In January 2008, Fission had entered into an earn-in agreement with a group led by Korea Electric Power under the newly created Korea Waterbury Uranium Limited Partnership (the KEPCO Consortium), for the joint development of the Waterbury Lake Property in the Athabasca Basin.
The Consortium was granted the exclusive right to earn up to a 50% interest in the project by incurring CAD$14m in exploration expenditures over a three year period. With the completion of the Waterbury Lake Winter 2010 exploration program, the Kepco Consortium has satisfied its earn-in requirements. A MOU outlining the mutually agreed terms for continuing the Partnership was signed on June 15, 2010.
The partnership will be formed with Fission and the Kepco Consortium each holding a 50% interest in the Waterbury Lake Project. Fission shall continue as operator of the Waterbury Lake Project. The MOU shall remain in place until the Limited Partnership Agreement can be executed.
An approximate CAD$2.07m and work plan for the Summer 2010 exploration program has been approved, which includes a 4,000m drill program.Work will commence early in July.
