Resource World Magazine

F E B R U A R Y / M A R C H 2 0 1 5 www.resourceworld.com 19 W ords like monster, gigantic and massive are being used to describe Fission's resource estimate for their Triple R deposit at their 100%-owned Patterson Lake South ura- nium property in the Athabasca Basin, northern Saskatchewan. The resource estimate makes the Triple R deposit largest undeveloped resource in the Athabasca Basin. It's big news for Canada's mining industry. Ross McElroy, President, COO, and Chief Geologist for Fission Uranium corp. [FCU-TSXV; FCUUF-OTCQX; 2FU-FSE], said in a January 9 news release, "With an independent mineral resource estimate comprised of 79,610,000 pounds U 3 O 8 indi- cated plus 25,884,000 pounds U 3 O 8 inferred, this is a world-class high-grade deposit of impressive size and shallow depth in the world's premier high-grade uranium district. The additional gold mineralization associated with the uranium resource presents an exceptional opportunity. The entire deposit is located in basement rock, which is a preferred host rock for development of economic uranium deposits in the Athabasca Basin region. What's more, the potential for continued growth is excellent and we plan to resume drilling later this month. All in all, these phenomenal results rep- resent an incredible milestone for the team, the company and our shareholders." the triple r deposit is estimated to contain: • 79,610,000 lbs U 3 O 8 indicated mineral resource based on 2,291,000 tonnes at an average grade of 1.58% U 3 O 8 , including: • High-grade zone of 44,297,000 lbs U 3 O 8 based on 110,000 tonnes at a grade of 18.21% U 3 O 8 • 25,884,000 lbs U 3 O 8 inferred mineral resource based on 901,000 tonnes at an average grade of 1.30% U 3 O 8 , including: • High-grade zone of 13,860,000 lbs U 3 O 8 based on 24,000 tonnes at a grade of 26.35% U 3 O 8 • The current indicated and inferred mineral resources are stated using a cut-off grade of 0.1% U 3 O 8 . As approximately 75% of the resource is in the indicated cat- egory it is an indication of a high level of confidence in the data analyzed and the continuity of the deposit's mineralization. "High grade uranium deposits are generally associated with EM conductors and the Patterson Lake South (PLS) property has over 100 EM conductors. The Triple R deposit was discov- ered by drilling just one of those conductors and already we have encountered anomalous radioactivity on others at PLS. We have aggressive drill programs planned for this year and while we will be working to grow our deposit, regional exploration is also going to be a very high priority for us," said McElroy. On January 13, Dev Randhawa, CEO and Chairman of Fission Uranium, said in a BNN interview that Dundee and Raymond James had predicted the resource estimates' numbers would come in around 45 to 50 million lbs uranium. At 105 million lbs, the estimate is more than double analysts' predictions. Fission's stock reacted favourably to the news. Cameco's Cigar Lake and McArthur River mines are both underground mines in sandstone unconformities. "What makes Triple R so interesting is that it's large, it's high-grade and it's in basement rock." Hard rock is easier to mine than unconformities that can be sloppy and wet. "This is the first time in 30 years that someone has had a shallow, high-grade discovery." The majority of the defined deposit is exceptionally shallow, from 60 metres to 250 metres in depth. A January 12, Raymond James report says Fission has, "High takeout potential – going higher." The company states that it might sell the property in the future but right now, says Randhawa, "We are the best team to handle it." The company has $22 million in the treasury and plans to complete "large winter and summer drilling programs in 2015." A $10 million, 63-hole (20,230 metre) winter program is expected to begin on January 15. The drilling will focus on deposit expansion as mineralization is open in multiple directions. "This is a tremendous endorsement for our property and our team," says Randhawa. "Being able to deliver a resource of this size and quality is an incredible feat and is a real win for our sharehold- ers and I think the industry as a whole. There is of course a lot more to do. This is just our initial resource – a snapshot of the deposit as it stands today. The Triple R is open in all directions as well as at depth, and we feel we are still in the early stages of understand- ing just how much more it has to give." As of December 19, 2014, Fission had 410,026,992 issued and outstanding shares. n Fission's gigantic resource estimate by Kathrine Moore Ross McElroy, President & COO of Fission Uranium.

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