Azincourt-Fission 3.0 JV Commences PLN Winter Program

Diamond drilling and Radon sampling now underway

SASKATOON, SASKATCHEWAN--(Marketwired - Jan 20, 2014) - AZINCOURT URANIUM INC. ("Azincourt" or "the Company"); (TSX VENTURE:AAZ), and its joint venture partner and operator, Fission 3.0 ("Fission 3.0"); (TSX VENTURE:FUU), are pleased to announce that a $1.0M, 8 to 10 drillhole winter diamond drilling, radon survey and ground geophysical program, focusing on high priority targets, has commenced at their PLN Property. A Radon in Water survey, using the same frozen ice conditions approach used successfully at Fission Uranium Corp.'s adjacent Patterson Lake South (PLS) project, is included in the program and will assist in refining drill target locations over Hodge Lake, Harrison Lake and Broach Lake target areas.

• 8 - 10 high priority drill targets planned in 2500m - 3000m of drilling
• Drill holes to test following areas:
  • North-northwest trending central conductive meta-sedimentary belt
  • Geophysical anomalies under Hodge Lake
  • Prospective north-northwest trending conductor
• A radon in lake water survey to measure radon covering 3 areas in 400 samples. The survey will comprise primarily samples of measurements of radon in water at Hodge Lake, Harrison Lake and Broach Lake
• Ground TDEM on the Broach Lake and Regional Side Line Moving Loop EM.

Ted O'Connor, President and CEO of Azincourt, commented,

"We are excited to start the 2014 winter drill program as follow up to the successful target development and prioritization work already completed. PLN has favourable geology, similar to the nearby Patterson Lake South discovery and the additional targeting surveys planned for the project will use the same techniques proven effective by Fission Uranium at PLS. The highly capable Fission 3.0 technical team and contractors carrying out the project work have proven success and Azincourt looks forward to working closely with our JV Partner to advance the project."

Drill Program

Bryson Drilling has been awarded the contract to drill 8 to 10 diamond drill core holes in 2500 - 3000m. All holes are based on geophysics targets. Three main areas will be tested:

• North-northwest trending central conductive meta-sedimentary belt
• Geophysical anomalies under Hodge Lake in the southern project area
• Prospective north-northwest trending conductor in central/southern PLN

Initial targets will focus on the northwest-southeast (NW-SE) trending A1, A1B and A3 basement EM conductors located in the west-central area of the property. In addition drill targets along the B basement EM conductor located in the central area of the project area will be tested. Eight drill targets so far selected consist of:

• Five drill holes to test the north-northwest trending central conductive meta-sedimentary belt.
  • Three high priority drill targets (PLN14-A, B and C) have been selected on the NW-SE trending A1 EM conductor
  • One high priority drill target (PLN14-D) has been selected on the NW-SE trending A1B conductor in association with an interpreted NE trending structure. The A1B conductor is interpreted to be a faulted-off segment of the A1 conductor
  • One high priority drill target (PLN14-E) has been selected on the NW-SE trending A3 conductor. The hole targets an interpreted cross-fault at its southern extent.
• Two drill holes (PLN14-F and PLN 14-G) will test the geophysical anomalies on Grid B under Hodge Lake. The drill holes on this grid will test the interpreted limbs of a suspected folded graphitic pelitic geological unit (interpreted syncline) where they are cross cut by interpreted structures with associated alteration. These are both areas where historic drilling intersected anomalous basement alteration and pathfinder geochemistry. The ground geophysics was completed on those grids last year. MLTDEM and DC Resistivity was completed on Grid B and MLTDEM on Grid G4.
  • Radon survey sampling will be carried out over the Grid B on Hodge Lake in the central part of the property to further refine drill locations
• Drill hole PLN 14-H will test the prospective north-northwest trending conductor that will be defined by the planned ground EM survey (20 km grid).
• The Fission team plans to "pre-collar" the drill holes with an RC drill, similar to its successful practice at the Patterson Lake South project immediately to the south.

Radon Sampling

An EIC (Electret Ionization Chamber) survey to measure radon, will be conducted by RadonEx Exploration Management, of St Lazare, Quebec. The survey will comprise primarily samples of measurements of radon in water and at various locations, radon in water and lake sediment. The survey will be used to help refine drill targets in the various high priority areas.

Hodge Lake

Hodge Lake is located in the south-central part of the property. Approximately 150 samples will be taken from a grid at 20m station on 60m to 100m line spacing covering two parallel NNE trending EM conductors, each 1.0km in length.

Harrison Lake

Harrison Lake is located in the west-central part of the property. This area is host to multiple parallel southwest trending EM conductors. Approximately 100 samples will be taken from a grid at 20m stations on 60m line spacing.

Broach Lake

Broach Lake is located in the south-east part of the property. Approximately 150 samples will be taken dependent first on the results of the ground moving loop electromagnetic (EM) survey yet to be completed.

Ground Geophysics (Time Domain Electromagnetic (TDEM) Surveys)

Discovery Geophysics has been contracted to complete 65 line-km of Time Domain Electromagnetic (TDEM) surveys on 3 separate grids:

1. A4 Extension- Located to the north-east of the A1 EM conductor. A 15.0 line-km survey will be completed to follow-up an approximately 2km long, northwest - southeast trending conductor trend.
2. Broach Lake - Located in the southwest side of the property. A 33.0 line-km survey covering is expected to commence later in January.
3. Regional Side - located in the north area of the property, where a recently completed Magnetotellurics survey identified a series of west dipping basement EM conductors. 17.0 line-km of moving loop will cover this area and is expected to commence later in January.

Patterson Lake North Property

The Patterson Lake North property (PLN) lies adjacent and to the north of the Patterson Lake South property, owned by Fission Uranium Corp. (TSX VENTURE:FCU) where recent drill results have identified high grade uranium in 6 separate pods. (See Fission Uranium news release November 27, 2013.)

PLN was acquired by staking in 2004 and became part of the Fission 3.0 portfolio as part of the Fission Uranium/Alpha Minerals agreement from December 2013. It comprises 27,408 Ha, and is located about 30 km immediately south of the UEX/AREVA Anne and Collette uranium deposits at Shea Creek.

PLN is prospective for hosting structurally controlled high-grade unconformity uranium mineralization that is often associated with basement graphitic shear zones within clay altered metasedimentary basement lithologies. These features have unique characteristics that can be identified by geophysical surveys.

Azincourt has a staged, four year option agreement with Fission 3.0 dated April 29, 2013 whereby Azincourt can earn up to a 50% interest in the PLN project through a combination of option payments and exploration work funding. Approximately $4.7 million has been spent on prior exploration of the property by Fission Uranium. Fission 3.0 is the operator and project manager.

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 Ted O'Connor, P.Geo. President and CEO of Azincourt Uranium Corp., a qualified person.

About Azincourt Uranium Inc.

Azincourt Uranium Inc. is a Canadian based resource company specializing in the strategic acquisition, exploration and development of uranium properties and is headquartered in Vancouver, British Columbia. Azincourt has advanced exploration projects and compliant uranium resources in Peru and the PLN exploration project in Saskatchewan.

Common Shares are listed on the TSX Venture Exchange under the symbol "AAZ".

ON BEHALF OF THE BOARD OF AZINCOURT URANIUM INC.

Ted O'Connor, CEO and President

NEITHER THE 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.

This press release includes "forward-looking statements", including forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Azincourt. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially.