In early February, the Corporate Finance Department of the B.C. Securities Commission (BCSC) informed Fission that it had been selected for a mining disclosure review. It is not unusual for the BCSC to conduct such reviews. The purpose was to assess selected aspects of Fission’s mining technical disclosure for compliance with respect to disclosure standards for NI 43-101. Fission was asked to correct some concerns the BCSC had with our website and corporate presentation and, as standard practice, issue a news release describing the concerns and providing appropriate disclosure content and cautionary statements â€" hence the technical aspect of the news release.
In the last few days we’ve had questions from investors regarding the meaning of the press release so let me answer them here:
1. The Preliminary Economic Assessment’s (PEA) filed on September 14, 2015 was prepared in compliance with NI 43-101 standards and was not part of the BCSC review
2. The PEA report including resource estimate and economic and mining conclusions remain unchanged in all aspects.
3. The Company is required to communicate information in highly specific ways. As an example: when we blogged about the PEA, we didn’t include additional cautionary language (similar to the forward-looking disclaimers you see on our and all listed company sites and presentations). We have also amended our corporate presentations and blogs to include both pre-tax and post-tax economic conclusions, as has been done in our PEA report.
What does this mean for Fission? We have updated our website, corporate presentations and marketing material with appropriate cautionary statements to be compliant with NI 43-101 Standards of Disclosure. Our resource estimate has not changed and our Preliminary Economic Assessment has not changed. We haveCGN Mining as a very significant strategic partner, we have the biggest cash balance of any other uranium junior in the world and we have a multiple award-winning technical team.
We’re looking forward to pushing onwards with our efforts to grow shareholder value and stay tuned for more results from our expanded drill program as they come in.
Ross McElroy, President, COO and Chief Geologist of Fission Uranium