Fission 3.0 has launched and Fission Uranium has now taken over Alpha Minerals which means the company now control 100% of the fantastic PLS high-grade uranium asset. Below is some text taken from my most recent blog post on the Fission Uranium website.

Exciting Times for Fission SpinCo: Fission 3.0 has now begun trading and starts its existence with the same management and technical team as its parent company, Fission Uranium, plus a total of $3 million in cash.

Importantly, Fission 3.0 also has the patent-pending uranium boulder finding survey and joint ventures on two highly prospective projects. –  PLN (Patterson Lake North) and Clearwater West. Both joint venture projects are located on west side of the Athabasca Basin and both are adjacent to PLS.

Even More Exciting Times for Fission Uranium: So, Fission 3.0 starts with a great many positives stacked up in its favour. At the same time, Fission Uranium is still awaiting assays from 40 holes for the program we´ve just finished and, come January, we will implement our most aggressive exploration program to date with an anticipated 30,000m drilling. Much of the work will focus on drilling between the zones, though we will also be expanding the current zones and testing other areas of interest identified through surveys. I´ll be sharing more about the details of the program shortly so watch this space.

Dev Randhawa, CEO of Fission Uranium.

The vote was a yes on both sides and once the final legalities are done the Fission/Alpha merger will be complete. Here’s the latest release on the subject that went over the wire

Fission Receives Court Approval of Plan of Arrangement involving the Spin-Out of Fission 3.0 Corp.

KELOWNA, BRITISH COLUMBIA–(Marketwired – Nov. 29, 2013) – FISSION URANIUM CORP. (“Fission” or the “Company“) (TSX VENTURE:FCU)(OTCQX:FCUUF)(FRANKFURT:2FU) is pleased to announce that the previously announced plan of arrangement (the “Arrangement“) pursuant to which certain assets of Fission will be spun-out to Fission 3.0 Corp. (“Fission Spinco“) has been approved by the Court of Queen’s Bench of Alberta. On completion of the Arrangement, each Fission shareholder will hold: (i) one new common share of the Company post-Arrangement; and (ii) one common share of Fission Spinco (a “Fission Spinco Share“).

The Arrangement is subject to final approval by the TSX Venture Exchange (the “TSX-V“). Completion of the Arrangement is expected to occur on December 6, 2013 and trading of the Fission Spinco Shares is expected to commence on the TSX-V at the open of markets on December 10, 2013.

Dev Randhawa, Chairman and CEO of Fission Uranium, commented,

“I would like to thank our legal team, financial advisors and management for all their hard work in making this come together. It’s been an amazing year for the PLS project and I know we are looking forward to an aggressive winter exploration program.”

As previously described in Fission’s management information circular dated October 29, 2013 (the “Circular“), the TSX-V has determined that its due bill trading procedure will be used in connection with the distribution of the Fission Spinco Shares to the Fission shareholders. Pursuant to these procedures, the Fission Spinco Shares will trade on a “due bill” basis on the TSX-V in the period from December 4, 2013 up to and including December 9, 2013, being the anticipated date on which Fission Spnico Shares will paid out to Fission shareholders (the “Due Bill Period“). Holders of Fission shares on December 6, 2013, including purchasers of Fission shares during the Due Bill Period, will be entitled to receive Fission Spinco Shares. Any trades that are executed during the Due Bill Period will be automatically flagged to ensure that such purchasers receive the entitlement to the Fission Spinco Shares. Sellers of Fission shares during the Due Bill Period will not be entitled to Fission Spinco Shares.

The Fission Spinco Shares will commence trading on the TSX-V on an “ex-distribution” basis at the open of markets on December 10, 2013, as of which date purchasers of Fission shares will no longer have an attaching right to receive Fission Spinco Shares in accordance with the Arrangement. The “due bills” will be redeemed on December 12, 2013, once all trades attached to “due bills” entered into during the Due Bill Period have settled.

The anticipated dates provided above may change for a number of reasons, including inability to secure necessary regulatory or other third party approvals that may be required to satisfy the other conditions to the completion of the Arrangement. Investors are encouraged to consult with their financial advisors regarding the specific implications of buying or selling Fission shares before, on or after the anticipated effective date of the Arrangement.

Additional information regarding the terms of the Arrangement are set out in the Circular, which is available under Fission’s profile at www.sedar.com.

About Fission Uranium Corp.

Fission Energy 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”.

Additional information about Fission is available on Fission’s website at www.fission-energy.com or under its profile on SEDAR at www.sedar.com.

ON BEHALF OF THE BOARD

Dev Randhawa, Chairman & CEO

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.

Cautionary Statement: Certain information contained in this press release constitutes “forward-looking information”, within the meaning of Canadian legislation concerning the completion of the Arrangement. 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 our ability to complete the Arrangement and listing of Fission Spinco Shares which involve known and unknown risks and uncertainties which may not prove to be accurate. In particular, this press release includes forward-looking information relating to the anticipated dates with respect to the “due bill” procedure. 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: uncertainties as to the timing of the Arrangement and satisfaction of the conditions thereto, 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 disclaims 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.

(Published in the Vancouver Sun and a variety of online outlets)

(Financial Press – Nov 25, 2013) – “This project has become a focal point of the entire sector, its high grades and considerable upside potential, foreshadowing that it might ultimately prove to be one of the most important uranium discoveries in Canada’s Athabasca Basin.” (David Talbot, Dundee Capital Markets)

It started with a single drill hole made by a team of explorers just outside the Western edge of Saskatchewan’s Athabasca Basin, home to the richest uranium deposits in the world. The fact that the team was there at all broke with conventional wisdom. Other companies believed you had to be within the boundaries of the Basin and on the east side. The west side was therefore under-explored. It was also believed there were no more near-surface discoveries to be made.

The Fission Drill Team at Patterson Lake South Property in the Athabasca Basin, Saskatchewan.

Using innovative science, that single drill hole struck a major intersection of high-grade uranium and in just a few months the explorers had a new discovery on their hands that caught the attention of industry analysts and the international investment community alike with its incredibly high grades and shallow depth. The company, its management and its technical team have been nominated for a string of industry awards.

The new discovery is known as Patterson Lake South (PLS) and the team that made it is Fission Uranium Corp. We caught up with CEO, Dev Randhawa, and President, COO and Chief Geologist, Ross McElroy at their Vancouver office to discuss the spectacular discovery, the innovations that led to it and what it means for the company, the Athabasca Basin and the industry itself.

“A discovery like this is major news,” Randhawa explains. “What a lot of people don’t realize is the world is headed for a uranium shortage. Nuclear power supplies nearly 20% of the world’s energy needs and there are over 230 reactors under construction or in the planning process and another 316 in the proposal stage. On top of this the Japanese have already initiated the formal application process to begin restarting a number of idled reactors.”

Randhawa continues, “The HEU agreement ends this year and because of the current uranium price, a number of mines have shut down and new construction halted. That’s 24 million lbs. for the HEU and, according to uranium analyst, David Talbot, another 60 million lbs. because of stalled uranium projects and mines. Oh and that’s per year. Either the world starts finding and producing more uranium or at some point the lights will start going out.”

With approximately 80% coming from actual mining, uranium supply has been heavily reliant on secondary sources for many years. The largest of these sources is the Highly Enriched Uranium (HEU) agreement which involved the sale of down-blended uranium from Russian warheads to the US for use as reactor fuel. The agreement expires in 2013 so the pressure is on to find large, economic deposits.

Ross McElroy and Dev Randhawa

“This discovery is as good as anything I’ve been involved with,” explains Ross McElroy. With more than 30 years as a professional geologist, McElroy worked for uranium majors such as Cameco, Areva and BHP before joining the junior mining sector. He got his first break in the uranium sector as part of the small geological team that made the McArthur River discovery (the world’s largest high-grade uranium discovery) and went on to be instrumental in four of the last nine major discoveries in the Athabasca Basin. This includes the two discoveries made while leading the Fission team – the J-Zone at Waterbury Lake and Patterson Lake South (PLS).

“Some of the intersections we’ve hit are incredible. It’s one of those discoveries that went from concept to discovery extremely quickly, mostly as a result of some innovations on our part.”

McElroy, who confesses to being a bit of a contrarian by nature, had been interested in the West side of the Basin for some time, as had joint venture partner, Alpha Minerals. Fission flew an airborne survey and that’s when McElroy admits to another unique Fission asset – a uranium boulder-detecting survey technology developed by the Fission team and survey company, Special Projects Inc. The invention, currently patent-pending, is able to survey large areas at ultra-high resolution and it discovered a uranium boulder field with exceptionally high grades.

McElroy comments, “Fission’s survey analysis showed some anomalies. The Joint Venture (Fission/Alpha Minerals) sent in a ground geo team, which included Garret Ainsworth from Alpha Minerals, to examine the boulders Fission had located. The technology allowed us to pinpoint the exact location. That’s when things became really interesting.”

Fission’s skill with survey technology and analysis turned out to be the crucial part in moving PLS forward so quickly. In turn, exploration success has been rewarded by the markets.

Fission’s share price and market cap doubled and Fission is one of the most traded stocks on the Toronto Stock Exchange Venture (TSX:V). Less than one year after the first discovery hole, Patterson Lake South now boasts a strike length, on-trend, of over 1.7 kilometres and just this month discovered a sixth mineralized zone was discovered. With mineralization starting at just 55m it is one of the most attractive discoveries in the world.

The rapid growth of the Patterson Lake South discovery is not the only recent news involving Fission. The company has announced an agreement to take over its JV (Joint Venture) partner, Alpha Minerals. At the start of the property staking process the two companies formed a partnership – with each owning a 50% stake and each taking a two year stint as the Operator at PLS. In August of this year a group of Alpha’s largest shareholders approached Fission and suggested that Fission take over Alpha.

Randhawa’s track record on the corporate side of the industry is considerable. He has been the founding chairman and CEO of three successful uranium juniors, including Fission Energy, which was named a top 50 TSX-V company in 2011 and sold to Denison Mines in 2013. His experience gives him strong insight into the current circumstances.

“Joint Ventures are a superb vehicle for early-stage exploration,” Randhawa explains. “However, if you hit, and in our case we really hit in a big way, then at some point a JV becomes a barrier to shareholder value. Alpha and Fission have been trading at a discount for some time and, as we look towards building a 43-101 resource in 2014, the management teams of both companies realized it made sense to merge.”

“Fission has a large, highly experienced technical team with a track record in uranium exploration that is arguably the best in the industry,” adds McElroy. “We’ve been the Operator, that is to say the company with sole responsibility for handling the exploration work, at Patterson Lake South for around 22 months. In that time we developed the model to track the high-grade boulder field back to its underground source and implemented two drills programs that have seen almost unprecedented success. In fact, our ongoing drill program has seen an incredible 96% hit rate for mineralization.”

Randhawa concludes, “Our job is to create the greatest possible value for our shareholders. We are fortunate enough to have this amazing discovery, along with the skills and experience to develop it. We will keep drilling at Patterson Lake South to maximize shareholder wealth until the time comes when our shareholders want us to monetize that asset.”

Fission Uranium is listed on the TSX-V under the symbol FCU and on the OTCQX under the symbol FCUUF. Further information on the company can be found at http://www.fissionuranium.com.

Legal Disclaimer/Disclosure from Financial Press:
A fee has been paid for the production and distribution of this Report. This document is not and should not be construed as an offer to sell or the solicitation of an offer to purchase or subscribe for any investment. No information in this article should be construed as individualized investment advice. A licensed financial advisor should be consulted prior to making any investment decision. Financial Press makes no guarantee, representation or warranty and accepts no responsibility or liability as to its accuracy or completeness. Expressions of opinion are those of the author’s only and are subject to change without notice. Financial Press assumes no warranty, liability or guarantee for the current relevance, correctness or completeness of any information provided within this article and will not be held liable for the consequence of reliance upon any opinion or statement contained herein or any omission. Furthermore, we assume no liability for any direct or indirect loss or damage or, in particular, for lost profit, which you may incur as a result of the use and existence of the information, provided within this article.

Also, please note that republishing of this article in its entirety is permitted as long as attribution and a back link to FinancialPress.com are provided. Thank you.

In case you missed the most recent press release from Fission Uranium, we’ve just received another five assays back from the labs – all of them for Zone R390E and all of them returning wide intersections and strong grades. Of the five holes, PLS13-086 returned the best results: 43m @1.93% U3O8, including 5.0m @9.91% U3O8. When you consider that the world average grade for uranium is 0.02%, getting 43m of 1.93% shows you how fast the lbs. can add up. 

The results also show the mineralization running deeper from west to east. This reflects the plunging nature of the trend that we have seen to date and provides significant additional data to direct future drilling. 

The highlights are as follows: 

PLS13-086 (line 330E)

• ·       43.0m (81.50m – 124.50m) @1.93% U3O8 including:
• ·       5.0m (101.0m – 106.0m) @9.91% U3O8

PLS13-085 (line 360E)

• ·       22.0m (82.50m – 104.50m) @0.93% U3O8 including:
• ·       4.0m (85.0m – 89.0m) @4.07% U3O8

PLS13-078 (line 435E)

• ·       30.0m (85.00m – 115.0m) @0.66% U3O8 including:
• ·       1.5m (96.50m – 98.0m) @7.62% U3O8 

We still have a large number of assays still to come and will update you as soon as the labs send us the results. 

Dev Randhawa, CEO of Fission Uranium

I had a couple of interviews with Simon Rees of Mining Weekly recently. One of the pieces ended up as part of the cover story. I’m finding that more an more journalists are waking up to the fundamentals driving the uranium sector which is good for the industry and good for Fission. Here’s a link to the list of relevant stories from my interviews.

Article following an interview with Matt Keevil of Northern Miner

Fission Uranium CEO dishes on Alpha deal

Merger puts 100% of PLS uranium deposit into Fission’s hands

Soon after Fission Uranium (TSXV: FCU) clinched a merger with Alpha Minerals (TSXV: AMW), its 50% partner at the Patterson Lake North (PLN) uranium project in Saskatchewan’s Athabasca basin, Northern Miner staff writer Matthew Keevil spoke with Fission chairman and CEO Dev Randhawa about the deal. The interview follows an initial conversation the two had in August, just before Fission announced its initial offer for Alpha. (The two companies eventually agreed on a $185-million deal that would see Alpha receive 5.725 Fission shares for each Alpha share, and would spin out Alpha’s non-uranium assets into a separate company.)

Coming close on the heels of Denison Mines’ (TSX: DML, NYSE-MKT: DNN) takeover of Fission predecessor Fission Energy, primarily for its 60% stake in the Waterbury Lake project in the Athabasca, this will be the second M&A deal Fission has been involved with this year.

In this interview in September, Randhawa talks about the details of the merger, and the prospects of a third deal.

Matthew Keevil: I think a lot of us might be wondering about the timing of the deal: Just how long had it been in the works?

Dev Randhawa: I think once we sold the assets to Denison Mines it was obviously just a question of “when are these companies coming together?” I remember an investor saying that whichever company ended up with the higher premium following that deal would end up in charge, and that’s the way it should be. But that was a concern for us. We did not want to be acquired because we feel we were the people who should be running this deal based on the results that Ross (McElroy, president and chief operating officer) and Ray (Ashley, vice-president exploration) have been coming up with at PLS.

We were aware of the necessity to have Patterson Lake South (PLS) under one umbrella. I mean as long as there were those two companies you have that built-in “poison pill.” You know when you’re trying to acquire an asset and it’s like chasing two barn cats; you try to buy one and it’s almost inevitable the other party ends up holding out. We wanted to make the acquisition opportunity that much more attractive.

MK: And what would you say led to Fission having a higher premium relative to Alpha Minerals?

DR: I like to think it was a function of two things. Firstly, we do have some strong projects in the company that have demonstrated pretty good results, basically as good as any prospects in the entire Athabasca Basin.

Our Northshore asset has a large, promising outcrop on it, and we’ve seen showings up at Beaver Creek that run around 3.5% U₃O₈. More importantly, we’ll be holding onto our patented boulder-finding technology, so that’s basically a way to “prospect by playing.”

MK: So just to clarify, Alpha will not have access to Fission’s boulder-finding patents?

DR: We had discussed potentially putting a value on that technology and including it in the deal, but that didn’t work out, so we maintain exclusive rights under our patent. You have this entire edge of the Athabasca Basin, and I guess technically it is currently outside that boundary, but you can take this technology and do prospecting you would normally have to do by hand, by air.

I think that’s a pretty significant advantage going forward when it comes to project generation. I’ll admit I was surprised when we came to the table with the idea of putting a value on that technology, and Alpha basically told us it was zero.

MK: Was there something specifically that kick-started the negotiation process and led to the eventual deal?

DR: It was actually Alpha shareholders that approached us about making it happen. I think we had around 30% of the Alpha share base come to us one by one. We had one major shareholder start the process, but eventually we had this large portion of investors saying, “Well how about now?”

I wasn’t sure because I didn’t know if Alpha would be interested in selling to us at this time, but those shareholders told us it didn’t matter because they were tired of trading at a discount to Fission and wanted our liquidity. I mean even after the announcement I think we traded around $3 million in equity and I think Alpha traded around $700,000 worth, so that’s basically four times their value on our end.

MK: It seems like the deal went through a couple iterations before you came to the current structure, can we get a little colour on that process?

DR: I want to make it very clear that every decision we made was not made in a vacuum. We spoke with a number of shareholders to figure out exactly what was fair when it came to that compensation. Our banker knows a lot of these shareholders personally, and we felt fairly confident we had that 30% locked down going into a bid. Originally, we offered to take them out completely at that 5.3 per share premium, but then we came together on the idea to go ahead with the spin-out companies. Again, basically everything we designed here was heavily influenced by those Alpha shareholders.

MK: Since the initial offer didn’t get things done, was there a plan to go hostile?

DR: We were totally ready to go hostile. We had hired Kingsdale Shareholder Services, and basically what we were hearing from the investors on Alpha’s side was that if management didn’t want to go with Fission that was fine, but the shareholders wanted to go with us. I suspect we would have had the votes anyway, but I’m quite glad it ended up amiably. It’s funny, you look at it and some people might comment on the dilution we’ll be seeing as a result, but the fact is, it’s a lot of the same shareholders, and we’re comfortable with the hands those shares will be going into.

MK: Just turning to your spinout company for a moment, I gather pretty much every non-monetary asset outside of PLS will be in your new vehicle?

DR: Yes, we’re basically spinning out all of our property assets outside of PLS, though as mentioned, we’ll be keeping that patented technology in the current Fission vehicle. We put our investment banking hats on, and thought of it from a new IPO angle.

We’ll likely be drilling at Northshore in the future, as how could we resist punching a hole there? I think people are realizing that’s a pretty good asset to start a new company with. At Clearwater, we’ll look at doing a joint venture with someone, as it is not a crucial asset for us. Plus, we’d like to help out some of the local companies who might be having some trouble raising capital.

MK: And how is your cash position looking assuming this deal closes?

Between Fission and Alpha we have gross around US$33 million at the moment, but I’m going to be aggressive and say that the transaction will cost us around $8 million. I mean you have to pay for both sets of advisors, legal bills, and I can see a few other things adding up there. Then you have US$3 million going into each spinout, so the math is there. We’ll be fine for cash in regards to Fission Uranium and PLS going forward though.

We’ll need to do another raise on our new company, but I don’t foresee that coming until January.

MK: When last we spoke, you mentioned you did not foresee PLS getting to the resource stage prior to a larger takeover. Has anything changed?

DR: No, I still don’t really foresee us getting that far with the project before someone takes us out. I mean this summer drill program is one of the largest seen in the Athabasca Basin by anyone in quite some time, and we’ll be going right through the winter. So assuming we sell in the spring, I don’t see that resource happening. I mean everyone has their models, and they tend to range from 38 million to 54 million lbs. of uranium.

One thing people don’t have is the density, but I think it’s reasonable to make an educated guess there. I can tell you that both AREVA and Cameco (TSX: CCO, NYSE: CCJ) have their models done on the deposit. What makes PLS so simple is that it’s high grade and it’s shallow. That gives a degree of flexibility in development and production that is attractive to potential bidders.

A presentation delivered by Fission’s President, COO and Chief Geo to the Mining Exploration Group in Vancouver. As you can imagine, it is weighted towards geologists, however, I thought you might find it interesting to see what geologist consider interesting.

We’ve hit a fifth zone at PLS. Great news so thought I’d post the release here.

Fission Hits 5th High-Grade Zone; 7.62m Total Composite Off-Scale in 76m Total Composite Mineralization

New Zone located between High-Grade Zones R390E and R780E 

FISSION URANIUM CORP. (“Fission” or “the Company“) the Operator, and its Joint Venture partner Alpha Minerals Inc. are pleased to announce the discovery of a fifth zone of high grade uranium mineralization with off-scale radioactivity on its Patterson Lake South (PLS) property in the Athabasca Basin, Saskatchewan. The first hole on line 585E, PLS13-098, intersected 76m total composite mineralization, including 7.62m total composite off-scale radioactivity. The R585E Zone is located approximately halfway between the R390E and R780E zones: 150m grid east of easternmost edge of the R390E Zone (PLS13-078 on line 435E, see news release August 22, 2013). PLS now comprises five separate zones on strike of each other along a 1.05km trend.

Drilling Highlights include:

• 5^th high grade Zone; discovered halfway between R390E and R780E zones
• 76.0m of mineralization at shallow depth over 107.5m section (62.5m – 170.0m), including:
  • 7.62m of off-scale in several narrow discrete intervals ranging from 0.15m to 2.21m each

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

“The first hole of Zone R585E has intersected considerable breadth of mineralization and off-scale radioactivity. Just as important is the location – R585E halves the gap between high-grade zones R390E and R780E. This narrowing of the distance between zones is continued proof that PLS is host to a mineralized system of considerable size and strength.”

R585E Zone

The R585E Zone is located ~150m grid east of the easternmost defined edge of the R390E Zone.  The hole was targeted along the northern edge of the low resistivity feature, which is associated with the mineralized east-northeast trending pelitic corridor and a coincident radon in water anomaly.  The geologic setting of the R585E zone is similar to other zones, consisting of mineralization primarily associated with sequences of steeply south dipping pelitic lithology with localized mylonites and cataclasites.

Hole PLS13-098 (line 585E) was collared as a vertical hole and completed to a depth of 317.0m. The hole is located approximately 150m grid east of hole PLS13-078 (42.0m of total composite mineralization with 1.25m total composite off-scale…see news release August 22, 2013).  A number of discrete intervals of variably radioactive mineralization occur from 62.0m to 283.0m, with the most significant mineralization occurring within a 107.5m section (62.5m to 170.0m) in widths ranging from 1.5m to 33.5m.  Four of these intervals contain discrete intervals of off-scale (>9999 cps) radioactivity from 0.09m to 2.21m wide, for a total measured composite of 7.62m of off-scale radioactivity.  The intervals of 123.0m – 139.5m and 145.5m – 149.5m are the strongest mineralized sections, containing the majority of the off-scale radioactivity.  Basement bedrock was encountered at 62.4m below the surface.  Pelitic gneiss occurs from 62.4m to 277.2m.  From 277.2m to 317.0m (EOH) basement is comprised of a semipelitic gneiss.  Strong mylonites and cataclasites are present from 105.0m to 115.5m, dipping at 10° to 40° to core axis.   Moderate to strong chlorite alteration is present from 62.4m to 117.1m and moderate to strong clay alteration from 117.1m to 171.4m.

R585E

A $6.95M, 44 hole, 11,000m drill program and ground geophysics surveys continues at PLS.

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 R585E 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”                                                  

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.