KEPCO signs MOU for Canadian uranium exploration

05 October 2007

[Fission Energy, 4 October] Canadian uranium exploration company Fission Energy has signed a Memorandum of Understanding (MOU) with Korea Electric Power Company (KEPCO) for the joint development of the Waterbury Lake property in Saskatchewan's Athabasca Basin. Under the MOU, KEPCO will buy C$1 million ($1 million) of Fission Energy shares and spend C$14 million ($14 million) on the project over the next 3 years, in return for a 50% interest in the Waterbury Lake property. Fission Energy would operate the project and retain a royalty interest. The companies intend to conduct an "aggressive" exploration programme at the property, according to Fission.

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