KELOWNA, BRITISH COLUMBIA--(Marketwired - May 27, 2013) - FISSION URANIUM CORP. (TSX VENTURE:FCU) ("Fission" or "the Company"), the Operator, and its 50% Joint Venture partner Alpha Minerals Inc., are pleased to report assay results from three additional drill holes within Zone R00E at their Patterson Lake South (PLS) property, as well as results from two regional tests. Results on the R00E Zone show high grade mineralization at shallow depth in both the east and west areas. Of particular note is hole PLS13-059 which returned two mineralized intervals, including 9.5m @ 17.78% U3O8 within 20.5m at 8.57% U3O8. With a Grade x Thickness (GT) value of 175.7 for this interval, this is now the Zone's best mineralized hole to date, surpassing hole PLS13-043: 22.0m at 4.8% U3O8 (see news release dated May 16, 2013).

Assay Highlights

• Hole PLS13-059 (line 030E) intersected:

  • UPPER ZONE

    • 6.5m (55.5m - 62.0m) @ 3.61% U308

      • including 2.5m (56.5m - 59.0m) @ 8.99% U3O8

  • LOWER ZONE

    • 20.5m (65.5m - 86.0m) @ 8.57% U3O8:

      • including 9.4m (74.5m - 84.0m) @ 17.78% U308
        
        

• Hole PLS13-041 (line 040W) intersected:

  • UPPER ZONE

    • 5.0m (63.5m - 68.5m) @ 0.13% U3O8

  • LOWER ZONE

    • 13.5m (75.0m - 88.5m) @ 5.54% U3O8

      • including 3.5m (83.5m - 87.0m) @ 17.08% U3O8

Of additional note is Hole PLS13-052 (line 010W), 10m north of hole PLS12-025 (22.5m @ 0.4% U3O8). The hole intersected 17m of 0.18%, showing that the system is still robust and open to the north. In total, these new results prove mineralization is continuous for 120 m of strike and open in both directions.

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

"We now have high grade intersections in both the western and eastern areas of the zone which demonstrates the expansive nature of the mineralization at R00E. The spectacular quality of these results is further proof that the zone hosts high grades similar to those we've found at Zone R390E."

Composited U3O8 mineralized intervals are summarized in Table 1 below. Samples from the drill core are split in half on site. Where possible, samples are standardized at 0.5m down-hole intervals. One-half of the split sample is sent to the laboratory for analysis and the other half remains on site for reference. All depth measurements reported, including sample and interval widths are down-hole, core interval measurements and true thickness are yet to be determined.

R00E Zone

Assays reported for three holes in this news release represent close spaced delineation drilling on lines 040W, 010W and, 030E of the R00E zone (holes PLS13-041, 058 and 059 respectively). As has been determined and reported previously, interpretation thus far shows mineralization to be primarily focused in a footwall steeply south dipping package of E-NE trending pelitic gneiss, sandwiched between a semi-pelitic rock to the north and a quartz-feldspar gneiss to the south. Delineation drilling has also shown mineralization to cross lithological boundaries into the footwall and hanging wall adjacent the pelitic gneiss. This lithologic package appears to be parallel along strike to the ~073° oriented basement EM conductor identified from airborne and ground geophysics surveys.

As was the case with previous drill results from the R00E zone, the main mineralized horizon appears to be structurally controlled and generally flat lying within the pelitic (+/- graphite) unit, with the upper level of the mineralized zone occurring at or near the top of the Archean basement rocks, either within or immediately below a thin veneer or Devonian sandstone (see cross-sections L040W, L010W and L030E).

Table 1:

Description of Assay Drill Results by Section Line

Line 040W - Four holes were drilled on line 040W (PLS13-039, 041, 043 and 045). Assays from three holes (PLS13-039, 043 and 045) were previously reported (see news release May 16, 2013), while 041 is the last hole to report. Hole PLS13-041 was a vertical collared hole and intersected mineralization in 2 zones: A narrower upper zone (63.5m - 68.5m) and a wider lower zone (75.0m - 88.5m) which returned intervals grading 0.13% U3O8 over 5.0m and 5.54% U3O8 over 13.5m respectively, including a high grade section grading 17.08% U3O8 over 3.5m.

Line 010W - One hole was drilled on line 010W (PLS13-058). Hole PLS13-058 was a vertical collared hole, located 10m grid north of hole PLS12-025 (22.5m @ 0.4% U3O8) (see news release December 05, 2012). A narrower upper zone (63.5m - 67.5m) and a wider lower zone (70.5m - 87.5m) which returned intervals grading 0.11% U3O8 over 4.0m and 0.18% U3O8 over 17.0m respectively.

Line 030E - One hole was drilled on line 030E (PLS13-059). Hole PLS13-059 was an angled hole collared at an azimuth of 302° and a dip of -72°. Two well developed mineralized zones were intersected: an upper zone (55.5m - 62.0m) which returned an interval grading 3.61% U3O8 over 6.5m, including a high grade section of 2.5m at 8.99% U3O8 and a lower zone (65.5m - 86.0m) which returned an interval grading 8.57% U3O8, including a high grade section grading 17.78% U3O8 over 9.5m.

Regional Exploration Targets

Drill holes PLS13-040 and 042 were both targeted on an EM conductor and coincident intense resistivity low located ~2.0km to 2.2km to the east of R00E.

Composited U3O8 mineralized intervals are summarized in Table 2 below.

Line 2190E - Hole PLS13-040, a vertical hole, was drilled approximately 2.2km to the east along strike of R00E. Bedrock was encountered at 54.5m and consisted of primarily semipelitic and pelitic gneiss (locally graphitic from 86.9 - 97.3m) to 109.5m. A possible mafic rock was encountered from 109.5m to the end of hole (182.0m). Significant clay alteration was present over several intervals from 54.5m to 109.5m, including an interval of sulphide (pyrite) mineralization from 89.0 - 97.3m. Overall uranium values were low ranging from

Line 1995E - Hole PLS13-042 a vertical hole was drilled approximately 2.0km east of R00E. Bedrock was encountered at 45.0m and consists of alternating sequences of semipelitic and pelitic gneiss (locally graphitic) to the end of hole at 203.4m. Moderate to strong chlorite alteration is present from the top of the basement to 121.2m. From 121.2m to 200.0m, alternating sequences of moderate to strong chlorite alteration and sulphide mineralization are present throughout. Overall uranium values were low but showing a moderate elevation between 106.0m - 196.5m (4ppm - 59ppm), coincident with the interval of sulphide mineralization.

Table 2:

Patterson Lake South Property

Fission is Operator of the PLS exploration project, which is a 50%/50% Joint Venture held with Alpha Minerals Inc. PLS is accessible by road with primary access from all-weather Highway 955, which runs north to the former Cluff Lake mine, (>60M lbs of U3O8 produced), and passes through the nearby UEX-Areva Shea Creek discoveries located 50km to the north, currently under active exploration and development.

Updated maps and assay tables can be found on the Company's website at http://www.fission-energy.com/s/pattersonlakesouth.asp.

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 Energy 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".

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 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.