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FCU CEO Dev Randhawa F - C - U !!! 🙂

Alpha Minerals and Fission Uranium each own 50% of the Patterson Lake South (PLS) project in Northern Saskatchewan. PLS is the most exciting mineral discovery in recent times for its potential size, high grade, shallow depth and proximity to infrastructure.

Fission Uranium CEO Dev Randhawa has launched a takeover of Alpha to consolidate ownership at PLS 100%. This is a logical step towards an eventual outright sale of the deposit to a major, however in Mr. Randhawa's proposed plan Fission will be in control of the combined entity.

Mr. Randhawa claims to have the support of Alpha shareholders, which is likely true since his Fission Uranium has traded consistently higher volumes than Alpha, although they have both seen very heavy trading. It's true that Fission are the better promoters.

I have assembled a brief slide show to help investors in Alpha Minerals, who are still considering the takeover, to understand the difference in approach between the managers at Alpha and those at Fission.

1. Here's Garrett Ainsworth, VP of Exploration at Alpha Minerals, wearing his ISO compliant vest standing on the site of the PLS discovery hole talking seriously about the company's drill program.

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(Alpha's Youtube Channel)

2. On the same spot yesterday stood Fission Uranium president Ross "McElmoney" McElroy sandwiched between jubilant Fission investors.

Ross "McElmoney" McElroy

Lovin the Bob Seger tee shirt, Ross! Photo: Facebook

3. Alpha Minerals CEO Ben Ainsworth is a gentle giant in the Canadian mineral exploration business. He earned an honours degree in geology from Oxford in 1962 and has over 50 years of industry experience. Ainsworth was recently a senior executive at Hathor Exploration, the last Saskatchewan uranium explorer to be taken out by a major.

Mr. Ainsworth is very proud of his son (Youtube)

Mr. Ainsworth is very proud of his son (Youtube)

4. While Fission CEO Dev Randhawa didn't make it to Oxford, he did sell a hefty portion of the predecessor Fission for $70 million to Denison earlier this year. Mr. Randhawa is known for constant communication, and for his love of the good times...

Dev Randhawa via Twitter

Mr. Randhawa is the consummate mining promoter. (Twitter)

5. Finally, I wanted to show Alpha's chairman Mike Gunning, who was CEO of Hathor Exploration when it was sold to Rio Tinto for ~$650 million in 2011. Mr. Gunning received the Colin Spence Award for Excellence in Global Mineral Exploration for his efforts at Hathor. I believe Gunning should be the CEO of the combined company, but we haven't heard a peep out of Mike lately...

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Calling Mike Gunning....   (Vimeo)

Nothing against Fission, but Alpha's Garrett Ainsworth found PLS. Also, both Alpha's CEO Ben Ainsworth and Chairman Mike Gunning were senior executives at Hathor which just sold for over $650 million. I do not understand why Alpha shareholders would want to relinquish control to Fission.

I'm not sure it matters who controls PLS, but I suspect managers from a large miner would prefer the more reserved team at Alpha. But when it comes time to celebrate the deal, Fission's the one!

Flashback: Proposed management structure for the combined Fission Uranium and Alpha Minerals

These are my opinions and not to be construed as professional or investment advice of any kind.

What do you think?