Alpha Minerals (AMW-V); Not Covered

Talking Points For Sales / Trading - Not Intended As A Research Report

Event: Initial Alpha Results Return 12.5 m of 2.49%


- AMW and its 50% JV partner Fission Energy Corp  (FIS-V) reported initial assay results today from the recently completed drill program on its Patterson Lake South uranium property in Saskatchewan

- Highlights included:

  * PLS12-204: 18.0 m @ 1.78%, including 12.5 m off 2.49%, from 65.0 m

 *  PLS12-022: 8.5 m @ 1.07%, from 70.5 m


> The results were a slight miss on expectations, as investors were likely looking for either high concentrations or similar to Hathor Uranium's initial hole of 12 m @ 5.3%. However, we believe it was unlikely to hit the BEST grades on the FIRST set of results

- We consider these results a success - as the grades are still highly economic and very near surface.

Backdrop On Company:

*Early stage uranium exploration in Northern Saskatchewan.

*Stock up +400% in last two weeks on what looks to be a new, extremely high-grade uranium discovery (no assays yet).

*Still only a $25 MM market cap company with $4.2 MM in cash.

*Project is called Patterson Lake (nearby UEX's Shea Creek discovery)

*50/50 JV with Fission Energy (FIS-TSXv). Alpha Minerals is the operator.

*Since the discovery hole (November 5, hole PLS12-022) Fission Energy has gained $27 MM in market value.

*Over the same time frame, Alpha Minerals has gained ~$19 MM in market value (less liquidity, dilution discount the likely reason).

*Ben Ainsworth, the President and CEO of Alpha Minerals was the VP Exploration for Hathor during the discovery of the Roughrider Deposit. Hathor was subsequently acquired by Rio Tinto (in a bidding war with Cameco) for $650 MM.


Why Alpha Minerals Is Interesting:

*Assays on the initial discovery holes are pending, but based on the amount of off-scale radioactivity measured (scintillometer readings) and visible pitchblende (uranium mineral) and visible uranium in drill core, Patterson Lake is looking like it could be the most exciting new uranium discovery since Denison's Wheeler River or Hathor's Roughrider.

*Initial assays are scheduled to be released late this week or early next week (based on our conversation with the Company).

*Geologically, the mineralization (thus far) appears to have many similar characteristics to Hathor's Roughrider discovery.


Discovery Holes Pending Assay And Description:

*PLS12-022: anomalous radioactivity in bedrock over a 21m interval

                  including a 1.7m interval of 1,400 CPS (counts per second) radioactivity

                  including several veins (up to 21cm) of visible massive pitchblende

*PLS12-023: anomalous radioactivity in bedrock over a 13m interval (10m step-out from hole PLS12-022)

                  including massive pitchblende and visible uranium

*PLS12-024: anomalous radioactivity in bedrock over a 24m interval (10m step-out from hole PLS12-022)

                  including 2.1m interval of off-scale (+9,999 CPS) radioactivity

*PLS12-025: anomalous radioactivity in bedrock over a 23m interval (10m step-out from hole PLS12-022)

                  massive pitchblende throughout interval, including a 5cm sample of off-scale radioactivity.



>>> CORMARK:  Graeme Jennings 12/5/2012 12:47:47 PM >>>