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.