EDITOR: | June 24th, 2013

Fission, the Operator, Drills Significant Gold in All 3 Zones Including 1.58 g/t Au Over 63.5m

| June 24, 2013 | No Comments
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June 24, 2013 — Kelowna, British Columbia (Source: Marketwired) — FISSION URANIUM CORP. (TSX VENTURE:FCU)(FRANKFURT:2FU) (“Fission” or “the Company“), the operator, and its 50% Joint Venture partner Alpha Minerals Inc., are pleased to report gold assay results from the winter 2013 drill program at their Patterson Lake South (PLS) property – which is host to a high grade uranium discovery. All three zones (R00E, R390E and R780E) had drill holes with strongly anomalous gold values. Although there is a strong correlation of uranium and gold mineralization, the high-grade gold found by the Fission team occurs frequently, but not always, in areas of higher-grade uranium mineralization. In addition, not all high-grade uranium intersections at PLS have anomalous high-grade gold values.

Gold has been found elsewhere in the Western Athabasca Basin uranium deposits, notably at nearby Cluff Lake (>60M lbs of U3O8 produced) and Shea Creek. The Saskatchewan Mineral Deposit Index (reports 1150A and 2153) shows Cluff Lake deposits yielded over 16,000 ounces of gold produced in 1987 from the D Zone and Dominique-Janine deposit. UEX Corporation reports that locally high grades of gold are present at the Shea Creek deposits.

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

“We have shown significant gold-bearing intercepts in all three zones (R00E, R390E and R780E) and, with an aggressive drill program set to start in July, these results are another big step forward for PLS.”

The strongest gold-bearing intersection was returned from hole PLS13-066, the eastern-most hole drilled on the R390E Zone, with an overall grade of 1.58 g/t Au over 63.5m, and including several higher grade intervals (including an assay high of 35.6 g/t Au). Future work to establish patterns of gold distribution is required, particularly to determine if and how gold-enriched domains can enhance the potential of the project.

Gold Assay Highlights

Zone R00E

  • PLS13-059 (line 030E)
    • 20.5m (65.5m – 86.0m) @ 1.90 g/t Au

Zone R390E

  • PLS13-066 (line 420E)
    • 63.5m (82.0m – 145.5m) @ 1.58 g/t Au
      • Including 2.5m (88.0m – 90.5m) @ 8.8 g/t Au
        • Including an assay (90.0m – 90.5m) of 0.5m @ 35.6 g/t Au
      • Including 2.0m (133.0m – 135.0m) @ 7.5 g/t Au
  • PLS13-051 (line 405E)
    • 53.0m (95.0m – 148.0m) @ 1.02 g/t Au
      • Including 10.5m (107.5m – 118.0m) @ 2.60 g/t Au

Zone R780E

  • PLS13-060 (line 780E)
    • 7.0m (144.0 m – 151.0m) @ 1.71 g/t Au
      • Including 2.5m (146.5m – 149.0m) @ 4.48 g/t Au

Tables 1, 2 and 3 highlight composited gold intersections as they relate to the composited uranium intervals within zones R00E, R390E and R780E. Note that a concentration of 1000 ppb is equivalent to 1.0 g/t Au.

Table 1: R00E Zone

Zone Hole
ID
Grid
Line
From
(m)
To
(m)
Interval
(m)
U3O8
(wt%)
Au
ppb
As
ppm
B
ppm
R00E PLS13-026 025W 63.00 84.50 21.50 0.77 73 12 1096
73.50 81.50 8.00 1.41 159 13 524
88.50 89.50 1.00 0.13 5 22 204
PLS13-027 025W 61.00 98.50 37.50 1.06 98 20 477
78.00 91.00 13.00 1.97 60 27 619
106.00 106.50 0.50 0.06 1 12 138
144.50 145.00 0.50 0.19 14 11 64
PLS13-028 090E 48.50 52.50 4.00 0.16 16 62 405
PLS13-029 025W 63.00 93.00 30.00 0.76 20 25 755
81.50 85.00 3.50 3.57 72 62 732
88.50 92.00 3.50 2.08 18 53 706
PLS13-030 090E No significant mineralization
PLS13-031 025W 68.50 92.00 23.50 0.67 14 17 405
82.50 90.00 7.50 1.58 24 33 458
PLS13-032 090E 49.00 50.50 1.50 0.05 5 32 171
PLS13-033 025W 70.00 72.00 2.00 0.17 4 9 148
77.00 77.50 0.50 0.06 11 34 282
86.00 87.50 1.50 0.15 5 15 156
92.00 93.00 1.00 0.09 2 7 131
PLS13-034 105E No significant mineralization
PLS13-035 010W 62.00 71.50 9.50 0.39 15 13 316
78.00 86.50 8.50 0.96 21 13 489
81.00 85.50 4.50 1.57 24 11 443
121.50 122.00 0.50 0.07 49 8 95
PLS13-036 105E No significant mineralization
PLS13-037 025W 60.00 62.00 2.00 0.12 4 30 117
71.00 78.50 7.50 2.25 744 23 433
74.00 76.00 2.00 7.43 1144 29 621
83.50 87.50 4.00 0.09 3043 8 62
105.00 107.00 2.00 6.31 1124 62 257
109.50 110.00 0.50 0.10 167 5 11
113.50 116.00 2.50 0.13 103 6 38
119.00 122.50 3.50 7.27 839 81 252
120.00 122.00 2.00 12.40 1416 117 371
124.50 125.00 0.50 0.06 31 7 125
130.00 130.50 0.50 0.06 10 7 83
180.00 180.50 0.50 0.07 207 3 85
PLS13-039 045W 75.50 76.00 0.50 0.06 5 2 634
125.50 128.50 3.00 0.10 91 6 138
161.50 162.00 0.50 0.12 1030 7 115
223.00 223.50 0.50 0.05 623 83 62
224.00 224.50 0.50 0.07 22 20 163
PLS13-041 040W 63.50 68.50 5.00 0.13 25 24 502
75.00 88.50 13.50 5.54 161 38 592
83.50 87.00 3.50 17.08 538 72 626
PLS13-043 045W 63.50 65.00 1.50 0.99 269 60 269
67.50 89.50 22.00 4.80 144 14 594
83.50 87.50 4.00 20.73 69 31 613
PLS13-045 045W 64.00 85.00 21.00 0.23 20 13 251
88.00 89.00 1.00 0.07 2 11 78
PLS13-047 060W 64.50 68.00 3.50 0.18 101 16 2991
105.00 105.50 0.50 0.12 55 11 78
PLS13-049 060W 64.50 83.00 18.50 1.93 198 14 626
70.00 72.50 2.50 8.04 1068 42 616
PLS13-050 060W 63.50 65.00 1.50 0.07 4 14 165
PLS13-052 015E 62.00 72.50 10.50 0.87 197 38 475
62.50 66.00 3.50 2.01 87 81 798
75.50 93.50 18.00 3.56 106 56 528
84.00 88.50 4.50 11.95 124 172 624
PLS13-054 015E 68.00 79.50 11.50 0.28 405 9 401
PLS13-056 015E 62.50 71.50 9.00 0.16 28 12 329
PLS13-058 010W 63.50 67.50 4.00 0.11 10 26 86
70.50 87.50 17.00 0.18 9 8 260
PLS13-059 030E 55.50 62.00 6.50 3.61 580 58 433
56.50 59.00 2.50 8.99 500 75 603
65.50 86.00 20.50 8.36 1900 50 518
74.50 84.00 9.50 17.78 2338 86 661
PLS13-065 060E 51.00 53.50 2.50 0.12 3 10 995
PLS13-067 045E 50.50 52.00 1.50 0.09 2 18 106
61.50 67.50 6.00 4.63 49 46 615
63.50 67.50 4.00 6.86 57 64 726
110.00 110.50 0.50 0.05 19 2 33
PLS13-069 045E 52.00 54.00 2.00 0.29 22 25 441
57.50 58.00 0.50 0.05 12 4 356
95.00 95.50 0.50 0.05 10 30 39
100.50 101.50 1.00 0.06 9 7 207
PLS13-071 045E No significant mineralization
Composite Parameters
1. Minimum Thickness: 0.50m
2. Grade Cut-Off: 0.05 U3O8 (wt%)
3. Maximum Internal Dilution: 2.00m
4. Interval based on U3O8 cut-off. No cut-off used for gold (Au), arsenic (As) & boron (B).

Table 2: R390E Zone

Zone Hole
ID
Grid
Line
From
(m)
To
(m)
Interval
(m)
U3O8
(wt%)
Au
ppb
As
ppm
B
ppm
R390E PLS13-038 380E 73.50 74.50 1.00 0.01 6 4 720
79.50 80.00 0.50 0.05 0 4 863
87.00 121.00 34.00 4.99 446 52 592
94.50 107.00 12.50 9.32 1045 75 465
126.50 144.00 17.50 0.96 1213 36 427
133.00 138.50 5.50 2.07 1559 57 463
165.00 168.00 3.00 0.09 79 10 127
170.50 171.00 0.50 0.15 56 9 171
174.00 181.00 7.00 0.15 94 25 143
PLS13-044 390E 56.00 73.00 17.00 0.24 21 9 874
60.00 61.00 1.00 1.24 6 11 1158
77.00 83.00 6.00 0.32 31 19 467
86.00 89.50 3.50 0.38 308 13 337
96.50 103.50 7.00 0.46 317 11 461
101.00 102.50 1.50 1.36 825 20 827
PLS13-046 390E 96.50 98.00 1.50 0.13 4 4 73
127.50 129.00 1.50 0.04 6 1 103
206.50 207.50 1.00 0.15 391 49 179
239.00 240.00 1.00 0.14 244 7 116
243.50 244.00 0.50 0.16 191 105 271
PLS13-051 405E 76.00 77.00 1.00 0.10 8 94 758
79.50 80.00 0.50 0.06 12 16 346
95.00 148.00 53.00 6.57 1016 53 701
107.50 118.00 10.50 29.26 2603 147 456
157.00 159.50 2.50 0.10 205 24 180
PLS13-053 375E 66.00 115.50 49.50 6.26 556 63 672
98.50 104.50 6.00 35.00 3231 170 383
120.00 136.50 16.50 2.63 1510 27 486
130.00 133.00 3.00 13.19 7228 80 500
145.00 145.50 0.50 0.14 10 14 152
160.50 161.00 0.50 0.09 35 31 57
191.50 192.00 0.50 0.07 57 5 98
218.50 219.50 1.00 0.07 171 3 163
PLS13-061 360E 77.00 98.00 21.00 0.26 602 23 633
92.50 97.50 5.00 0.75 1946 62 866
102.50 103.50 1.00 0.25 206 13 876
110.00 133.50 23.50 1.39 1592 26 731
126.00 132.00 6.00 4.34 3292 69 601
137.50 140.00 2.50 1.17 1313 46 376
PLS13-062 375E 51.00 55.00 4.00 0.36 15 51 704
86.00 98.50 12.50 0.19 357 10 697
PLS13-064 405E 83.50 84.50 1.00 0.29 104 26 173
90.50 91.50 1.00 0.11 4 15 108
95.00 96.00 1.00 0.06 709 21 207
110.50 121.00 10.50 0.08 456 6 1769
125.50 136.00 10.50 0.43 616 38 693
130.00 132.00 2.00 1.37 2594 77 710
PLS13-066 420E 82.00 145.50 63.50 1.15 1580 32 812
88.00 90.50 2.50 4.50 8836 75 432
101.00 107.50 6.50 2.60 1148 41 802
122.00 124.00 2.00 2.14 6481 37 538
133.00 135.00 2.00 9.51 7485 92 409
PLS13-068 390E 96.00 111.00 15.00 0.26 32 11 698
116.00 117.00 1.00 0.10 11 12 227
PLS13-070 390E 85.50 89.00 3.50 0.13 13 68 531
Composite Parameters
1. Minimum Thickness: 0.50m
2. Grade Cut-Off: 0.05 U3O8 (wt%)
3. Maximum Internal Dilution: 2.00m
4. Interval based on U3O8 cut-off. No cut-off used for gold (Au), arsenic (As) & boron (B).

Table 3: R780E Zone

Zone Hole
ID
Grid
Line
From
(m)
To
(m)
Interval
(m)
U3O8
(wt%)
Au
ppb
As
ppm
B
ppm
R780E PLS13-048 780E 155.00 164.50 9.50 0.08 16 5 284
167.00 173.50 6.50 0.18 9 7 173
176.00 177.00 1.00 0.07 117 8 86
PLS13-055 780E 109.50 114.00 4.50 0.40 692 4 394
117.00 118.00 1.00 0.15 32 6 48
141.50 145.50 4.00 0.40 563 13 894
166.00 176.00 10.00 0.57 265 8 263
173.50 176.00 2.50 1.87 704 15 546
192.00 192.50 0.50 0.39 1090 18 581
PLS13-060 780E 133.50 141.00 7.50 0.18 76 7 479
144.00 151.00 7.00 1.22 1708 12 670
146.50 149.00 2.50 3.00 4478 31 1058
154.00 156.50 2.50 0.13 6 3 168
159.50 175.00 15.50 0.20 51 5 261
183.00 189.50 6.50 0.39 275 10 272
193.50 196.50 3.00 0.14 86 1 245
203.50 209.00 5.50 0.36 247 7 501
212.00 217.00 5.00 0.36 628 10 353
221.00 226.50 5.50 0.13 141 5 70
247.50 248.00 0.50 0.20 65 13 54
257.50 258.00 0.50 0.38 331 7 136
Composite Parameters
1. Minimum Thickness: 0.50m
2. Grade Cut-Off: 0.05 U3O8 (wt%)
3. Maximum Internal Dilution: 2.00m
4. Interval based on U3O8 cut-off. No cut-off used for gold (Au), arsenic (As) & boron (B).

Other geochemical data showed low arsenic values associated with the uranium mineralization represented in the set of 117 composited assay intervals reported in this news release (Tables 1, 2, and 3). This has important metallurgical significance as it indicates that the PLS mineralized zones are not likely to have the high arsenic concentrations found in some Athabasca uranium deposits. High arsenic may require special processing and disposal costs. Approximately 87.2% of the samples returned less than 50 ppm arsenic. Of the 12.8% of the remaining samples, all fell within the range of 50-105 ppm arsenic.

Of significance for the further exploration of the PLS mineralization, this data set also flags the strongly anomalous boron associated with uranium mineralization. Approximately 70.9% of the composited assay intervals show values of over 150 ppm boron, which is typically related to the hydrothermal alteration that is present within and surrounding the uranium mineralization. The extent of the alteration halo around the mineralization can enlarge the target area and be used as a guide to focus on an area in a suitable geophysical setting, especially if elevated geochemical uranium values are associated with this alteration. Several such targets remain on the PLS property yet to be drill tested, particularly west of the R00E zone along the PL-3B EM conductor.

Split core samples were submitted to SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited Facility) of Saskatoon for assay analysis, which includes a 63 element ICP-OES, uranium by fluorimetry (partial digestion), and boron. Samples within mineralized intervals and any samples which return >500ppm U, are assayed for weight % U3O8, as well as fire assayed for gold. All depth measurements reported, including sample and interval widths are down-hole, core interval measurements and true thickness are yet to be determined.

Patterson Lake South Property

Fission is Operator of the PLS exploration project, which is a 50%/50% Joint Venture held with Alpha Minerals Inc. PLS is accessible by road with primary access from all-weather Highway 955, which runs north to the former Cluff Lake mine, (>60M lbs of U3O8 produced) and passes through the nearby UEX-Areva Shea Creek discoveries located 50km to the north, currently under active exploration and development.

Updated assay tables can be found on the Company’s website at http://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 Energy 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”.

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.


Raj Shah

Editor:

Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>


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