 50 TSX-V company for its high performance. In 2013 he successfully arranged a major sale of Fission Energy assets to Denison Mines, delivering considerable shareholder value, before spinning out Fission Uranium.
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