TSX VENTURE SYMBOL: FUU
KELOWNA, BC, March 13, 2019 /CNW/ - Fission 3.0
Corp. ("Fission 3" or the "Company") is
pleased to announce that, further to its news release on
August 16, 2018, it has entered into
a binding agreement (the "Earn-In Agreement") with Rhyolite
Lithium Corp. ("Rhyolite"), pursuant to which Rhyolite can
earn up to an 80% interest in Fission 3's mining concessions
located in Peru (the "Peruvian
Assets") by spending up to C$22
million over a five-year period (the "Earn-In").
Pursuant to the Earn-In Agreement, Rhyolite is required to spend
a minimum of C$5.5 million prior to
December 31, 2020 to earn a 50%
interest in the Peruvian Assets ("Stage One"), and has the
option to spend a further C$16.5
million over the following three years to earn an additional
30% interest in the Peruvian Assets ("Stage Two"). If
Rhyolite does not complete Stage One, Rhyolite will earn no
interest in the Peruvian Assets, and if it elects to begin, but
does not complete, Stage 2, it will only be granted a portion of
the additional 30% interest.
In connection with the entrance into the Earn-In Agreement, and
as consideration for the Earn-In, Fission 3 was issued 19.9% of the
issued and outstanding shares of Rhyolite and was granted a right
to participate, on a pro rata basis, in all future financings of
Rhyolite to maintain its proportionate interest in Rhyolite.
Fission 3 will remain the operator of the Peruvian Assets until
the completion of Stage One.
CEO Dev Randhawa commented,
"The Macusani area has shown strong potential for both uranium
and lithium resources, as demonstrated by the recent results of
operators in the nearby and surrounding area. We are pleased to
partner with Rhyolite Lithium, which has strong financial backers
with the equity needed to fund important work programs on the
Macusani Project. We believe that by working with Rhyolite we will
unlock value for Fission 3 shareholders."
About Fission 3's Macusani Project
Macusani, Peru, is an emerging
uranium and lithium district in a mining-friendly jurisdiction. The
area is host to multiple uranium deposits that are large scale,
near-to-surface and potentially heap-leachable - giving them a
strong economic case. The region also hosts several near-surface
lithium occurrences associated with uranium mineralization in the
Yapamayo Member formation as well as higher-grade lithium in the
underlying Sapanuta Member formation.
Fission 3 holds titles to 9 concessions totaling 5,100 ha in the
Macusani district. The property is surrounded by Plateau Energy
Metals Inc.'s land package including the Falchani high-grade
lithium discovery located less than 5km to the south. The Macusani
concessions are easily accessed by a series of paved roads from the
City of Puno to the town of Macusani, which connects to the
Interoceanic Highway, a two-lane, paved highway that passes 14km
north-east of the property.
About Fission 3.0 Corp.
Fission 3.0 Corp. is a Canadian based resource company
specializing in the strategic acquisition, exploration and
development of uranium properties and is headquartered in
Kelowna, British Columbia. Common
Shares are listed on the TSX Venture Exchange under the symbol
"FUU."
ON BEHALF OF THE BOARD
"Dev
Randhawa"
Dev Randhawa, CEO
Fission 3.0 Corp.
Cautionary Statement: Fission 3.0
Corp.
Certain information contained in this press release
constitutes "forward-looking information", within the meaning of
Canadian legislation. Generally, these forward-looking statements
can be identified by the use of forward-looking terminology such as
"plans", "expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words
and phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur", "be
achieved" or "has the potential to". Forward looking statements
contained in this press release may include statements regarding
the future operator of the Peruvian Assets, the characteristics,
benefit, economics and mineralization of the Macusani region, the
benefits of the earn-in agreement to Fission 3 shareholders and
future operating or financial performance of Fission 3.0 Corp.
which involve known and unknown risks and uncertainties which may
not prove to be accurate. Actual results and outcomes may differ
materially from what is expressed or forecasted in these
forward-looking statements. Such statements are qualified in their
entirety by the inherent risks and uncertainties surrounding future
expectations. Among those factors which could cause actual results
to differ materially are the following: Fission 3's performance as
operator of the Peruvian Assets, the Macusani region having
different characteristics, economics or mineralization than
currently expected, Rhyolite's decision to fund expenditures on the
Macusani Project pursuant to the Earn-In Agreement, market
conditions and other risk factors listed from time to time in our
reports filed with Canadian securities regulators on SEDAR at
www.sedar.com. The forward-looking statements included in this
press release are made as of the date of this press release and
Fission 3.0 Corp. disclaim any intention or obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as expressly
required by applicable securities legislation.
Neither 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.
SOURCE Fission 3.0 Corp.