Brades Closes Option agreement with Fission 3.0 to Explore Fission 3’s Clearwater West Project

 
BRADES RESOURCE CORP. (“Brades” or “the Company“) (TSXV: ALN) and Fission 3.0 Corp. (“Fission 3”, TSXV: FUU) jointly announce that they have completed a property option agreement whereby Brades can earn up to a 50% interest in Fission 3’s Clearwater West project in the southwestern Athabasca Basin region, Saskatchewan. Fission will be the operator of the project.
 
Clearwater West, adjacent to the south of Fission Uranium’s Patterson Lake South (PLS) project, is considered by Brades to be a high-potential opportunity, comprising 3 contiguous claims totalling 11,835 hectares in the south-west area of Canada’s Athabasca Basin.
 
Carl Von Einsiedel, CEO and Director of Brades, commented,
 
“This partnership and the opportunity to explore such a strong property is a great step forward for Brades. The Brades team has a great deal of experience in the exploration sector and Fission 3’s technical ability is probably the most successful in exploration in the Athabasca Basin today.”
 
Under the terms of the Option Agreement, which has received TSX Venture Exchange (the “Exchange”) acceptance, Brades has agreed to acquire up to a 50% interest in Clearwater West by incurring $5,000,000 of staged exploration expenditures (per Table 1) on or before October 14, 2016 and issuing to Fission 3 that number of common shares in the capital stock of Brades on closing that comprises 9.9% of the then issued common shares of Brades.  
 
Table 1: Staged Exploration Expenditures

Term	Interest Earned	Work Obligation
12 Months		$700,000
24 Months	20%	$2,000,000
36 months	30%	$2,300,000
TOTAL	50%	$5,000,000

 
In addition Fission 3 will retain a 2% Net Smelter Royalty on exercise of the option.
 
Summary of the Clearwater West Project
 
The Athabasca Basin region hosts the world’s richest uranium deposits, with a well-established and politically stable, uranium exploration and mining sector. Brades and Fission 3 consider the recent discovery of high-grade uranium in the southwestern region of the Athabasca Basin to demonstrate the prospective merit of this under-explored area. 
 
Clearwater West lies adjacent to the south of Fission Uranium’s Patterson Lake South (PLS) property, host to a high-grade, shallow depth uranium discovery along a 1.78 km trend.  The best drill hole intersection reported to date by Fission Uranium at the PLS discovery is 9.08% U₃O₈ over 54.5 m, including a higher grade interval of 21.76% U₃O₈ over 21.5 m (PLS13-075; see Fission Uranium Corp. news release dated September 04, 2013).  Fission Uranium further reports that it is currently in the midst of an aggressive $12 million, 30,000 m drill program at PLS and that the new program has hit large scale mineralization at all five of the first holes, including a hole with the largest total composite off-scale encountered at PLS to date.
 
Clearwater West is an early stage exploration project prospective for hosting high-grade uranium mineralization.  Such mineralization is structurally controlled and typically associated with basement graphitic shear zones within clay altered metasedimentary basement lithologies. These features have unique characteristics that can be identified by various geophysical surveys. The property covers historic airborne EM anomalies, which could be the extensions of the EM conductors identified on the PLS property immediately to the north.
 
Clearwater West occurs within a large basin scale NE trending gravity low structural corridor that also incorporates the adjacent PLS property. The former Cluff Lake mine (>60 million lbs U₃O₈ produced) and the UEX-Areva Shea Creek deposits (82 km and 66 km to the north respectively) lie along the western margin of this structural feature. The recently discovered high-grade uranium mineralization found at PLS (located 13 km to the north) also lies within this structural corridor.  
 
Fission 3’s experienced and successful management and technical team, with a track record of two major high-grade uranium discoveries in the Athabasca Basin region in the past 3 years (Waterbury Lake project and the PLS project), will operate and manage Clearwater West. Fission currently holds a 100% interest in Clearwater West.
 
The $0.7 million budgeted work program for year 1 will consist of an airborne EM and magnetics survey and a high resolution radiometric survey utilizing Fission’s patent pending airborne radiometric survey equipment and methodology for finding at surface radiometric occurrences.  It is anticipated that local ground geophysics and geochemical surveys (including radon) will be conducted during the winter to assist in developing high priority drill targets.
 
Harrison Cookenboo, Ph.D., and P.Geo., is a Director for Brades and a Qualified Person (QP) by the standards of National Instrument 43-101.   He has reviewed the technical information described above and approves the contents of this news release.
 
ON BEHALF OF THE BOARD                                 
                                                                            
                                                                            
"Carl Von Einsiedel"                                                                                                                                                                              ir@bradesresourcecorp.com
Carl Von Einsiedel, Director and CEO                             www.bradesresourcecorp.com
                                                
 
Neither 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.
This news release includes certain statements that constitute “forward-looking information” within the meaning of applicable securities law, including without limitation, statements that address the timing and content of upcoming work programs, geological interpretations, receipt of property titles and exploitation activities and developments.  Forward-looking statements address future events and conditions and are necessarily based upon a number of estimates and assumptions.  While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks, including the ability of the Company to raise the funds necessary to fund the option earn-in on the Clearwater West property and the ability of Fission 3.0 to retain an experienced and competent management and technical team and, accordingly, may not occur as described herein or at all.  Actual results may differ materially from those currently anticipated in such statements.  Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, the timing and receipt of government and regulatory approvals, and continued availability of capital and financing and general economic, market or business conditions.  Readers are referred to the Company’s filings with the Canadian securities regulators for information on these and other risk factors, available at www.sedar.com.  Investors are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. The forward-looking statements included in this news release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.