Fission Merges Zones with More Off-scale Drilling

R780E and R945E now one zone; off-scale drilling and 100% drill success rate continues at PLS

KELOWNA, BRITISH COLUMBIA--(Marketwired - Mar 5, 2014) - Fission Uranium Corp. (TSX VENTURE:FCU)(OTCQX:FCUUF)(FRANKFURT:2FU) ("Fission" or "the Company") is pleased to announce results from the latest twenty holes of the winter program at its PLS property in Saskatchewan's Athabasca Basin, Canada. All twenty holes returned strong, wide intervals of mineralization; 65% of holes included significant amounts of off-scale (as defined by greater than 9999 cps) mineralization.

Of key significance is that the location of these holes has merged the R780E and R945E shallow-depth, high-grade zones into one much larger zone. This is an important milestone towards proving that all zones identified along the 1.78km strike length are in fact connected.

Of additional note is the location of hole PLS14-158, which returned the highest results of the 20 holes. As the eastermost hole in the now merged R780E/R945E zone, the location and strength of mineralization bodes extremely well for high-grade expansion to the east.

Drilling Highlights include:

• PLS14-158 (line 990E)
  • 86.0m total composite mineralization in a 205.0m section (107.0m - 312.0m) including:
    • 10.86m total composite off-scale (greater than 9999 cps) radioactivity
      
      
• PLS14-146 (line 915E)
  • 99.5m total composite mineralization in a 269.0m section (101.0m - 370.0m) including:
    • 7.35m total composite off-scale (greater than 9999 cps) radioactivity
      
      
• PLS14-156 (line 720E)
  • 78.0m total composite mineralization in a 242.5m section (63.5m - 306.0m) including:
    • 7.20m total composite off-scale (greater than 9999 cps) radioactivity

In addition to wide intervals of mineralization, 13 of the 20 holes intersected off-scale radioactivity.

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

"Twenty drill holes, twenty strong hits. The winter program at PLS continues to deliver a 100% hit rate as we progress towards showing our multiple high-grade zones are all part of a single very large zone. The evidence is mounting that we are dealing with a mineralized system of substantial size and it's our belief that our work at PLS has only just begun to uncover it."

R780E Zone:

The R780E zone is located approximately 105m grid east of the easternmost defined edge of the R585E zone (defined by PLS14-151 on line 615E) and presently has a defined strike length of 270m (line 720E to line 990E) and a lateral grid north-south width of up to approximately 95m (line 780E), as defined by 31 holes. With the results of holes PLS14-153 (line 870E) and PLS14-146 (line 915E) the gap between the R780E and R945E has been eliminated and now is considered one zone (R780E Zone). The discovery hole (PLS13-048) was targeted in the middle of an identified radon in water anomaly. The geologic setting of the R780E zone is similar to other zones, consisting of mineralization primarily associated with sequences of steeply south dipping pelitic lithology with localized mylonites and cataclasites.

To date, Fission has completed 32 of the planned 85 holes designed to assist in delineation of the main mineralized trend between lines 015E and 1080E utilizing 4 diamond drill rigs. A 5^th diamond drill rig is being utilized to drill exploration holes outside of the main mineralized trend.

Table 1

A $12M, 90 hole, 30,000m drill program and ground geophysics surveys continues at PLS. Updated maps and files can be found on the Company's website at http://www.fissionuranium.com/project/pls/overview/news/.

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 100% owned and operated by Fission Uranium Corp. 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.

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 exploration and development of the Patterson Lake South uranium property 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, 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 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.