Mr. Tim Fernback reports
SENATOR MINERALS INC. TO ACQUIRE PATTERSON NORTH EAST URANIUM PROJECT
Senator Minerals Inc. has entered into an agreement with an arm's-length vendor to acquire a 100-per-cent interest in the Patterson North East (PNE) uranium project, located on the east side of the Athabasca basin in Northern Saskatchewan, the most productive uranium-producing region in the world.
The project covers approximately 531 hectares, directly adjoining the easternmost boundary of Fission 3.0's Patterson Lake North (PLN) project. The PNE project was last explored in 2013 with an Alpha-Track radon cup survey, and in June, 2014, with a 5.7-line-kilometre DC resistivity survey, the latter performed by Patterson Geophysics.
The PNE project is located approximately 163 kilometres north of the town of La Loche, and approximately 48 kilometres south of the decommissioned Cluff Lake mine site. The project is accessible by ground vehicle from La Ronge via Saskatchewan highways 2, 155, 165 and 955.
Regarding the acquisition, president and chief executive officer Tim Fernback commented: "We are very pleased to have been able to acquire the PNE uranium project located adjacent to Fission's 3.0 PLN project, and midway between Nexgen's Arrow deposit and UEX's Shea Creek deposit. The company is in the process of designing an exploration strategy to build on the past work conducted on the project."
Through the transaction, Senator can earn a 100-per-cent interest in the PNE project by making payments of $150,000 to the vendor at various times in year one, a further $250,000 on the first anniversary and a final payment of $500,000 on the second anniversary of the transaction.
We seek Safe Harbor.
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