Fission Uranium Hits New High Grade Mineralization at PLS Property

FISSION URANIUM CORP. ("Fission" or "the Company") is pleased to announce it has hit new high grade mineralization at four zones (R840W, R600W, R780E and R1620E) at its PLS property, host to the Triple R deposit, in Canada's Athabasca Basin region.

The assay results include hole PLS16-460 on zone R1620E (line 1500E) with 5.0m @ 10.95% U₃O₈ and 3.0m @ 7.56% U₃O₈ within a larger interval of 40.0m @ 2.64% U₃O₈. The wide, high-grade mineralization encountered by this hole, located 385m east of the Triple R and as well as hole PLS16-465, located 135m west of the Triple R, highlights the rapidly-increasing exploration potential of PLS. In total, Fission has assay results from ten holes: two holes drilled on the newly-discovered R840W zone, one drilled on the R600W zone, two on the R780E zone and five on the rapidly-growing R1620E zone.

Ross McElroy, President, COO, and Chief Geologist for Fission, commented, "These results show it's still very early days here at PLS. Fission's exploration drilling has delivered high-grade, near-surface assays 2.34km apart on a 2.58km mineralized trend that is already the largest footprint in the Athabasca Basin region. In other words, exploration growth has been strong this winter and we have a number of exciting exploration targets on our hit list for this summer. The latest results highlight how we have driven the trend west towards the huge high-grade boulder field, and east towards the border with our neighbours and they reaffirm what we've been saying for some time - we have barely scratched the surface of PLS' potential."

Assay Highlights Include:

R840W zone (newly discovered this winter and not included in Triple R deposit resource estimate)
PLS16-462 (line 840W) key interval:

• 22.0m @ 1.10% U₃O₈ (160.0m to 182.0m), including:
  • 8.5m @ 2.54% U₃O₈ (163.5m to 172.0m)

R1620E Zone (transformed into a high-grade zone this winter and not included in Triple R deposit resource estimate)
PLS16-460 (line 1500E) key interval:

• 40.0m @ 2.64% U₃O₈ (66.0m to 106.0m), including:
  • 3.0m @ 7.56% U₃O₈ (79.5m to 82.5m)
  • 5.0m @ 10.95% U₃O₈ (100.0m to 105.0m)

PLS16-464 (line 1485E) key interval:

• 50.0m @ 2.69% U₃O₈ (71.0m to 121.0m), including:
  • 9.5m @ 7.58% U₃O₈ (106.5m to 116.0m)

Table 1:

Table 2:

Table 3:

Table 4:

Composited % U₃O₈ mineralized intervals are summarized in Tables 1, 2, 3 and 4. Samples from the drill core are split in half sections on site. Where possible, samples are standardized at 0.5m down-hole intervals. One-half of the split sample is 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 remains on site for reference. All analysis includes a 63 element ICP-OES, uranium by fluorimetry and boron. Individual zone wireframe models constructed from assay data and used in the resource estimate indicate that both the R780E and R00E zones have a complex geometry controlled by and parallel to steeply south-dipping lithological boundaries as well as a preferential sub-horizontal orientation. All depth measurements reported, including sample and interval widths are down-hole, core interval measurements and true thickness are yet to be determined.

PLS Mineralized Trend & Triple R Deposit Summary

Uranium mineralization at PLS occurs within the Patterson Lake Conductive Corridor and has been traced by core drilling approximately 2.58km of east-west strike length in five separated mineralized "zones". From west to east, these zones are: R840W, R600W, R00E, R780E and R1620E. Thus far only the R00E and R780E have been included in the Triple R deposit resource estimate.

The discovery hole of what is now referred to as the Triple R uranium deposit was announced on November 05, 2012 with drill hole PLS12-022, from what is considered part of the R00E zone. Through successful exploration programs completed to date, it has evolved into a large, near surface, basement hosted, structurally controlled high-grade uranium deposit.

The Triple R deposit consists of the R00E zone on the western side and the much larger R780E zone further on strike to the east. Within the deposit, the R00E and R780E zones have an overall combined strike length validated by a resource estimate of approximately 1.05km with the R00E measuring approximately 105m in strike length and the R780E zones measuring approximately 945m in strike length. A 225m gap separates the R00E zone to the west and the R780E zones to the east, though sporadic narrow, weakly mineralized intervals from drill holes within this gap suggest the potential for further significant mineralization in this area. The R780E zone is located beneath Patterson Lake which is approximately six metres deep in the area of the deposit. The entire Triple R deposit is covered by approximately 50m to 60m of overburden.

Mineralization remains open along strike both to the western and eastern extents. Mineralization is both located within and associated with a metasedimentary lithologic corridor, associated with the PL-3B basement Electro-Magnetic (EM) Conductor. Recent very positive drill results returning wide and strongly mineralized intersections from the R600W zone and the newly discovered R840W zone, located 480m and 765m respectively to the west along strike have significantly upgraded the prospectivity of these areas for further growth of the PLS resource on land to the west of the Triple R deposit. The recently discovered high-grade mineralization in the R1620E zone, located 300m to the east along strike has significantly upgraded the prospectivity for further growth of the PLS resource to the east of the Triple R deposit.

An updated map 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.