VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 26, 2013) - Alpha Minerals Inc. (TSX VENTURE:AMW)(FRANKFURT:E2GA), (the "Company" or "Alpha"), confirms that it received on Friday August 23, 2013 at 4.00 pm (Pacific Standard Time) a non-binding proposal from Fission Uranium Corp. ("Fission"), its joint venture partner on the Patterson Lake South Project ("PLS"), on which Fission would be prepared to consider making an offer to acquire all of the outstanding shares of Alpha (the "Proposal"). The Proposal, which is described in a news release issued by Fission earlier today, stipulated that it would expire on Sunday, August 25th at 5.00 pm (Eastern Standard Time) (the "Expiry Time").
Alpha has formed a special committee comprised of three (3) independent directors, and has engaged Raymond James Ltd. as its financial advisor. Miller Thomson LLP are legal counsel to Alpha and Gowling Lafleur Henderson LLP is legal advisor to the special committee.
After a careful review of the Proposal by the Alpha directors and its special committee together with their legal and financial advisors, Alpha provided Fission with a written response prior to the Expiry Time advising that the timing of the Proposal provided little opportunity for Alpha to consider the complex structure and content of the Proposal. Alpha also raised concerns about the timing of the Proposal in relation to the on-going active and very material drill program at PLS. In light of these considerations, Alpha requested additional time from Fission beyond the Expiry Time to consider the Proposal and its implications to the Alpha shareholders.
Alpha has been an active participant in an ongoing dialogue with Fission over the past several months regarding consolidation. Alpha and its team of financial and legal advisors wish to review further the interest expressed by Fission in their Proposal forwarded on Friday. Alpha and its advisors look forward to continuing this dialogue with Fission on the matter of consolidating PLS, and maximizing shareholder value. Alpha will continue to update its shareholders on the progress of the Proposal as and when information is available.
Patterson Lake South Property
The 31,000 hectare (76,000 acres) PLS project is a 50%/50% Joint Venture held by Alpha Minerals Inc (AMW) and Fission Uranium (FCU). The Joint Venture property is 100% owned with no underlying royalties or vendor payments. Alpha returns as the Operator of the Joint Venture in 2014. The property is accessible by road with primary access from all-weather Highway 955, which runs 74km north to the former Cluff Lake mine, (>60M lbs of U3O8 produced from multiple open pit and underground mines), and passes through the claims covering the UEX-Areva Shea Creek discoveries located 58km to the north, currently under active exploration and development.
On behalf of the Board of Directors of Alpha Minerals Inc.
Ben Ainsworth, President, CEO and Director
Please refer to the Alpha Minerals Inc. website (www.alphaminerals.ca) for the video and further updated information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.