The Company holds a 10% interest in a consortium named the “Kepco Consortium” which includes as it members Korea Hydro & Nuclear Power Co. Ltd., Korea Nuclear Fuel Co. Ltd., Hanwha Corporation and Korea Electric Power Corporation. The Kepco Consortium has a 50% interest in the Waterbury Lake Uranium Property with the balance of the interest being held by Fission Energy Ltd.

Regional Geological Setting

The Property sits within the Athabasca sedimentary basin comprised of fluvial to marine clastic sediments deposited during the late Paleo- to Mid-Proterozoic 1750 to 1700 Ma ago.  The basin covers about 100000 square kilometres mostly in Saskatchewan and a small part of eastern Alberta, and is about 1400 metres thick at its centre.  Sediments filling the basin consist largely of hematitic quartz arenites and conglomerates, and apart from faulting and local thrust folding the group is undeformed and unmetamorphosed.  The Group has been divided into a number of formations comprising a lower fluviatile sequence referred to as the Manitou Falls Formation which covers the perimeter and eastern side of the basin and a number of overlying marine sequences. In the Waterbury Lake area only the Manitou Falls Formation is present. The Athabasca Group unconformably overlies a basement complex of Archean and Paleoproterozoic rocks which comprise the Hearne and Rae Provinces.  These two provinces are separated by the northeast trending Snowbird tectonic zone.  The Hearne province which underlies the eastern half of the Athabasca basin is further subdivided into the Mudjatik and Wollaston domains separated by the graphite-rich Cable Bay shear zone.  Basement rocks across the width of the basin consist of Archean gneisses, Aphebian platform metasedimentary rocks and mafic to felsic plutons.  At the unconformity these rocks are well-weathered resulting in a regolith up to 50 meters thick.  A number of uranium deposits are present in the Waterbury Lake area, the two closest being the Midwest deposit (41.7 million pounds U3O8 + 33 million pounds of nickel and 2.5 million pounds of cobalt – Denison Mines website) and Hathor’s Roughrider Zone located approximately 4.5 Fission Energy Corp. .