To date Fission has spent approx. $4.7M on exploration on PLN ranging from airborne to ground geophysics to a first-pass drilling of a few select targets. Portions of PLN are currently drill-ready and other areas require further ground geophysical surveys and interpretation to bring them up to drill ready stage.
The $1.5 million budgeted work program for year 1 will consist of approx. 2500m of diamond drilling in addition to select areas of airborne EM geophysical survey coverage. It is anticipated that radon and helium surveys designed to assist in the detection of subsurface uranium occurrences will be conducted in certain areas to assist in developing high priority drill targets.
The Company announces that it has closed its private placement and issued an aggregate of 10,000,000 common shares (the "Shares") at $0.15 per share for gross proceeds of $1,500,000. The Shares are subject to a four-month hold period expiring October 19, 2013. The proceeds of the private placement will be used by the Company to fund its first year work expenditures on its PLN project.
The Company has agreed to pay finders fees in cash aggregating $83,650 in connection with the private placement.
GRANT OF STOCK OPTIONS
The Company confirms its previously announced grant of 1,750,000 incentive stock options to directors and officers of the Company. Each option is exercisable to purchase one common share of the Company at a price of $0.18 for a period of five years from the date of grant, in accordance with the Company's stock option plan.
BOARD AND OFFICER CHANGES
Further to the Company's news release of May 15, 2013: (i) each of Darren Devine and Latika Prasad have resigned as directors of the Company; (ii) each of Ian Stalker, Terrence (Ted) K. O'Connor and Dev Randhawa have been appointed as directors of the Company; (iii) Ian Stalker will not be acting as President but will remain Chairman; (iv) Ted O'Connor has assumed the positions of CEO and President; and (v) Latika Prasad has resigned as CFO and Vivien Chuang has been appointed as CFO in her place.
The Company has made application to the TSX Venture Exchange to change its name to Azincourt Uranium Inc. to more clearly reflect its new business and commitment to developing the PLN project. The Company's ticker symbol remains TSXV:AAZ.
Paul Reynolds P.Geo., a director of Azincourt, is the qualified person who has reviewed the geological data summarized in this news release on behalf of Azincourt.
ON BEHALF OF THE BOARD OF AZINCOURT RESOURCES INC.
Ted O'Connor, CEO and President
This press release includes "forward-looking statements", including forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Azincourt. Statements regarding the exercise of the option are subject to all of the risks and uncertainties normally incident with the raising of capital and completing corporate transactions including, but are not limited to, financing risks, property title issues and regulatory approvals. There is no assurance the Company will be able to acquire any interest in the PLN. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially.
NEITHER THE 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.
Azincourt Resources Inc.
(604) 648-8105 (FAX)
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