October 28, 2014

In case you missed our latest press release, the second batch of PLS summer drill program assays has come in. As with the first batch, these are all from zone drilling: (deposit delineation) focusing on further expanding the mineralized zones discovered and grown in prior drill programs.

All thirteen holes "were mineralized" hit at shallow depth and eleven of them returned high-grade intervals, the most impressive being hole PLS14-270 (line 510E), which returned composite assay intervals such as 24.87% U308 over 7.5m within a larger interval of 8.53% over 24m. Some great numbers that will add directly to the 43-101 Maiden Resource estimate at the end of this year.

As well as the assay numbers themselves, it's also worth mentioning the significance of where some of these holes are located. We're again seeing the lateral growth of our largest mineralized zone, R780E, by as much as approximately 93m north and up to approximately 38m south at several locations.

The relevance of the lateral growth goes beyond the simple expansion of this unusually large zone… it speaks to the economics of our main discovery at PLS and why it stands out from the crowd.

Although there have been some shallow discoveries made prior to PLS (now all mined out), the defining characteristics of typical discoveries in the Athabasca Basin are high-grade with a narrow footprint and mineralization starting hundreds of meters below surface. In other words, hard to find and often expensive to put into production. In fact, if the average grade in the Basin wasn't so incredibly high compared to the rest of the World, it's questionable whether some of the deeper mines would have been viable. While PLS is also high-grade, it differs by being shallow, wide and gently dipping.

The geology of PLS means the economics of turning the discovery into a mine are attractive and we plan to undertake a Preliminary Economic Assessment (PEA) in 2015 to put specific numbers in place and further de-risk the project for prospective buyers. In the meantime, stand by for further assay results over the coming weeks and be sure to follow us on Twitter and LinkedIn for regular updates.

Dev Randhawa, CEO of Fission Uranium

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