Step-Out Hits 21.65m Total "Off-Scale" Radioactivity Within 70m of Mineralization at R390E Zone

KELOWNA, BRITISH COLUMBIA--(Marketwired - July 29, 2013) - FISSION URANIUM CORP. ("Fission" or "the Company") (TSX VENTURE:FCU)(OTCQX:FCUUF)(FRANKFURT:2FU) the Operator, and its Joint Venture partner Alpha Minerals Inc. are pleased to announce results for an additional two holes drilled on the R390E Zone. Holes PLS13-073 and PLS13-075 tested the eastern and western extension of zone respectively and both intersected mineralization. With a current strike length of 105m, results of these two holes have expanded the strike length of the R390E Zone by an additional 75% from the winter 2013 program. At 21.65m off-scale (>9999 cps) mineralization, PLS13-075 represents the largest accumulation of discrete off-scale mineralized intervals in any drill hole at PLS to date. Drilling of hole PLS13-075 is still in progress at a depth of 188.0m, and it is expected that the main zone of mineralization has been intersected and reported in this news release.

PLS13-075 Drilling Highlights include:

  • Extends strike length of R390E zone to 105m

  • 21.65m total off-scale radioactivity in several discrete intervals including

    • 16.7m of continuous off-scale (>9999 cps) (73.5m - 90.2m)
  • 82.0m of variable strength basement mineralization in two zones, separated by only 2.5m of barren rock

  • The upper zone (57.5m - 127.5m), which includes the 21.65m of off-scale, reported variable weak to strong radioactivity

  • The lower zone (130.0m - 142.0m) reported weak to moderate radioactivity

  • Multiple narrow anomalous intervals present from 146.5m to 162.5m

Ross McElroy, President, COO, and Chief Geologist for Fission, commented, "The strong mineralization encountered in hole 075 is the latest in a series of very robust results at the R390E Zone - first from the winter program and now from the summer. With the strength of mineralization and the degree of off-scale radioactivity - all at shallow depth - we are very pleased at the rate at which this discovery continues to expand in both size and strength."

R390E Zone:

Line 330E: Drillhole PLS13-075 (drilling still in progress) was collared as a vertical hole. The hole is still in progress at a depth of 188.0m. The hole is collared 15m grid west of PLS13-072. Two main zones of mineralization were intersected (70.0m and 12.0m wide respectively), separated by 2.5m of unmineralized rock. The upper zone (57.5m - 127.5m) is characterized by variably weak to moderate to strong radioactivity throughout. A total of 21.65m of off-scale radioactivity (>9999 cps) was intersected throughout, with the largest discrete interval measuring 16.7m (73.5m - 90.2m). The lower zone (130.0m - 142.0m) is characterized as weak to moderate radioactivity throughout. Several additional narrow intervals of generally weak mineralization were present from 146.5m to 162.5m (see Table 1), including a 2.5m wide interval (146.5m - 149.0m of weak to strong mineralization including a narrow 0.15m wide interval of off-scale (>9999 cps) radioactivity at 147.13m. 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°. The hole is still in progress at a depth of 188.0m. Moderate to strong clay alteration is present from 49.3m to 162.5m.

Line 435E: Drillhole PLS13-073 was collared as a vertical hole. The hole was drilled to a depth of 248.0m. The hole is collared 15m grid east of PLS13-066. Two zones of mineralization were intersected (19.5m and 11.0m wide respectively), separated by 21m of unmineralized rock. The upper zone (102.0m - 121.5m) is characterized by variably weak to moderate radioactivity throughout. A narrow 0.1m wide interval of off-scale radioactivity (>9999 cps) was intersected at 107.79m. The lower zone (142.5m - 153.5m) is characterized as weak to moderate to locally strong radioactivity throughout. A narrow 0.33m wide interval of off-scale radioactivity (>9999 cps) was intersected at 138.1m. A thin cap of Devonian sandstone was encountered from 50.0m to 53.0m, overlying a quartz-feldspar granofel to a depth of 90.1m. The quartz-feldspar granofel was underlain by alternating sequence of pelitic gneiss / mylonites to EOH (248.0m). The foliated pelitic gneiss / mylonite sequence is moderately clay altered to 226m and sulphide bearing from 235.5m to 248.0m. Foliation is generally steep to core axis at 010° to 040°. The hole was terminated at a depth of 248.0m in unaltered sulphide bearing pelitic gneiss. The presence of the hanging wall quartz-feldpar granofel higher up in the basement rocks, suggests the more prospective area with respect to mineralization in pelitic rocks would be to the north of PLS13-073.

R390E
Collar * Hand-held Scintillomenter Results On Mineralized Drillcore (>300 cps / >1.0M minimum) Sandstone
From - To
(m)
Basement
Unconformity
Depth (m)
Total
Drillhole
Depth (m)
Hole ID Grid Line Az Dip From (m) To (m) Width (m) CPS Peak Range
PLS13-073 435E 132 -89 102.0 121.5 19.5 <300 - >9999 50.0 - 53.0 53.0 248.0
142.5 153.5 11.0 <300 - >9999
PLS13-075 330E 0 -90 57.5 127.5 70.0 <300 - >9999 47.0 - 49.3 49.3 188.0
67.5 90.5 23.0 580 - >9999
130.0 142.0 12.0 <300 - 6800
146.5 149.0 2.5 <300 - >9999
151.0 153.0 2.0 400 - 1800
157.0 157.5 0.5 1000
160.0 162.5 2.5 <300 - 3600
* Scintillometer Instrument: GR-110G

A $6.95M, 44 hole, 11,000m drill program and ground geophysics surveys continues at PLS. The Company also announces that hole PLS13-072 which was on hold for mechanical reasons, has now been completed. A gamma log for PLS13-072 can be found on the Company's website at http://www.fissionuranium.com/projects/patterson-lake-south-sk/.

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 R390 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.
Investor Relations
Rich Matthews
877-868-8140
rich@fissionuranium.com
www.fissionuranium.com