Fission Uranium Corp.

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OTCQX : FCUUF
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Fission Uranium Corp.

March 24, 2014 10:00 ET

Fission Hits Best Off-Scale to Date: 53.47m Total Composite "Off-scale" (line 660E); Connects Another Two Zones

New off-scale record at PLS within 146.0m total composite mineralization at shallow depth

KELOWNA, BRITISH COLUMBIA--(Marketwired - March 24, 2014) - FISSION URANIUM CORP. ("Fission" or "the Company") (TSX VENTURE:FCU)(OTCQX:FCUUF)(FRANKFURT:2FU) is pleased to announce results from nine new holes at its PLS property in Saskatchewan's Athabasca Basin. Of exceptional note and importance is hole PLS14-187 on line 660E. The hole, with mineralization starting at the shallow depth of 58.5m, has returned 53.47m Total Composite "Off-scale" (>9999 cps) in 146.0m of total composite mineralization on line 660E and closes the gap between the R390E and R780E high-grade zones. This hole is still in progress at a current depth of 407m, in altered but unmineralized pelitic gneiss. All nine holes encountered wide mineralization, with seven intersecting substantial off-scale (>9999 cps) radioactivity.

Ross McElroy, President, COO, and Chief Geologist for Fission, commented:

"The sheer strength and scale of results from PLS continues to impress us. Hole PLS14-187 has returned total composited off-scale width results 46% more than hole PLS14-129, which itself ranks with the top drill holes in the Basin. Not only does the new hole set a new record at PLS but its location means the winter program has now succeeded in merging four high-grade zones (R390E, R585E, R780E and R945E) into one much larger one (R780E)."

The amount of composite off-scale in hole PLS14-187 far surpasses hole PLS14-129 (line 600E) which intersected 36.72m of off-scale and later assayed at 38.49% U3O8 over 10.5m in 13.66% U308 over 38.0m and 27.57% U3O8 over 12.0m in 11.19% U3O8 over 31.5m (see NR dated Feb. 19, 2014).

Mineralization in drill-hole PLS14-187, drilled on line 660E, now allows for the interpretation to merge the R390E Zone with R780E Zone. The newly merged high-grade zone, which has a strike length of 780m, will now be referred to as the R780E zone. This success follows soon after the merging of zones R390E and R585E (see NR dated Mar. 17, 2014 and zones R780E and R945E (see NR dated Mar. 5, 2014).

Drilling Highlights include:

Zone Consolidation

  • R390E and R780E high-grade zones now merged as R780E

Hole PLS14-187 (line 660E) (still in progress)

  • 146.0m total composite mineralization (between 58.5m - 231.5m) including:
    • 53.47m total composite off-scale (>9999 cps) radioactivity

Hole PLS14-186 (line 765E)

  • 85.5m total composite mineralization (between 119.5m - 343.0m) including:
    • 6.50m total composite off-scale (>9999 cps) radioactivity

Hole PLS14-184 (line 570E)

  • 65.5m total composite mineralization (between 54.5m - 231.0m) including:
    • 5.89m total composite off-scale (>9999 cps) radioactivity
Collar * Hand-held Scintillometer Results On Mineralized Drillcore (>300 cps / >0.5M minimum) Sandstone Basement Unconformity Total Drillhole
Hole ID Zone Grid Line Az Dip From (m) To (m) Width (m) CPS Peak Range From - To (m) Depth (m) Depth (m)
PLS14-178 R780E 750E 210 -86.6 133.0 183.5 50.5 <300 - 8900 NA 54.7 500.0
188.5 193.0 4.5 <300 - 1000
208.5 209.0 0.5 420
223.0 224.0 1.0 420 - 450
241.0 250.5 9.5 <300 - 8400
255.5 259.0 3.5 <300 - 1200
261.5 262.5 1.0 310 - 420
266.0 274.5 8.5 <300 - 2200
283.0 284.5 1.5 360 - 1200
304.5 305.5 1.0 340 - 990
322.0 322.5 0.5 810
379.5 383.0 3.5 <300 - 480
390.5 391.0 0.5 360
393.5 401.0 7.5 <300 - 960
407.0 412.0 5.0 <300 - 1000
451.5 452.0 0.5 2900
PLS14-179 R780E 840E 281 -84.7 73.0 79.5 6.5 <300 - 570 NA 57.9 372.4
95.0 98.5 3.5 370 - 860
107.0 123.0 16.0 <300 - 8000
127.5 164.5 37.0 <300 - 7400
170.5 171.5 1.0 340 - 380
174.5 178.0 3.5 <300 - 1300
184.5 186.0 1.5 430 - >9999
193.5 195.0 1.5 410 - 1500
204.0 206.0 2.0 420 - 1400
211.5 212.5 1.0 960 - >9999
225.5 227.0 1.5 63- 3100
243.5 255.5 12.0 <300 - >9999
258.0 258.5 0.5 510
261.5 265.5 4.0 <300 - 1600
268.0 270.5 2.5 <300 - 380
PLS14-180 R780E 990E 138 -90 111.5 113.0 1.5 350 - 1200 NA 60.0 344.0
123.0 161.0 38.0 <300 - >9999
164.5 190.0 25.5 <300 - >9999
194.5 202.0 7.5 <300 - 960
230.0 231.0 1.0 3200 - 4100
242.5 244.5 2.0 330 - 510
248.0 248.5 0.5 890
257.5 258.0 0.5 880
277.0 280.5 3.5 <300 - 600
283.5 284.0 0.5 1300
PLS14-181 R780E 555E 325 -83 89.5 90.0 0.5 340 NA 55.7 317.0
114.0 114.5 0.5 320
117.0 165.5 48.5 <300 - >9999
169.0 177.5 8.5 <300 - 5700
203.0 207.0 4.0 <300 - 1000
243.0 243.5 0.5 400
PLS14-183 R780E 840E 355 -86.3 87.0 87.5 0.5 400 NA 56.0 341.0
95.5 104.0 8.5 <300 - 2500
109.0 138.5 29.5 <300 - 3400
145.5 162.5 17.0 <300 - 5000
166.5 167.5 1.0 450
170.0 190.0 20.0 <300 - >9999
193.0 204.0 11.0 <300 - >9999
207.5 209.5 2.0 <300 - 700
213.0 219.5 6.5 <300 - >9999
226.5 228.0 1.5 370 - 540
233.0 239.5 6.5 <300 - 1800
244.0 250.0 6.0 370 - 8100
262.5 263.5 1.0 340 - 3500
PLS14-184 R780E 570E 172 -90 54.5 57.5 3.0 <300 - 850 NA 52.0 332.0
93.5 95.5 2.0 <300 - >9999
110.5 125.0 14.5 <300 - >9999
128.0 129.5 1.5 1600 - 9700
136.0 138.5 2.5 440 - >9999
148.0 152.0 4.0 <300 - >9999
158.0 178.0 20.0 <300 - >9999
190.5 191.0 0.5 400
198.0 205.5 7.5 <300 - 1600
216.5 222.0 5.5 <300 -1000
226.5 231.0 4.5 <300 - 580
PLS14-185 R780E 1005E 322 -82 100.5 101.0 0.5 350 NA 61.6 328.0
116.0 120.5 4.5 <300 - 1300
134.5 159.0 24.5 <300 - 2900
163.5 168.0 4.5 <300 - 2500
173.5 178.0 4.5 <300 - 1900
184.5 191.0 6.5 <300 - 990
202.0 202.5 0.5 480
206.0 206.5 0.5 360
220.5 224.5 4.0 310 - 780
260.0 260.5 0.5 770
PLS14-186 R780E 765E 355 -90 119.5 122.0 2.5 <300 - 390 NA 55.8 401.0
135.0 154.5 19.5 370 - 8800
157.0 170.5 13.5 <300 - >9999
175.0 178.0 3.0 <300 - >9999
188.0 195.5 7.5 <300 - >9999
210.5 212.5 2.0 310 - 780
217.0 220.0 3.0 <300 - 9400
226.5 237.5 11.0 <300 - 5300
247.5 249.0 1.5 380 - 2100
267.0 276.0 9.0 <300 - 3600
280.5 289.5 9.0 <300 - 3400
303.0 304.0 1.0 320 - 370
340.0 343.0 3.0 370 - 1400
PLS14-187 R780E 660E 58.5 165.0 106.5 <300 - >9999
189.5 195.0 5.5 <300 - 1100
197.5 231.5 34.0 <300 - >9999
Hole PLS14-187 still in progress

PLS Mineralized Trend Summary

Uranium mineralization at PLS has been traced by core drilling over 1.78km of east-west strike length in four separate mineralized "zones" from line 615W (PLS13-124) to line 1155E (PLS13-103). From west to east, these zones are; R600W, R00E, R780E and R1155E. The former R390E, R585 and R945E zones have been merged into the R780E zone by successful winter drilling. Mineralization remains open along strike both to the western and eastern extents. Mineralization is both located within and associated with a metasedimentary lithologic corridor, bounded to the south by the PL-3B basement Electro-Magnetic (EM) Conductor.

R600W Zone (line 615W - 585W)

The R600W zone is located approximately 510m grid west of the westernmost defined edge of the R00E Zone. Presently defined by 5 holes, the R600W zone has a strike length (grid east-west) of 30m and a lateral width of 30m.

R00E Zone (line 075W - line 090E):

The R00E zone is the discovery zone at PLS. Presently defined by 31 holes, the R00E zone has a strike length (grid east-west) of approximately 165m and a lateral width (grid north-south) of up to approximately 45m (line 030W).

R780E Zone (line 225E - line 1005E):

The R780E zone is located approximately 135m grid east of the easternmost defined edge of the R00E zone. Presently defined by 102 holes, the R780E zone has a strike length (grid east-west) of approximately 780m and a lateral width (grid north-south) of up to approximately 95m (line 780E).

R1155E Zone (line 1155E):

The R1155E zone is located approximately 150m grid east of the easternmost defined edge of the R780E zone. Presently the R1155E zone is defined by 2 weakly mineralized holes.

Fission has completed 57 holes of the planned Winter 2014 delineation drill hole program. Approximately 85% of the holes are designed to assist in delineation of the main mineralized trend between lines 015E and 1080E utilizing 4 diamond drill rigs. A 5th diamond drill rig is being utilized to drill exploration holes outside of the main mineralized trend.

A $12M, 100 hole, 30,000m drill program and ground geophysics surveys continues at PLS. Updated maps and files can be found on the Company's website at http://fissionuranium.mwnewsroom.com/News/.

Natural gamma radiation in drill core that is reported in this news release was measured in counts per second (cps) using a hand held Exploranium GR-110G total count gamma-ray scintillometer. The reader is cautioned that scintillometer readings are not directly or uniformly related to uranium grades of the rock sample measured, and should be used only as a preliminary indication of the presence of radioactive materials. The degree of radioactivity within the mineralized intervals is highly variable and associated with visible pitchblende mineralization. All intersections are down-hole, core interval measurements and true thickness is yet to be determined.

All holes are planned to be radiometrically surveyed using a Mount Sopris 2GHF-1000 Triple Gamma probe, which allows for more accurate measurements in high grade mineralized zones. The Triple Gamma probe is preferred in zones of high grade mineralization.

Split core samples from the mineralized section of core will be taken continuously through the mineralized intervals and submitted to SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited Facility) of Saskatoon for analysis, which includes U3O8 (wt %) and fire assay for gold. All samples sent for analysis will include a 63 element ICP-OES, uranium by fluorimetry and boron. Assay results will be released when received.

Patterson Lake South Property

The 31,039 hectare PLS project is 100% owned and operated by Fission Uranium Corp. PLS is accessible by road with primary access from all-weather Highway 955, which runs north to the former Cluff Lake mine and passes through the nearby UEX-Areva Shea Creek discoveries located 50km to the north, currently under active exploration and development.

The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the company by Ross McElroy, P.Geol. President and COO for Fission Uranium Corp., a qualified person.

About Fission Uranium Corp.

Fission Uranium Corp. is a Canadian based resource company specializing in the strategic exploration and development of the Patterson Lake South uranium property and is headquartered in Kelowna, British Columbia. Common Shares are listed on the TSX Venture Exchange under the symbol "FCU" and trade on the OTCQX marketplace in the U.S. under the symbol "FCUUF."

ON BEHALF OF THE BOARD

Ross McElroy, President and COO

Cautionary Statement: Certain information contained in this press release constitutes "forward-looking information", within the meaning of Canadian legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur", "be achieved" or "has the potential to". Forward looking statements contained in this press release may include statements regarding the future operating or financial performance of Fission and Fission Uranium which involve known and unknown risks and uncertainties which may not prove to be accurate. Actual results and outcomes may differ materially from what is expressed or forecasted in these forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Among those factors which could cause actual results to differ materially are the following: market conditions and other risk factors listed from time to time in our reports filed with Canadian securities regulators on SEDAR at www.sedar.com. The forward-looking statements included in this press release are made as of the date of this press release and the Company and Fission Uranium disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.

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