VANCOUVER, British Columbia, Feb. 10, 2015 (GLOBE NEWSWIRE) -- If it is true that you are known by the company you keep, Aldrin Resources (ALN-TSX.V) social status just made a quantum leap upward.
On February 5, 2015 Aldrin announced an agreement to purchase 50% of Fission 3.0 (FUU-TSX.V) Key Lake Uranium Package for $6.9 million staged expenditure. Four days later Dev Randhawa, Chairman and CEO of Fission 3.0, joined the board of Aldrin.
Mr. Randhawa is a messiah in the uranium space. He is the founding CEO of Fission Uranium Corp. ( FCU-TSX.V ) -- a $435m market cap uranium exploration company that owns the Triple R deposit at PLS in the Athabasca Basin. Mr. Randhawa was also the founding CEO of Fission Energy Corp.
"I am looking forward to helping Aldrin's team progress their projects in Saskatchewan," stated Randhawa, "including the recently announced joint venture between Aldrin and Fission 3.0 on the highly prospective Key Lake property package."
The Key Lake package contains five separate properties comprising 61 mineral claims covering about 18,000 hectares. The claims are sitting in the same group of basement rocks that host the major uranium deposits on the eastern side of the Athabasca Basin. A near-by Key Lake open pit uranium operation produced 209.8 million pounds from 1983 to 2002.
"In the last 24 months we've executed a successful drill program on our Triple M Property in the Athabasca Basin," states Aldrin CEO Johnathan More in an exclusive interview with Financial Press. "But the addition of the Key Lake Property creates a new horizon for our shareholders."
Northern Miner Magazine's 2013 'Mining Person of the Year', Randhawa has recently resigned from another junior explorer. After a careful look at the players in this basin, he appears to be placing his bet on Aldrin.
"Mr. Randhawa knows the basin, he knows uranium, and he knows the Aldrin team," confirmed More. "It's a strategic partnership that I believe is going to deliver significant dividends."
"As a project generator, we identify and acquire properties that have the potential to host high-grade uranium," stated Randhawa. "Our JV partners provide the financing, while our technical team, led by COO and Chief Geologist Ross McElroy, operates the project."
Having discovered two major deposits in four years, Fission's technical team has developed a proprietary model for finding uranium through airborne radiometrics, radon gas surveys and geophysics.
"Key Lake has the potential for near-surface, high-grade mineralization in basement rock," stated McElroy. "We are going to utilize the in-house skills and techniques we've developed in recent years when we begin exploration this year."
Although the uranium sector has been caught in a downdraft since the 2011 Fukushima Power Plant malfunction, global energy usage trends indicate that demand will sky rocket.
According to the World Nuclear Association there are currently 435 nuclear reactors connected into national grids, 67 are under construction, 164 on order and 317 proposed.
"The Athabasca basin will be the biggest source of uranium for the whole world," predicted Energy Guru Thomas Drolet in a Financial Press Interview. "Aldrin is distinguished by its location, size and the geological indicators which suggest there is a strong potential for an economic uranium mine."
Location, location, location. Key Lake is in the vicinity of the 2012 Patterson Lake discovery on the western side of the Athabasca Basin.
Patterson Lake is a shallow deposit, amenable to an open pit, located in basement rock that is typically easy to mine. Analysts unanimously agree that Fission's PLS discovery is one of the most significant uranium finds in decades.
The deposit contains an estimated 80 million pounds of 'indicated' uranium and about 25 million pounds of 'inferred'. More than 50% of the resource sits in a high-grade zone that can be mined at low cost.
In a recent communication, Dundee Capital Markets analyst David Talbot called the Fission resource numbers 'truly phenomenal.'
Fission buy-out rumours involving Rio Tinto and Teck Resources have now reached deafening levels, but Randhawa has stated that he is in no rush to do a deal as Fission continues to expand its resource.
"We don't control if someone comes and makes a run at us," stated Randhawa. "But we are ready for it if someone does."
This backdrop is significant for Aldrin shareholders because explorers like Randhawa and McElroy will shift their focus quickly after a buyout and the Key Lake Property is geographically and geologically positioned to take center stage.
Aldrin is trading at .20 with a market cap of $4 million.
Legal Disclaimer/Disclosure: This document is not and should not be construed as an offer to sell or the solicitation of an offer to purchase or subscribe for any investment. Financial Press makes no guarantee, representation or warranty and a fee has been paid for the production and distribution of this Report.
Aldrin Resource Corp. Johnathan More 604-687-7741 604-681-0796 www.aldrinresourcecorp.com
