Mr. Ross McElroy reports

FISSION STAKES FOUR NEW URANIUM PROPERTIES IN ATHABASCA BASIN

Fission Uranium Corp. has staked four new properties in the Athabasca basin region of Northern Saskatchewan: Typhoon, Corsair, Merlin, and Seahawk. All four have positive, limited historical fieldwork and are considered by the company to be highly prospective, greenfield exploration projects.

News highlights:

• Four new properties in the Athabasca basin staked by Fission:
  • Typhoon (3,867 hectares) -- located approximately 20 kilometres south of Fission's PLS project;
  • Corsair (3,481 hectares) -- located approximately 110 kilometres east-southeast of Fission's PLS project and less than 20 kilometres south of Cameco Corp.'s Centennial uranium deposit;
  • Merlin (808 hectares) -- located approximately 36 kilometres west of Cameco's Key Lake uranium mill;
  • Seahawk (6,293 hectares) -- located approximately 33 kilometres southeast of the Athabasca basin.

Ross McElroy, president and chief executive officer for Fission, commented: "The Athabasca basin region is home to the richest uranium orebodies in the world. We have staked four new properties -- identified by our expert and successful exploration team -- that have potential for hosting high-grade uranium. These projects are underexplored but have historical data pointing to strong prospectivity."

Typhoon project details

Typhoon is located approximately 20 kilometres south of Fission's PLS project and consists of three contiguous mineral claims totalling 3,867 hectares. It is 100 per cent owned by Fission. The property is 35 approximately south-southwest of the Athabasca basin and straddles the northeast edge of the Western Canadian sedimentary basin (WCSB). In the project area, the WCSB is underlain by metamorphosed crystalline basement rocks belonging to the Taltson domain, which are the same rocks that host the Triple R deposit on the PLS project to the north.

In 1969, a regional-scale airborne radiometric survey covered the project area, and a combined airborne electromagnetic and magnetic survey followed by lake sediment, soil, water and radon sampling was undertaken in 2013. The electromagnetic survey in 2013 identified three multikilometre-long conductor trends northeast of Typhoon, interpreted to be graphitic fault zones. The company believes that these conductor trends extend through the Typhoon project but have been geophysically masked by the WCSB cover rocks and therefore never historically drill tested. Due to the limited amount of historical exploration on the project, including a complete lack of drill testing despite a similar geological setting and proximity to a number of significant uranium deposits, the company views Typhoon as a highly prospective greenfield uranium exploration project.

Corsair project details

Corsair is located 110 kilometres east-southeast of Fission's PLS project in northwestern Saskatchewan and consists of three groups of non-contiguous mineral claims, termed the north, central and south groups, totalling 3,481 hectares. It is 100 per cent owned by Fission. The north, central and south claim groups comprising Corsair are located within, straddling the margin of and 2.6 kilometres south of the Athabasca basin, respectively. The maximum depth to the unconformity at Corsair is expected to be 500 metres in the north claim group, grading to zero metres in the south claim group where crystalline basement rocks are intermittently exposed on surface. Corsair is located strategically between two major, northeast-trending structural features in Northern Saskatchewan: the Virgin River shear zone (VRSZ) to the west and the Cable Bay shear zone (CBSZ) to the east. The VRSZ hosts Cameco's Dufferin Lake uranium zone (notable intercepts include drill hole SW-019, returning 1.73 per cent U3O8 (triuranium octoxide) over 6.5 metres) and the nearby Centennial uranium deposit (notable intercepts include drill hole VR31-W3, returning 8.8 per cent U3O8 over 34.0 metres), which are located 11 kilometres west and 15 kilometres west of the Corsair project, respectively. The Corsair claim groups overlie a series of northwest-trending electromagnetic conductors defined by previous operators, interpreted to be graphitic linkage faults in the basement rock between the VRSZ and CBSZ.

Uranium exploration has occurred around the Corsair claim groups since the late 1960s, which was focused primarily near the VRSZ and CBSZ, not on the linkage faults in between. Only one historical drill hole from 1979 is located within the current Corsair property boundaries, CHY-002, which targeted an electromagnetic conductor located in the south claim block and was terminated in graphitic rocks at a depth of 111.0 metres. The company believes that the graphitic linkage faults and their interpreted genetic relationship to the two major shear zones in the Corsair area, one of which is host to multiple zones of uranium mineralization, are prospective locations for additional uranium discoveries.

Merlin project details

Merlin is located in the eastern Athabasca basin, 36 kilometres west of Cameco's Key Lake uranium mill, and comprises one mineral claim totalling 808 hectares. It is 100 per cent owned by Fission. Historical drilling in the area suggests that the depth to the Athabasca basin crystalline basement unconformity is expected to be up to 270 metres vertically from surface. In the northeast corner of Merlin, a 1.1-kilometre-long stretch of an electromagnetic conductor trend, interpreted to be a graphitic fault zone, extends from the east into the project area.

Historical drilling in 1981 by the Saskatchewan Mining Development Corp. (SMDC) along this electromagnetic conductor, 50 metres east of the Merlin claim boundary, intersected anomalous uranium concentrations in drill hole SM79-1, up to 0.015 per cent U3O8. The anomalous uranium concentrations are hosted in weakly bleached, chlorite-altered and clay-altered basement rocks directly below the unconformity at a depth of 250.89 metres. SM79-1 follow-up drilling by SMDC consisted of a fence of three 60-metre-spaced vertical drill holes across the electromagnetic conductor trend. The company considers this follow-up drilling to have been too widely spaced to have appropriately tested for additional uranium mineralization around drill hole SM79-1, and the mineralized conductor trend where it continues into Merlin is considered highly prospective.

Seahawk project details

Seahawk is located in northeastern Saskatchewan, approximately 33 kilometres southeast of the Athabasca basin, and comprises 18 non-contiguous mineral claims totalling 6,293 hectares. It is 100 per cent owned by Fission. Seahawk overlies a 29-kilometre-long stretch of the Needle Falls shear zone (NFSZ), which is a major, northeast-trending fault system extending for over 350 kilometres across eastern Saskatchewan. Rocks comprising the NFSZ belong to the Wollaston domain and consist of graphitic gneiss, silicified gneiss and mylonite to cataclasite, which are all common host lithologies found in basement-hosted, unconformity-associated high-grade uranium deposits. Numerous north-south-trending faults, interpreted to be part of the Tabbernor fault system, crosscut the NFSZ, creating highly prospective litho-structural settings to host uranium mineralization.

JNR Resources Inc. drilled along the VRSZ within the Seahawk project boundary in 2007 with drill holes PL-001 and PL-002. Drill hole PL-001 intersected nine metres of faulted and sheared graphitic gneiss and was lost due to bad ground conditions at 59.0 metres. Anomalous uranium pathfinder element concentrations were discovered in the graphitic fault zone, returning 135 parts per million cobalt, 327 parts per million nickel, 398 parts per million zinc and 73.5 parts per million molybdenum. Drill hole PL-002 was a redrill of PL-001 and intersected 39 metres of graphitic gneiss with two discreet fault zones. Other significant historical work at Seahawk includes the RG-6-3B and RG-6-4B boulders, which are radioactive boulders discovered during surface prospecting in 1978, returning up to 0.09 per cent U3O8. Historical interpretation of the RG-6-3B boulder suggests that it was locally derived. Four additional radioactive boulder trains, totalling over nine kilometres in length, occur in the down-ice direction from Seahawk, outside of the project boundaries, including the Pendleton Lake boulder train, where samples 9-RG-022 and 9-BV-009 returned 7.17 per cent U3O8 and 5.79 per cent U3O8, respectively. The source of these uranium-bearing boulders has never been conclusively determined. The company believes the intersections between the NFSZ and Tabbernor fault system, the up-ice direction of numerous uranium-bearing boulder trains with no identified source, and limited historical exploration work create a compelling greenfield exploration project at Seahawk.

Qualified person

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, PGeo, president and chief executive officer for Fission Uranium, a qualified person.

About Fission Uranium Corp.

Fission Uranium is an award-winning Canadian uranium project developer and 100-per-cent owner of the Patterson Lake South uranium property -- a proposed high-grade uranium mine and mill in Canada's Athabasca basin region. Fission's common shares are listed on the TSX Exchange under the symbol FCU and trade on the OTCQX marketplace in the United States under the symbol FCUUF and on the Frankfurt Stock Exchange under the symbol 2FU.

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