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Fission 3.0, Canex Energy revise terms of Clearwater West uranium project option

Fission 3.0 Corp.and joint venture partner Canex EnergyCorp. revised the terms of the option agreement covering the uranium propertyin Saskatchewan's Athabasca Basin, according to an April 5 news release.

Under the revised terms, the expenditure required for Canex toearn a 50% interest remains the same, but the staging has been adjusted to reflectmarket conditions.

Canex will now earn an initial 15% interest in the property byspending C$1.7 million by April 30 on the property, another 15% by the same datenext year upon completing expenses of C$1.3 million, and a final C$2 million by2018, to hold a 50% interest in the property.

Under the original option agreement, Canex was earning up toa 50% interest in the property by incurring C$5.0 million in exploration expensesbefore Oct. 10.