Fission Uranium Corp.
TSX VENTURE : FCU
OTCQX : FCUUF
FRANKFURT : 2FU

Fission Uranium Corp.

November 14, 2013 03:00 ET

Fission JV Hits 43.0m @1.93% U3O8, Including 5.0m @9.91% U3O8 at R390E Zone

Wide intersections and high-grades returned from all five holes

KELOWNA, BRITISH COLUMBIA--(Marketwired - Nov. 14, 2013) - FISSION URANIUM CORP. (TSX VENTURE:FCU)(OTCQX:FCUUF)(FRANKFURT:2FU) ("Fission" or "the Company") the Operator, and its Joint Venture partner Alpha Minerals Inc. are pleased to report assay results from five holes in Zone R390E at their Patterson Lake South (PLS) property, Saskatchewan. Holes PLS13-078, PLS13-081, PLS13-085, PLS13-086 and PLS13-87A all returned wide intersections of mineralization at shallow depth and represent strong growth for the zone. Of particular note is hole PLS13-086 which returned 43.0m @1.93% U3O8, including 5.0m @9.91% U3O8.

Drilling Highlights include:

PLS13-086 (line 330E)

  • 43.0m (81.5m - 124.5m) @ 1.93% U3O8 including:
  • 5.0m (101.0m - 106.0m) @ 9.91% U3O8

PLS13-085 (line 360E)

  • 22.0m (82.5m - 104.5m) @ 0.93% U3O8 including:
  • 4.0m (85.0m - 89.0m) @ 4.07% U3O8

PLS13-078 (line 435E)

  • 30.0m (85.0m - 115.0m) @ 0.66% U3O8 including:
  • 1.5m (96.5m - 98.0m) @ 7.62% U3O8

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

"Zone R390E continues to show considerable growth as a high-grade zone. All five of the latest assays have confirmed strong grades in wide intersections, with hole PLS13-086 as a particular highlight."

Composited % U3O8 mineralized intervals are summarized in Table 1 below. Samples from the drill core are split in half on site. Where possible, samples are standardized at 0.5m down-hole intervals. One-half of the split sample is sent to the laboratory for analysis and the other half remains on site for reference. All depth measurements reported, including sample and interval widths are down-hole, core interval measurements and true thickness are yet to be determined.

Table 1
Zone Hole ID Grid
Line
From
(m)
To
(m)
Interval
(m)
U3O8
(wt%)
R390E PLS13-078 435E 85.00 115.00 30.00 0.66
96.50 98.00 1.50 7.62
128.00 135.50 7.50 0.12
PLS13-081 405E 106.00 124.50 18.50 0.19
127.00 129.50 2.50 0.06
PLS13-085 330E 58.50 62.50 4.00 0.15
67.50 70.50 3.00 0.07
82.50 104.50 22.00 0.93
85.00 89.00 4.00 4.07
109.50 113.50 4.00 0.22
178.00 178.50 0.50 0.09
PLS13-086 360E 75.50 78.50 3.00 0.06
81.50 124.50 43.00 1.93
101.00 106.00 5.00 9.91
127.00 127.50 0.50 0.07
151.50 152.00 0.50 0.06
154.00 154.50 0.50 0.08
173.50 174.00 0.50 0.08
PLS13-087A 315E 45.50 49.50 4.00 0.28
52.50 56.00 3.50 0.12
63.50 72.00 8.50 0.40
74.50 75.00 0.50 0.06
79.50 80.00 0.50 0.11
82.00 82.50 0.50 0.10
92.50 109.00 16.50 0.12
112.50 113.00 0.50 0.08

Composite Parameters

  1. Minimum Thickness: 0.50m
  2. Grade Cut-off: 0.05 U3O8 (wt%)
  3. Maximum Internal Dilution: 2.00m

Drillhole PLS13-078 (line 435E) was collared as a vertical hole and was completed at a depth of 224.0m. A 30.0m wide mineralized zone (85.0m to 115.0m) returned a composite interval of 0.66% U3O8 over 30.0m. A higher grade interval returned 7.62% U3O8 over 1.5m (96.5m - 98.0m). A second interval of mineralization returned 0.12% U3O8 over 7.5m. The mineralization on PLS13-078 appears to be up-dip by about 17m from hole PLS13-073.

Drillhole PLS13-081 (line 405E) was collared as a vertical hole and was completed at a depth of 230.0m. The collar is located approximately 10m grid north of PLS13-064 (10.5m @ 0.43% U3O8. An upper zone returned a value of 0.19% U3O8 over 18.5m (106.0m - 124.5m) and 0.06% U3O8 over 2.5m.

Drillhole PLS13-085 (line 330E) was collared as a vertical hole and was completed to a depth of 224.0m. Multiple intervals were intersected ranging in width from 0.5m to 22.0m wide were intersected over a 120.0m span from 58.5m to 178.5m (see Table 1). The strongest interval returned a value of 0.93% U3O8 over 22.0m (82.5m - 104.5m) including a higher grade interval returning 4.07% U3O8 over 4.0m (85.0m - 89.0m).

Drillhole PLS13-086 (line 360E) was collared as a vertical hole and was completed to a depth of 263.0m. Multiple intervals were intersected ranging in width from 0.5m to 43.0m wide were intersected over 98.5m span from 75.5m to 174.0m (see Table 1). The strongest interval returned a value of 1.93% U3O8 over 43.0m (81.5m - 124.5m) including a higher grade interval returning 9.91% U3O8 over 5.0m (101.0m - 106.0m).

Drillhole PLS13-087A (line 315E) was collared as a vertical hole and was completed to a depth of 227.0m. Multiple intervals were intersected ranging in width from 0.5m to 16.5m wide were intersected over 67.5m span from 47.5m to 113.0m (see Table 1). The strongest interval returned a value of 0.40% U3O8 over 8.5m (63.5m - 72.0m).

Patterson Lake South Property

The 31,039 hectare PLS project is a 50%/50% Joint Venture held by Fission Uranium Corp. and Alpha Minerals Inc (AMW). Fission is the Operator. 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. Updated maps and assay table for the R390E zone can be found on the Company's website at http://fissionuranium.com/projects/pls/overview/news/.

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 acquisition, exploration and development of uranium properties 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 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.

To view the PLS Summer 2013 Drill Program Inset Map: R390E, please visit the following link: http://media3.marketwire.com/docs/fcu1114-Map.jpg

To view the R390E Drill Core Assay Table, please visit the following link: http://media3.marketwire.com/docs/fcu1114-Table.pdf

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