Fission Summer Program Hits Off-scale Mineralization in 7 Angled Holes; Expands R780E Zone into New Area

Top Hole Returns 128.0m Total Composite Mineralization with 6.1m Total Composite Off-scale

KELOWNA, BRITISH COLUMBIA--(Marketwired - July 28, 2014) - FISSION URANIUM CORP. (TSX VENTURE:FCU)(OTCQX:FCUUF)(FRANKFURT:2FU) ("Fission" or "the Company") is pleased to announce results from the first fourteen drill holes of the summer drill program at its PLS property in Canada's Athabasca Basin. Of particular note is hole PLS14-230 (line 915E), which returned 6.1m total composite off-scale (>10,000 cps) radioactivity, in 128.0m total composite mineralization. All fourteen holes returned wide mineralization, with seven angled holes and three vertical holes holes returning substantial intervals of off-scale (>10,000 cps) radioactivity. Fission has now replaced the GR-110 scintillometer, which measured a maximum of 9,999 cps (referred to as off-scale in all previous PLS drill programs) with the RS-121 scintillometer, which measures up to 65,535 cps for higher resolution readings of strongly anomalous radioactivity.

Drilling Highlights Include:

New drilling techniques have enabled barge-based angled drill holes

  • Angled holes are now being drilled to improve Fission's understanding of the discovery's geometry and assisting in the identification of new mineralized areas.

R780E Zone Growth

  • Eastern end of R780E Zone expands approximately 50m north of currently defined boundary (lines 870E and 915E)

Hole PLS14-230 (line 915E)

  • 128.0m total composite mineralization (between 115.0m - 362.0m) including:
    • 6.1m total composite mineralization of (>10,000 cps) radioactivity

Hole PLS14-220 (line 540E)

  • 93.1m total composite mineralization (between 59.5m - 246.5m) including:
    • 4.6m total composite mineralization of (>10,000 cps) radioactivity

Hole PLS14-225 (line 825E)

  • 76.0m total composite mineralization (between 126.5m - 268.0m) including:
    • 4.1m total composite mineralization of (>10,000 cps) radioactivity

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

"Fourteen holes, fourteen hits. We have wide mineralization in every drill hole, high-grade intervals in ten of the holes and a new mineralized area to the North of the R780E zone's eastern section. The summer drill program is progressing extremely well as we continue to rapidly expand the PLS discovery prior to a 43-101 resource estimate at the end of the year."

New Mineralized Zones in Eastern Region of R780E Zone: Holes PLS14-224 (870E) and PLS14-230 (915E) have intersected mineralization further to the north than previously known. In the case of PLS14-224, mineralization was intersected in a parallel, previously unknown metapelitic gneissic unit (244.0m to 248.0m), located approximately 45m grid north of the main mineralized horizon and included 0.1m of 12,000 cps within the 4.0m interval. Results from PLS14-230 also push the mineralization boundary further grid north of the currently defined boundary, by approximately 50m. These encouraging results expanding mineralization to the north and identifying parallel mineralized metapelitic gneissic units, underpin the growth potential of the R780E zone in every directions. Further holes are required to follow-up these significant successes.

Rapid Expansion of R780E Zone: Today's results continue to demonstrate the robust nature of the PLS mineralized system. In particular, results from the eastern area of the R780E show considerable upside. The 43 holes earmarked for the main mineralized trend are designed to show growth, both laterally north and south as well as expansion along strike to the east, as well as to demonstrate continuity as required for an upcoming NI 43-101 compliant resource estimate expected towards the end of 2014.

Fission Changes to More Advanced Scintillometer Technology: For reporting purposes Fission has replaced the Exploranium GR-110 Scintillometer with a RS-121 Super GAMMA Scintillometer manufactured by Radiation Solutions. The RS-121 is a state-of-the art hand portable scintillometer capable of measuring higher radioactivity than the GR-110, with readings up to 65,535 cps (counts per second) before saturation, whereas the previously used GR-110 saturates (i.e. off-scale) at 9999 cps. Field studies conducted at PLS have shown the RS-121 and GR-110 hand scintilometers to give statistically similar radioactivity results for measurements returning <9999 cps. The RS-121 allows for far more accuracy and resolution of readings in zones of strongly anomalous radioactivity.

Natural gamma radiation in drill core that is reported in this news release was measured in counts per second (cps) using a hand held RS-121 Scintillometer manufactured by Radiation Solutions. 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.

Samples from the drill core will be split in half sections on site. Where possible, samples will be standardized at 0.5m down-hole intervals. One-half of the split sample will be sent to SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited Facility) in Saskatoon, SK for analysis which includes U3O8 (wt %) and fire assay for gold, while the other half will remain on site for reference. Analysis will include a 63 element ICP-OES, uranium by fluorimetry and boron.

All depth measurements reported, including radioactivity and mineralization interval widths are down-hole, core interval measurements and true thickness are yet to be determined.

Collar * Hand-held Scintillometer Results On Mineralized Drillcore (>300 cps / >0.5M minimum) Sand-
stone
Base-
ment
Uncon-
formity
Total
Drill-
hole
Zone Grid Line Az Dip From
(m)
To
(m)
Width
(m)
CPS
Peak
Range
From
- To
(m)
Depth
(m)
Depth
(m)
PLS14-217 R780E 600E 325 -81.0 59.0 64.0 5.0 <300 - 2400 NA 59.0 320.0
66.5 76.0 9.5 <300 - 1800
107.5 114.5 7.0 <300 - 1200
122.5 127.0 4.5 340 - 1900
135.0 137.5 2.5 340 - 2700
140.5 144.0 3.5 430 - 6200
147.0 151.0 4.0 370 - 7000
158.5 161.5 3.0 310 - 3100
165.0 167.5 2.5 <300 - 1600
175.5 176.0 0.5 1600
180.0 190.0 10.0 <300 - 7200
195.0 196.5 1.5 300 - 800
199.0 209.5 10.5 <300 - 3400
212.0 217.5 5.5 <300 - 2700
222.0 225.0 3.0 360 - 1300
232.0 234.0 2.0 340 - 470
243.0 248.5 5.5 <300 - 1900
PLS14-218 R780E 465E 345 -70 161.0 167.0 6.0 <300 - 960 NA 52.9 287.0
170.5 195.5 25.0 <300 - 5200
224.0 229.5 5.5 <300 - 2600
260.0 261.5 1.5 500 - 1100
PLS14-219 R780E 300E 371 -88 86.5 88.0 1.5 470 - 1300 NA 57 326.7
90.5 91.5 1.0 350 - 500
134.0 136.0 2.0 <300 - 590
143.0 147.0 4.0 <300 - 420
153.5 154.5 1.0 380 - 800
160.0 177.0 17.0 <300 - 33000
180.5 195.0 14.5 <300 - 5700
198.5 212.5 14.0 <300 - 3600
235.5 236.0 0.5 380
259.0 259.5 0.5 300
PLS14-220 R780E 540E 243 -86.6 59.5 91.5 32.0 <300 - 15000 NA 57.0 341.0
97.0 111.5 14.5 <300 - 30000
117.5 118.5 1.0 2000 - 55000
123.9 129.0 5.1 410 - 32000
132.0 133.5 1.5 1100 - 40000
146.5 147.5 1.0 460 - 490
156.0 158.5 2.5 <300 - 2100
163.0 174.0 11.0 <300 - 41000
177.0 199.5 22.5 <300 - 3000
202.0 202.5 0.5 360
206.0 207.0 1.0 410 - 570
246.0 246.5 0.5 380
PLS14-221 R780E 735E 333 -71.7 139.0 144.0 5.0 330 - 960 NA 63.0 317.0
146.5 151.0 4.5 <300 - 860
153.5 164.0 10.5 <300 - 1800
166.5 167.5 1.0 320 - 420
191.0 191.5 0.5 600
204.5 205.0 0.5 340
213.0 225.5 12.5 <300 - 23000
252.5 257.5 5.0 <300 - 2200
PLS14-222 R780E 375E 342 -70 99.0 100.0 1.0 420 45.2 - 57.6 57.6 221.0
112.0 113.0 1.0 300 - 560
117.0 125.5 8.5 <300 - 6100
129.0 133.5 4.5 <300 - 4200
137.0 149.0 12.0 <300 - 10200
PLS14-223 R780E 540E 234 -88 79.5 88.0 8.5 <300 - 3900 NA 53.0 308.4
91.0 110.5 19.5 <300 - 8900
114.5 118.5 4.0 <300 - 9000
121.0 132.5 11.5 <300 - 32000
135.0 137.0 2.0 320 - 450
148.0 148.5 0.5 360
151.0 155.0 4.0 480 - 1600
157.5 166.0 8.5 460 - 4500
172.0 174.0 2.0 580 - 12000
176.5 190.0 13.5 <300 - 41000
193.5 195.5 2.0 480 - 9800
208.0 209.0 1.0 500 - 800
221.0 221.5 0.5 3100
251.0 251.5 0.5 2200
PLS14-224 R780E 870E 335 -70 91.5 113.5 22.0 <300 - 3700 NA 61.6 389.0
117.0 117.5 0.5 350
125.0 126.0 1.0 340 - 550
128.5 148.0 19.5 <300 - 42000
150.5 168.5 18.0 <300 - 12000
182.5 183.0 0.5 360
244.0 248.0 4.0 510 - 12000
251.0 251.5 0.5 350
269.5 270.0 0.5 1100
272.5 274.0 1.5 340 - 660
276.5 277.5 1.0 480 - 530
280.0 283.5 3.5 <300 - 780
290.5 291.5 1.0 320 - 380
312.0 316.5 4.5 510 - 3400
342.0 343.0 1.0 340 - 370
PLS14-225 R780E 825E 336 -69 126.5 133.5 7.0 <300 - 3300 NA 61.5 329.0
138.5 142.5 4.0 <300 - 1200
145.5 184.5 39.0 <300 - 30000
195.0 203.5 8.5 <300 - 16000
209.0 209.5 0.5 330
214.5 224.0 9.5 <300 - 19000
226.5 227.0 0.5 600
238.0 239.5 1.5 400 - 2100
243.0 243.5 0.5 330
255.0 256.5 1.5 1000 - 24000
260.0 261.5 1.5 2500 - 35000
266.0 268.0 2.0 <300 - 380
PLS14-226 R780E 510E 338 -72 105.0 105.5 0.5 340 NA 53.9 360.0
109.5 110.0 0.5 350
116.5 119.0 2.5 <300 - 1300
121.5 129.0 7.5 <300 - 500
135.5 138.5 3.0 <300 - 680
150.5 160.0 9.5 <300 - 1800
175.5 181.0 5.5 440 - 43000
192.0 202.5 10.5 <300 - 32000
226.5 229.0 2.5 320 - 890
PLS14-227 R780E 645E 329 -69 130.5 133.5 3.0 <300 - 6100 61.5 - 61.6 61.6 317.0
136.0 175.5 39.5 <300 - 3300
198.5 200.0 1.5 310 - 420
212.5 229.0 16.5 <300 - 12700
248.0 249.0 1.0 310 - 320
272.5 273.0 0.5 480
PLS14-228 R780E 660E 91 -87.6 65.5 67.5 2.0 410 - 670 57.7 - 58.2 58.2 527.0
81.0 96.5 15.5 <300 - 2200
101.0 101.5 0.5 320
105.0 121.5 16.5 <300 - 4900
126.0 126.5 0.5 340
129.5 141.0 11.5 <300 - 1700
143.5 144.0 0.5 400
147.0 151.0 4.0 <300 - 510
156.5 157.0 0.5 300
161.0 166.0 5.0 <300 - 850
225.0 225.5 0.5 340
277.0 278.0 1.0 330 - 640
291.0 291.5 0.5 430
297.0 297.5 0.5 480
431.0 431.5 0.5 810
435.5 438.0 2.5 380 - 5700
450.5 451.0 0.5 410
460.5 461.5 1.0 410 - 490
PLS14-229 R780E 330E 337 -69 78.0 92.0 14.0 <300 - 2100 NA 50.7 248.0
96.5 124.0 27.5 <300 - 31300
131.0 136.5 5.5 <300 - 2900
PLS14-230 R780E 915E 344 -71 115.0 124.5 9.5 <300 - 1100 NA 62.2 420.0
127.5 137.5 10.0 <300 - 3000
143.5 146.5 3.0 <300 - 850
150.0 150.5 0.5 350
155.5 160.0 4.5 <300 - 370
163.0 163.5 0.5 330
170.0 176.0 6.0 <300 - 1000
180.0 180.5 0.5 360
183.5 206.5 23.0 <300 - 33400
218.5 220.0 1.5 470 - 770
223.0 224.0 1.0 360 - 1300
229.0 253.0 24.0 <300 - 65500
257.0 271.0 14.0 300 - 25300
275.0 288.5 13.5 <300 - 7500
295.5 297.5 2.0 310 - 1300
312.5 315.5 3.0 <300 - 5400
322.0 322.5 0.5 390
332.5 337.5 5.0 <300 - 4500
343.5 346.5 3.0 <300 - 360
351.0 351.5 0.5 400
359.5 362.0 2.5 <300 - 370

PLS Mineralized Trend Summary

Uranium mineralization at PLS has been traced by core drilling over 2.24km of east-west strike length in five separate mineralized "zones" from line 615W (PLS13-124) to line 1620E (PLS14-196). From west to east, these zones are; R600W, R00E, R780E, R1155E and R1620E. 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.

Updated maps and files can be found on the Company's website at http://fissionuranium.com/project/pls/.

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.

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
TF: 877-868-8140
rich@fissionuranium.com
www.fissionuranium.com