Meteore Metals Limited-Acquisition The directors of Fission Energy Limited (“Fission”) are pleased to announce that it has successfully acquired 100% of the issued capital of Meteore Metals Limited (ACN 097 759 325), the manager of a 50:50 Joint Venture with Barra Resources Limited (ASX:BAR) on the Mt Thirsty Nickel-Cobalt- Manganese Project (“Mt Thirsty”). Golder Associates Pty Ltd has estimated an Indicated and Inferred Resource of 20,970,000 tonnes grading 0.62% Nickel, 0.14% Cobalt and 1.01% Manganese. The total Indicated and Inferred Resource contains approximately 130,000 tonnes of nickel, 29,000 tonnes of cobalt and 210,000 tonnes of manganese. The first payment of approximately A$2.9 million was made today with two further payments of A$1.44 million, due August 29th 2008 and A$1.44 million due 15th December 2008 to follow. Total consideration for the acquisition of Meteore is A$8.0 million, of which approximately A$6.1 million is payable in cash and the balance in fully paid ordinary shares in Fission. The directors intend to provide an update on the Mt Thirsty exploration and development timetable in the next few weeks.
FIS Price at posting:
0.0¢ Sentiment: None Disclosure: Held
