KELOWNA, BRITISH COLUMBIA--(Marketwired - Nov. 16, 2015) - FISSION URANIUM CORP. (TSX:FCU)(OTCQX:FCUUF)(FRANKFURT:2FU) ("Fission" or the "Company") is mailing a letter and its Management Information Circular today to all shareholders presenting its nominees for election at the annual meeting of shareholders to be held on December 15, 2015.
"Nov 2nd marks the third anniversary of the PLS discovery. In three short years, our 97% zone drilling hit rate has enabled Fission to announce a 43-101 compliant maiden resource that surpassed every analyst expectation. Thanks to the combination of shallow depth and drilling success, we also have a Preliminary Economic Assessment ("PEA") study showing an OPEX of just US $14.02 that demonstrates the Triple R's potential to be one of the lowest cost producers in the world," said Ross McElroy, President, COO and Chief Geologist of Fission. "Despite these incredible milestones, we've only explored 3% of PLS and a great deal of value remains untapped, which is why we're currently prepping for an exciting winter drill program. This is a unique, basement-hosted exploration project that requires an integrated, highly specialized, highly technical exploration team, including geologists, geophysicists, geochemists and more. Just as crucially, it needs a skilled Board of Directors that understands exploration and development in the Athabasca Basin region."
"The Basin is known for having the richest uranium deposits in the world. These deposits are also the most difficult in the world to find. Fission's multiple award-winning team has made two major uranium discoveries there in four years and has been able to succeed because it has been backed by a Board well-versed in the business of exploration and development companies. Fission's director nominees are the right people at the right time to support PLS and the Triple R Deposit at this critical time in the project's lifecycle and will be crucial to delivering strong, value-creating results as we move forward." McElroy added.
The Company has also received notice that Mr. James Gifford, owner of 126,099 shares of Fission, will be proposing his own slate of directors for election. Fission is always open to considering new nominees to the Board, as evidenced in the recent nomination of Mr. Raffi Babikian. The Company provided Mr. Gifford with the opportunity to present his slate of nominees for consideration, however, Mr. Gifford chose not to do so, instead submitting his intention to nominate at the last minute before the deadline, Friday night.
As Fission takes time to consider Mr. Gifford's nominees listed below it encourages all shareholders to do the same:
"It is unfortunate that Mr. Gifford has chosen to initiate a proxy fight that will unnecessarily force Fission to waste time and spend shareholder resources that would be better spent on advancing the PLS project," Dev Randhawa, Chairman and CEO of Fission, commented. "While we are always open to good, constructive ideas about how to create long-term value for all shareholders, as shown by our strong performance in an extremely challenging environment there is no case for change. We believe now should be a time to focus on building shareholder value by developing PLS and its Triple R Deposit, not for unnecessary disruption and self-interest by an opportunistic individual with no constructive ideas that threatens to hurt all shareholders."
To preserve and sustain Fission's clear path forward, it is essential that the Board continue to be comprised of directors with the right experience and knowledge of uranium exploration and development in the Athabasca Basin region.
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 - host to the world-class Triple R uranium deposit - and is headquartered in Kelowna, British Columbia. Fission's common shares are listed on the TSX Exchange under the symbol "FCU" and trade on the OTCQX marketplace in the U.S. under the symbol "FCUUF."
Cautionary Note Regarding Forward-Looking Statements
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 include, but are not limited to, statements regarding the exploration potential of, and value associated with, the PLS property, and the future operating and financial performance of Fission. These forward-looking statements are based on the beliefs of Fission's management, as well as on assumptions which such management believes to be reasonable based on information currently available at the time such statements were made. Such assumptions include, but are not limited to, assumptions about: the preliminary economic assessment, mineral resource estimates, drilling results, general business and economic conditions; the price of uranium; conditions in financial markets generally; the Company's ability to attract and retain skilled staff; and market competition.
We caution you that the foregoing list of important factors and assumptions is not exhaustive. There can be no assurance that the forward-looking statements will prove to be accurate. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Fission to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, without limitation: risks related to Fission's limited business history; that Fission has no history of mineral production or mining operations; discrepancies between actual and estimated mineral resources; risks caused by factors beyond Fission's control, such as uranium market price volatility, recovery rates of minerals from mined ore and demand for nuclear power; risks related to competition in the mineral industry; risks related to uranium industry competition and international trade restrictions; the potential deregulation of the electrical utility industry; competition of nuclear power with other energy sources; risks related to Fission's title to the PLS property; risks related to dependence on key personnel; and risks of not meeting exploration budget forecasts and other risk factors listed from time to time in our continuous disclosure filed with the Canadian securities regulators on SEDAR at www.sedar.com. Although Fission has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date of this press release and, other than as required by applicable securities laws, Fission assumes no obligation to update or revise them to reflect new events or circumstances.