Odessa Minerals Limited (ASX: ODE) – Trading Halt

David Cates , President & CEO of Denison, commented, ” Denison is pleased to work with Foremost to enhance the potential for discovery on an excellent portfolio of uranium exploration properties that would otherwise receive little attention from Denison with our current focus on development and mining stage projects. We are impressed with Foremost’s leadership team and technical capabilities and are excited to see high-potential exploration work being carried out on these properties in the coming years.

The Transaction is structured to incentivize exploration activity, with Foremost required to invest a minimum of $8 million in exploration expenditures to retain any interests in the properties and $20 million in exploration expenditures to fully exercise the option.”

Key Transaction Highlights:

• Collaboration with Foremost is expected to increase exploration activity on a portfolio of non-core Denison properties with the potential to increase the probability of discovery within Denison’s vast Athabasca Basin exploration portfolio
• Denison to receive meaningful consideration in the form of an upfront payment in Foremost common shares (representing ~19.95% ownership interest in Foremost post transaction), cash or common share milestone payments, and up to $20 million in project exploration expenditures
• Denison retains direct interests in the optioned exploration properties and will become Foremost’s largest shareholder, while also securing certain strategic pre-emptive rights to participate in future exploration success from the optioned properties

Exploration Properties subject to the Option Agreement

The 10-project portfolio subject to the Option Agreement (the ” Exploration Properties “) consists of the following properties: Murphy Lake South, Hatchet Lake , Turkey Lake, Torwalt Lake, Marten, Wolverine, Epp Lake , Blackwing, GR and CLK. See Figure 1 for the location of the optioned properties. Denison currently has 100% ownership in all of the properties except for Hatchet Lake , which is subject to a joint venture agreement with Eros Resources Corp., with Denison currently holding a 70.15% ownership interest.

Collaboration between Denison and Foremost

Foremost is expected to act as project operator during the term of the Option Agreement; however, Denison expects to leverage its significant team of technical experts based in its office in Saskatoon, Saskatchewan to support Foremost as it transitions to uranium exploration. Upon completion of Phase 1 of the Option Agreement, Denison will be the largest shareholder of Foremost, holding ~19.95% of the issued and outstanding shares of Foremost and will retain a significant direct ownership interest in the Exploration Properties. Additionally, David Cates , President and CEO of Denison, is expected to join Foremost’s Board of Directors.

Key Terms of the Transaction

Under the terms of the Option Agreement, Foremost may acquire up to 70% of Denison’s interest…