Resource World Magazine

Fission Energy Corp. TICKER SYMBOL: FIS-TSXV; FSSIF-OTCQX SHARES OUTSTANDING: 129,162,990 YEAR HIGH-LOW: $1.26–$0.335 Fission Energy Corp. is the 50/50 joint venture partner with Alpha Minerals Inc. in the 31,000-hectare Patterson Lake South uranium project in the Athabasca Basin, northern Saskatchewan (see Alpha Minerals section). Discovery hole PLS12022 intersected a 6.0-metre wide interval of high-grade uranium mineralization with visible massive pitchblende in veins (up to 21 cm wide), blebs and flecks. In an April 3, 2013 press release, Fission Energy and Alpha Minerals reported results from four step-out drill targets in the R390E Zone at Patterson Lake South, expanding the strike length to 60 metres. This zone is one of three discovered by the JV in the current drill program. All four holes intersected off-the-scale Mandalay Resources Corp. TICKER SYMBOL: MND-TSX; R7X-FSE SHARES OUTSTANDING: 325,469,653 YEAR HIGH-LOW: $1.25–$0.50 Mandalay Resources Corp., a dividend paying company, has experienced a steady rise in its share price since early August 2012 based on favourable results from its two operating mines: the Costerfield goldantimony mine in Australia and the Cerro Bayo silver-gold mine in Chile. For the 100%-owned Costerfield Mine, located 10 km northeast of Heathcote, Victoria, Australia, saleable production for the year ended December 31, 2012 was 18,036 ounces of gold and 2,481 tonnes of antimony. These figures are a significant improvement over the 2011 production figures of 12,244 ounces of gold and 1,576 tonnes of antimony during 2011. Both the mine output and plant throughput exceeded design levels. Lower ore dilution was also achieved by the use of a new 10 www.resourceworld.com radioactivity within broader zones of lower but continuous radioactivity and holes PLS13-061 and PLS13-066 extended the high-grade mineralized section of the zone 15 metres west and 15 metres east. R390E has now been delineated with nine drill holes and is open in all directions. More drilling is planned for this zone. Fission Energy and Denison Mines Corp. [DML-TSX; DNN-NYSE MKT] have signed a definitive arrangement agreement, which replaces an earlier binding letter agreement, under which Denison agreed to acquire all of the issued and outstanding shares of Fission. Fission will spin out certain assets into a newly formed publicly traded company to be called Fission Uranium Corp. Under the agreement, Denison will acquire a portfolio of uranium exploration projects, including Fission's 60% interest in the Waterbury Lake uranium project in the Athabasca Basin, as well as Fission's exploration interests in all other properties in the eastern part of the basin and its interests in two joint ventures in Namibia, stoping method which improved the plant head grade. Proven and probable NI 43-101 reserves at the Costerfield Mine are pegged at 178,000 tonnes grading 8.9 grams gold/tonnes and 4.1% antimony. This represents 51,000 ounces of gold and 7,200 tonnes of antimony. Measured and indicated resources stand at 534,000 tonnes grading 9.4 grams gold/tonne and 4.0% antimony, for 161,000 ounces of gold and 21,100 tonnes of antimony. Inferred resources are 610,000 tonnes grading 7.2 grams gold/tonne and 3.2% antimony, for 140,000 ounces of gold and 19,500 tonnes of antimony. For Mandalay's 100%-owned Cerro Bayo Mine in southern Chile, production was 17,089 ounces of gold and 2,911,595 ounces of silver. Proven and probable NI 43-101 mineral reserves stand at 2,354,000 tonnes grading 2.2 grams gold/tonne and 241 grams silver/tonne, for 163,000 ounces of gold and 18,250,000 ounces of silver. Measured and indicated resources are 1,889,000 tonnes grading 3.2 grams plus its assets in Québec and Nunavut. The Spinco assets will consist of the remaining assets of Fission, including the 50% interest in the Patterson Lake South property in the western Athabasca Basin. Just before press time, Fission and Alpha reported the best assays to date. Hole PLS 13-051 showed that uranium is concentrated continuously throughout the 53m interval (95.0-48.0m), and with a 19m wide higher grade core (101.5-120.5m) averaging 17.28% U3O8. Within the higher grade core is a 10.5m wide interval (107.5-118.0m) grading 29.26 U3O8. n gold/tonne and 367 grams silver/tonne, for 194,000 ounces of gold and 22,276,000 ounces of silver. Inferred resources are 452,000 tonnes grading 2.4 grams gold/ tonne and 201 grams silver/tonne, for 35,000 ounces of gold and 2,922,000 ounces of silver. Mandalay also has the 100%-owned La Quebrada exploration project in northern Chile where measured and indicated resources are 34,800,000 tonnes grading 0.6% copper and 10 grams silver/tonne, for 459 million lbs of copper and 11.2 million ounces of silver. n M AY 2 0 1 3

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