Fission Hits 5th High-Grade Zone; 7.62m Total Composite Off-Scale in 76m Total Composite Mineralization

New Zone located between High-Grade Zones R390E and R780E

KELOWNA, BRITISH COLUMBIA--(Marketwired - Sept. 23, 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 announce the discovery of a fifth zone of high grade uranium mineralization with off-scale radioactivity on its Patterson Lake South (PLS) property in the Athabasca Basin, Saskatchewan. The first hole on line 585E, PLS13-098, intersected 76m total composite mineralization, including 7.62m total composite off-scale radioactivity. The R585E Zone is located approximately halfway between the R390E and R780E zones: 150m grid east of easternmost edge of the R390E Zone (PLS13-078 on line 435E, see news release August 22, 2013). PLS now comprises five separate zones on strike of each other along a 1.05km trend.

Drilling Highlights include:

  • 5th high grade Zone; discovered halfway between R390E and R780E zones
  • 76.0m of mineralization at shallow depth over 107.5m section (62.5m - 170.0m), including:
    • 7.62m of off-scale in several narrow discrete intervals ranging from 0.15m to 2.21m each

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

"The first hole of Zone R585E has intersected considerable breadth of mineralization and off-scale radioactivity. Just as important is the location - R585E halves the gap between high-grade zones R390E and R780E. This narrowing of the distance between zones is continued proof that PLS is host to a mineralized system of considerable size and strength."

R585E Zone

The R585E Zone is located ~150m grid east of the easternmost defined edge of the R390E Zone. The hole was targeted along the northern edge of the low resistivity feature, which is associated with the mineralized east-northeast trending pelitic corridor and a coincident radon in water anomaly. The geologic setting of the R585E zone is similar to other zones, consisting of mineralization primarily associated with sequences of steeply south dipping pelitic lithology with localized mylonites and cataclasites.

Hole PLS13-098 (line 585E) was collared as a vertical hole and completed to a depth of 317.0m. The hole is located approximately 150m grid east of hole PLS13-078 (42.0m of total composite mineralization with 1.25m total composite off-scale…see news release August 22, 2013). A number of discrete intervals of variably radioactive mineralization occur from 62.0m to 283.0m, with the most significant mineralization occurring within a 107.5m section (62.5m to 170.0m) in widths ranging from 1.5m to 33.5m. Four of these intervals contain discrete intervals of off-scale (>9999 cps) radioactivity from 0.09m to 2.21m wide, for a total measured composite of 7.62m of off-scale radioactivity. The intervals of 123.0m - 139.5m and 145.5m - 149.5m are the strongest mineralized sections, containing the majority of the off-scale radioactivity. Basement bedrock was encountered at 62.4m below the surface. Pelitic gneiss occurs from 62.4m to 277.2m. From 277.2m to 317.0m (EOH) basement is comprised of a semipelitic gneiss. Strong mylonites and cataclasites are present from 105.0m to 115.5m, dipping at 10° to 40° to core axis. Moderate to strong chlorite alteration is present from 62.4m to 117.1m and moderate to strong clay alteration from 117.1m to 171.4m.

R585E

Collar * Hand-held Scintillometer Results On Mineralized Drillcore (>300 cps / >0.5M minimum) Sandstone Basement
Unconformity
Total
Drillhole
Hole ID Grid
Line
Az Dip From
(m)
To
(m)
Width
(m)
CPS Peak
Range
From-To
(m)
Depth
(m)
Depth
(m)
PLS13-098 585E 175 -89 62.5 64.0 1.5 400 - 850 N / A 62.4 317.0
67.0 100.5 33.5 <300 - >9999
103.5 105.0 1.5 350 - 650
111.0 120.5 9.5 <300 - 2200
123.0 139.5 16.5 <300 - >9999
145.5 149.5 4.0 1000 - >9999
160.5 170.0 9.5 <300 - >9999
198.0 199.5 1.5 310 - 440
282.5 283.0 0.5 380
* Scintillometer Instrument: GR-110G

A $6.95M, 44 hole, 11,000m drill program and ground geophysics surveys continues at PLS.

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 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 scintillometer table for the R585E zone can be found on the Company's website at https://www.fissionuranium.com/projects/patterson-lake-south-sk/.

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 potential spin-out and listing of Fission Uranium and 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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Fission Uranium Corp.
Rich Matthews
Investor Relations
877-868-8140
rich@fissionuranium.com
www.fissionuranium.com