FSN - Fusion Resources - Aussie Stock Forums

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  1. #1

    Default FSN - Fusion Resources

    Issued Capital On 20 August 2007 the Company changed its name from Echelon Resources Limited to Fusion Resources Limited. FSN has 49m ordinary shares and 1500 B-Class convertible shares which convert into 1000 ordinary shares each (therefore represent a maximum of 1.5m ordinary shares). FSN commenced trading on the Toronto stock exchange on May 29th 2008 under the ticker FNS.TO. FSN had AU$19m in cash at the date of the last quarterly report to the ASX (representing about half the market cap. of AU$40m at the time of writing, sp. AU82c)

    Valhalla North 45km north of Summit's (ASX: SMM) Valhalla project in QLD (21.3Mt @ 0.08% U3O8). Valhalla North ("VN") tenement block abuts SMM's tenement block. FSN has undertaken two drilling programmes at VN with results similar in grade and width to SMM's Valhalla project. Some sample results from the ann. of 5th June 2008 at the Duke Batman prospect are:

    Hole# ................ Down Hole Intercept..................... From Depth (d/h)
    FVN061 ............. 14m @ 1,595 ppm (0.160%) U3O8.......... 37m
    FVN075 ................4m @ 1,237 ppm (0.124%) U3O8 ..........45m
    FVN062 ...............12m @ 732 ppm ..(0.073%) U3O8......... 118m
    FVN072 .................7m @ 691 ppm ..(0.069%) U3O8 ..........30m

    FSN plan to calculate an open-pittable JORC resource by mid 2008 (from 30/1/09 qtly). Duke Batman is still open down dip. There seem to be other historical hits well outside the area of current focus; a couple of hundred metres to the SE is DNBX2 with 4m @ 3080ppm (0.308%) for example.

    Management The board seems pretty experienced and contains a couple of geologists (not stuffed with accountants and lawyers).
    Ian Middlemas (ex Normandy Mining)
    David Berrie (ex WMC)
    Matthew Yates (ex. Omega corp prior to takeover by Denison)
    Matthew Rimes (ex North/Robe River)
    Robert Waugh (ex WMC/BHPB)

  2. #2

    Default Re: FSN - Fusion Resources

    Recommended all-share takeover offer from Paladin, announced today. Speaking from a selfish point of view, I hope this is the start of a rush of takeovers of Uranium companies as I still hold several!

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