Monday 26th September 2016

Resource Clips


Athabasca Basin and beyond

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Golden Bridge stakes PLS-vicinity claims

Apparently there’s still ground to stake in the vicinity of PLS. That’s how Golden Bridge Mining TSXV:GBM acquired some 3,657 hectares, the company announced October 25. Geological Survey of Canada data shows the property has a magnetic signature similar to that of PLS, Golden Bridge added.

The company has been earning into a 50% interest of the Hébécourt project in Quebec’s Abitibi Greenstone Belt. Last May Golden Bridge closed a $443,015 private placement.

Ur-Energy closes $34-million Wyoming state loan

Ur-Energy TSX:URE closed its US$34-million loan from the state of Wyoming, the company reported on October 24. The terms include 5.75% annual interest paid quarterly beginning January 1, 2014 and, beginning 12 months later, 28 quarterly instalments to pay the principal. The loan is secured by the company’s Lost Creek mine, which began in-situ recovery last August.

In a statement accompanying the announcement, Ur-Energy president/CEO Wayne Heili said, “Converting the company’s debt instruments to the more favourable state bond loan provides a manageable debt service schedule that will serve the company and its shareholders well.” In August the company borrowed $15 million in addition to $20 million borrowed the previous June. Both loans came from RMB Australia Holdings Ltd.

Fission private placement raises $12.87 million

A bought deal brought Fission $12.87 million, the company announced October 24. The amount came from 7.5 million subscription receipts at $1.50, as well as the underwriters’ over-allotment option of 1.08 million receipts at the same price. Proceeds are intended for PLS exploration.

The money is being held in escrow pending completion of Fission’s acquisition of 50/50 PLS partner Alpha. At that time the funds would be released to buy one flow-through Fission share for each receipt. Each company’s non-PLS assets would be spun out to two separate entities. The escrow release conditions must be met by December 10 or the money will be returned to investors.

The previous week Alpha and Fission announced that final barge drilling showed the project’s five zones open in all directions. The JV has extended its current program with an additional 11 holes of land-based drilling.

Boss/Beruschi unabatedly battle for B.C. B claims

Manoeuvres and counter-manoeuvres, accusations and counter-accusations continued in the battle of the B claims. Resolution of the dispute between Boss Power TSXV:BPU and Morning Star Resources is necessary to receive the $30-million government settlement that followed British Columbia’s sudden ban on uranium exploration. On October 23 Boss announced its directors will resign at the November 14 shareholders’ meeting and presented in their place five new nominees. That follows a slate of four names announced the previous week by Morning Star president Anthony Beruschi.

Predictably Boss attacked the suitability of Beruschi’s slate while Beruschi counter-attacked in kind. Beruschi further alleged that several Boss insiders “inappropriately exercised options.” The province of B.C., meanwhile, has indicated it might rescind the $30-million out-of-court settlement.

In brief…

On October 22 Powertech Uranium TSX:PWE announced it closed a US$3.6-million loan and received an initial $400,000 from Azarga Resources Ltd. In August Powertech reported that the privately held Hong Kong-based company agreed to acquire an initial 17.5% of Powertech, part of a number of deals in a strategic alliance.

On October 23 Makena Resources TSXV:MKN offered a private placement of up to one million units at $0.18 per unit for $180,000. Each unit consists of one share and one transferable non-flow-through warrant exercisable at $0.20 for five years. The company also stated it’s closing a first tranche of $611,000 from a placement announced the previous week. In August the company optioned a 50% interest in the PLS-region Patterson claims.

Also on October 23 Bannerman Resources TSX:BAN announced filing its quarterly report on sedar.com. In September the company reported the extension of an AU$8-million loan by Resource Capital Funds.

Macusani Yellowcake TSXV:YEL announced the resignation of board member Philip Williams on October 25. With six directors remaining, the company has no plans to replace him. In August Macusani released resource estimates for its properties in southern Peru.

Red Rock Energy TSXV:RRK announced on October 25 a letter of intent in which its oil and gas interests in B.C. would be acquired by Jager Metal CNSX:JEM. Red Rock intends to focus on its claims covering the former Uranium City mining camp in Saskatchewan.

Quake heightens Fukushima fears

“It has been more than two and a half years since the Fukushima nuclear disaster began to unfold, and still the world watches events closely, fearfully. The drumbeat of danger seems never ending,” wrote David Ropeik in the October 21 New York Times. His op-ed discussed the “mismatch” of “fear versus radiation.” Four days later another earthquake hit a magnitude of 7.3, 273 kilometres off the Fukushima coast.

The reactor escaped further damage. Nevertheless sloppy reporting by the Montreal Gazette (which was later corrected) suggested the 2011 nuclear accident killed 19,000 people.

Two people died at Fukushima in 2011, both from the tsunami.

In an October 25 Vancouver Sun feature, B.C. English teacher Maxwell Lamb offered thoughtful and sometimes surprising reflections about the time he spent living in the Fukushima region.

See previous uranium news updates:

Read analyst David Talbot’s insights about uranium and the Athabasca Basin in a global context.

Disclaimer: Lakeland Resources Inc is a client of OnPage Media Corp, the publisher of ResourceClips.com. The principals of OnPage Media may hold shares in Lakeland Resources.

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