Azincourt's Latest Drill Program Delivers First Uranium Mineralization at PLN and Multiple New Targets for Follow Up

Assays Confirm Mineralization in Hole PLN14-019 - Summer Drilling Complete

SASKATOON, SASKATCHEWAN--(Marketwired - Sep 3, 2014) - Azincourt Uranium Inc. ("Azincourt" or "the Company") (TSX VENTURE:AAZ), and its joint venture partner and operator, Fission 3.0 Corp. ("Fission 3.0") (TSX VENTURE:FUU), are pleased to announce the completion of the summer exploration program at their PLN project in Canada's Athabasca Basin. Assays confirm uranium mineralization in hole PLN14-019 (397 ppm Uranium over 0.5m within a broader 6.0m interval). Holes PLN14-020 and PLN14-021 have returned highly prospective results that warrant aggressive follow up on two separate conductor trends.

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

"The summer program has successfully proven the fertility of the central project area confirming shallow basement mineralization targets within 100-150 m of surface. At PLN, we continue to see the right geology, structure and alteration with excellent geochemistry and now, our first uranium mineralization. We are excited to start planning the next drill program at PLN alongside the excellent team at Fission 3.0."

Key Program Details

• Results are suggestive of a uranium mineralized system at PLN. The strongly anomalous uranium values and associated, higher-than-normal, values of key pathfinder elements (boron, zinc, copper), within structurally complex and hydrothermally altered basement and sandstone lithologies, are common characteristics in association with high grade uranium deposits in the Athabasca Basin district.
  
• Approximately 2130.2m of diamond drilling was completed in six holes testing two separate basement electromagnetic (EM) conductors (A1 and A4-1 Conductors) located in the South West area of the property.
  
• All drill holes were successfully completed to target depth.
  
• Drill hole PLN14-019 intercepted significant radioactivity on the A1 conductor (see news release July 07/14) and geochemical analysis confirmed 397 ppm Uranium (0.047% U₃O₈) over 0.5m within a broader 6.0m interval from 193.0m to 199.0m averaging 105 ppm Uranium (or 0.012% U3O8).
  
• Highly prospective geochemical analysis from holes PLN14-019, PLN14-020 and PLN14-021 with respect to uranium mineralization.

Highly Prospective Regional Focus: The A1 and A4-1 conductors on the PLN property are discrete southwest-northeast trending parallel EM conductors. These form part of a larger arcuate approximately north-south trending conductive corridor which can be traced northward to the Areva - UEX Shea Creek property approximately 30km to the north, where a series of high grade mineralized uranium deposits are associated with the Saskatoon EM conductor system.

Program Summary (See 2014 Summer Exploration Map: http://media3.marketwire.com/docs/965976e.pdf)

Table 1 below summarizes the 6 holes completed during the summer 2014 program.

Collar Locations (GPS: UTM NAD 83)

A1 Conductor

The summer drill program was designed to follow up on encouraging lithologies, structures and geochemistry intersected on the A1 conductor during the previous winter drilling program (see NR April 2, 2014) which outlined a trend of increasing prospectivity along strike towards the NW. Five inclined drill holes (PLN14-016, PLN14-017, PLN14-018, PLN14-019 and PLN14-020) further testing the A1 conductor along 750m of strike were completed to planned depths. Drill holes PLN14-017 and PLN14-019 both intersected radioactivity greater than 300 cps as measured on the GR-110 hand held scintillometer. The A1 conductor is defined by ground EM over an additional non drill tested 800 m along strike to the NW.

The A1 conductor was first successfully defined and drill tested along a strike length of 1200m during the previous winter drill program. Although no anomalous radioactivity was discovered at the time, a pattern of increasing prospectivity based on lithology, structures and geochemistry grid north (along strike towards the NW) was established. A follow up drill program was designed for this summer to continue testing prospective areas of high conductance along the graphitic sulphitic pelitic corridor. Significant anomalous radioactivity and subsequent anomalous Uranium mineralization was intersected in drill hole PLN14-019.

PLN14-016 was collared as an angle hole reaching the basement unconformity at a depth of 106.5m. The hole was designed to test the graphitic pelitic gneiss up-dip and closer to the unconformity from PLN14-010. The graphitic pelitic gneiss was encountered from 158.6m to 192.7m; gossanous and pitty textures prevail, with alteration moderately chloritic and hematitic. Crenulations and apparent brecciation near a fault set from 174.0m to 177.0m. Garnetiferous and locally weakly graphitic semi-pelitic gneiss containing lesser pelitic, quartzitic and pegmatitic sections were cored to 317.5m. The drill hole was terminated at 338.0m in a granitoid without encountering anomalous radioactivity.

PLN14-017 was collared as an angle hole reaching the basement unconformity at a depth of 110.5m. The hole was drilled 406m north along strike on the A1 conductor from PLN14-016 targeting an area of high conductance. A garnetiferous semi-pelite was cored down to 128.3m without recovering any overlaying Athabasca Sandstone, although sandstone is interpreted interpreted from the downhole gamma probe. A pelitic gneiss from 128.3m to 151.4m contained a strongly graphitic and pyritic section. Weakly anomalous radioactivity from 132.0m to 132.5m measured a maximum peak of 430 cps. Geochemical analysis returned values of 14 ppm Uranium and 342 ppm Thorium indicating that in this case the source of anomalous radioactivity was due to elevated Thorium concentrations. Towards the lower contact, clay, chlorite and hematite alteration increased and is of locally extreme intensity between 151.5m to 154.0m displaying breccias containing chlorite and graphite. Clay altered fault sets in the semi-pelitic gneiss above pelitic gneiss were similar as observed in PLN14-016. Below 162.3m the pelitic gneiss is variably silicified containing a significant pegmatite intersection over 44m wide from 185.5m to 229.5m. The hole was terminated at 320.0m in quartz-feldspar orthogneiss. Overall alteration is significantly more intense and pervasive than previous drill holes targeting the A1 conductor.

PLN14-018 was collared as an angle hole reaching the basement unconformity at a depth of 122.0m. The hole was drilled 370m north along strike of the A1 conductor from PLN14-017 targeting an area of high conductance. A typical garnetiferous, hematitic and locally silicified semi-pelite overlays a strongly conductive graphitic and pyritic pelitic gneiss from 217.0m to 229.5m. Significant deformation including small scale fracturing, faulting and brecciated textures are suggestive of a significant structural regime. Near the lower contact of the pelitic gneiss, alteration intensity increased significantly, and extreme chloritization associated with possible dravite breccias dominate to a depth of 266.2m. Although no anomalous radioactivity was measured, the style and intensity of hydrothermal alteration and favourable structures warranted an immediate follow up hole, and thus PLN14-019 was designed.

PLN14-019 was collared as an angle hole reaching the bottom of the overburden at 110.2m. Athabasca sandstone was encountered from 110.2m to 124.0m and the basement unconformity at 124.0m. Strong to locally extreme clay alteration in basement below the unconformity to a depth of 127.8m was followed by a bleached zone within semi-pelitic gneiss and quartzofeldspathic gneiss to 137.9m. A red-green zone containing 2m of massive specular hematite followed by intense chlorite alteration was found to be overlain by a significant zone of brecciation, deformation and discordant foliation from 176.0m to 183.0m with quartzitic fragments floating in a chlorite matrix. These sets of faults and shears are contained within a broader structural zone from 164.0m to 190.0m. A strongly altered and brecciated graphitic pelitic gneiss was intersected from 183.0m to 198.8m and yielded anomalous radioactivity with a peak of up to 1450 cps from 191.5m to 192.0m within a zone of weakly elevated radioactivity from 189.5m to 199.0m. Significant radioactivity as reported in the July 07^th new release was confirmed to be uraniferous. Geochemical analysis returned the following anomalous results:

• 397 ppm Uranium over 0.5m (193.5m to 194.0m) within a broader 6m interval from 193.0m to 199.0 averaging 105 ppm Uranium.
  
• In addition, anomalous uranium concentrations of 35 ppm Uranium were found within the Athabasca sandstone from 118.0m to 118.5m.

The drill hole was terminated at 296.0m in an orthogneiss.

PLN14-020 was designed to further test the up-dip potential of PLN14-019. The hole was collared as an angle hole reaching the bottom of the overburden at 131.0m. Basement lithologies consisted of moderate to extremely altered semi-pelitic gneiss from 131.0-149.5m followed by extremely deformed and fractured pelitic gneiss from 149.5-158.3m. A small cluster of white-mineral stockwork veining at 151.3m (a feature commonly seen at the PLS deposit above the mineralized zone) suggested close proximity to the targeted EM conductor in this drill hole. A large fault was encountered at 151.9m. Below the fault, unaltered pelitic gneiss was cored from 162.5-189.3m which was followed by the semi-pelitic gneiss t 247m. This hole was terminated at 335.0m in fresh orthogneiss (247m to 335m). No anomalous radioactivity was intersected in this drill hole, however the geochemistry within and around the fault zone from 149.5-156.5 m displayed enrichment in pathfinder elements:

• 922 ppm Nickel (Ni) over the interval with a peak of 2920 ppm Ni (155.5m to 156.0m)
  
• 7.9 ppm Uranium (U) over the interval with a peak of 14 ppm U (151.0m to 152.0m)
  
• 1502 ppm Zinc (Zn) over the interval with a peak of 5690 ppm Zn (155.5m 156.0m)
  
• 187 ppm Boron (B) over the interval with a peak of 472 ppm B (152.5m to 153.0m)

A4-1 Conductor

The A4-1 conductor, as defined by a ground TDEM survey carried out in January 2014 was successfully drill tested with one vertical hole (PLN14-021). Geochemical results outlined anomalous values for pathfinder elements commonly associated with unconformity style uranium mineralization.

PLN14-021 tested a high conductance area near the south end of the of the A4 conductor. The hole reached the bottom of the overburden at 62.6m, intersecting Athabasca sandstone directly below to 414.3m. The Athabasca sandstone / basement unconformity was intersected at 414.3m. Immediately below the unconformity an extremely deformed pelitic gneiss was intersected (414.3-457.3m), including two pegmatite intrusions (427.5-429.2m, and 430.0-432.6m). Numerous discrete chloritic and hematitic shears are present in the pelitic gneiss. A third pegmatite intrusion was cored between 457.3-461.0m, followed by mafic gneiss (461.0-464.0m), and pelitic gneiss (464.0-465.1m). Within the Athabasca sandstone, weak to moderate bleaching, and hematite was prevalent. Geochemistry indicates high prospectivity along this conductor, including the following highlights:

• 534 ppm Boron (B) within Athabasca Sandstone from 316.5-317.0m
  
• 698 ppm Boron (B) within Athabasca Sandstone immediately above the unconformity (413.35m) from 413.85-414.35m
  
• 224 ppm Copper (Cu) within a mica-cordierite schist from 481.0-481.5m

The hole was terminated at 500.2m in a paragneiss (465.1-500.2m). No anomalous radioactivity was intersected within this drill hole and no lithology was intersected to explain the EM conductor.

The Athabasca sandstone is over 400m deeper on the A4 conductor compared to the A1 conductor, implying a dramatic fault-unconformity offset over 2-3 km distance.

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 2PGA-1000 Natural Gamma probe.

Samples from the drill core are split in half sections on site. Where possible, samples are standardized at 0.5m down-hole intervals. One-half of the split sample is sent to SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited Facility) in Saskatoon, SK for analysis which includes a 63 element ICP-OES, uranium by fluorimetry and boron. All depth measurements reported, including sample and interval widths are down-hole, core interval measurements and true thickness are yet to be determined.

Ground Geophysics

DC resistivity surveys have been completed on the Broach Lake Grid totalling 34 line-km. Data analysis is still in progress but preliminary interpretations are prospective, with anomalies coinciding with EM anomalies. On the N grid in the NE part of the property, a DC resistivity survey is in progress with 60.0 line-km currently surveyed.

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 uranium mineralization has been traced by core drilling at PLS over 2.24km (east-west strike length) in four separate mineralized "zones" (See Fission Uranium news release August 26, 2014)

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.

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. Azincourt has completed Year 1 funding of the option and presently holds a 10% interest. 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 uranium resources in southeastern Peru and the PLN exploration project joint venture with Fission 3.0 in northern Saskatchewan.

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.