Fission Hits 9.08% U3O8 Over 54.5m Including 21.76% U3O8 Over 21.5m

KELOWNA, BRITISH COLUMBIA--(Marketwired - Sept. 4, 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 hole PLS13-075 on drilled on line 330E on the Western region of Zone R390E, at their Patterson Lake South (PLS) property, Saskatchewan. The main zone of mineralization returned an interval of 9.08% U3O8 over 54.5m, including a higher grade core of 21.76% U3O8 over 21.5m. With an overall Grade x Thickness (GT) value of 494.8 for this interval, this is now the best mineralized hole to date at PLS.

PLS13-075 is located 30m grid west of hole PLS13-061 (23.5m @ 1.39% U3O8…see news release dated June 5, 2013).

Assay Highlights

  • 54.5m @ 9.08% U3O8 (61.0m - 115.5m) with GT 494.86 including:
  • 21.5m @21.76% U3O8 (68.5m - 90.0m) with GT 467.84
  • Highest assay in the interval: 52.2% U3O8 over 0.5m (74.0m - 74.5m)
  • Intermittent narrower zones of weaker mineralization, up to 11.5m wide each, are present from 118.0m to 177.5m

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

"This is a spectacular mineralized interval from the R390E Zone. It confirms a particularly high-grade of uranium mineralization within wide intersections at shallow depth. With a mineralized interval grade x thickness (GT) value of 494.8m%, PLS13-075 delivers not only the best results to date on the PLS property but on a level with the best holes within the Athabasca Basin district."

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 PLS13-075 330E 57.50 58.00 0.50 0.09
61.00 115.50 54.50 9.08
68.50 90.00 21.50 21.76
118.00 125.50 7.50 0.07
130.00 141.50 11.50 0.24
146.50 148.50 2.00 0.65
151.00 152.50 1.50 0.71
157.00 157.50 0.50 0.06
160.00 162.50 2.50 0.27
176.50 177.50 1.00 0.27
Composite Parameters
1. Minimum Thickness: 0.50m
2. Grade Cut-Off: 0.05 U3O8 (wt%)
3. Maximum Internal Dilution: 2.00m

Drillhole PLS13-075 was collared as a vertical hole and was completed at a depth of 248.0m. Mineralized zones as defined by assays of >0.05% U3O8 over >0.5m are present in discrete intervals over a 120.0m wide section (57.5m - 177.5m) each ranging in width from 0.5m to 54.5m wide. The main mineralized horizon was encountered from 61.0m - 115.5m and returned a composited interval of 9.08% U3O8 over 54.5m, including a high-grade core (68.5m - 90.0m) that returned 21.76% U3O8 over 21.5m and is associated with strongly hydrothermally altered gneiss. Several additional narrow intervals of generally weaker mineralization were present from 118.0m to 177.5m (see Table 1). A thin cap of Devonian sandstone was encountered from 47.0m to 49.3m, overlying a quartzitic gneiss to a depth of 55.6m. The quartzitic gneiss was underlain by a foliated and locally faulted strongly altered locally strongly graphitic pelitic gneiss. Foliation is generally moderate to steep to core axis at 020° to 048°.

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 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.

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