November 28, 2013 - 3:00 AM EST

FCU:CA 1.17 0.07 Today 5d 1m 3m 1y 5y 10y

FCUUF 1.086 0.007 Today 5d 1m 3m 1y 5y 10y

KELOWNA, BRITISH COLUMBIA--(Marketwired - Nov. 28, 2013) - FISSION URANIUM CORP. (TSX VENTURE:FCU)(OTCQX:FCUUF)(FRANKFURT:2FU) ("Fission" or "the Company") the Operator, and Brades Resource Corp. are pleased to announce receipt of TSX approval for filing of the Clearwater West project option agreement, whereby Brades has the option to earn up to a 50% interest in the property (the "Option"). In consideration, Brades will issue 1,741,377 common shares to Fission on closing and incur $5 million in exploration expenditures over a 3 year period.

Fission's experienced and successful management and technical team, with a track record of two major high-grade uranium discoveries in the Athabasca Basin region in the past 3 years (Waterbury Lake project and the PLS project), will operate and manage Clearwater West. Fission currently holds a 100% interest in Clearwater West.

The $0.7 million budgeted work program for year 1 will consist of a property scale airborne radiometric survey using Fission's patent pending "System And Method For Aerial Surveying Or Mapping Of Radioactive Deposits" as well as an airborne EM geophysical survey. It is anticipated that radon surveys designed to assist in the detection of subsurface uranium occurrences will be conducted in certain areas to assist in prioritizing drill targets.

Dev Randhawa, Chairman and CEO of Fission Uranium, commented,

"This is a great opportunity for both companies. Clearwater West is a highly prospective property with favorable geology and a superb location right next to our PLS project. With two major discoveries in three years, our technical team has a tremendous track record in the Athabasca Basin and we are looking forward to be working with the Brades management team as we move forward."

Proposed Earn-In of Clearwater West Project

Under the terms of the Option, Brades has agreed, subject to the satisfaction of certain conditions precedent including the receipt of TSX Venture Exchange (the "Exchange") acceptance, to acquire up to a 50% interest in Clearwater West by incurring $5,000,000 of staged exploration expenditures on or before October 10, 2016, as follows:

Table 1: Staged Exploration Expenditures

In addition Brades will grant to Fission a 2% Net Smelter Royalty on exercise of the option.

Summary of the Clearwater West Project

The Athabasca Basin region hosts the world's richest uranium deposits, with a well-established and politically stable, uranium exploration and mining sector. Fission considers the recent discovery of high-grade uranium in the southwestern region of the Athabasca Basin as a demonstration of the possible prospective merit of this under-explored area.

Clearwater West lies adjacent to the south of Fission's Patterson Lake South (PLS) joint venture property (Fission 50%, Alpha Minerals 50%), where recent drill results located 13 km to the north identify discovered high grade uranium in bedrock in 5 separate pods. The best drill hole intersection to date at the PLS discovery is 9.08% U3O8 over 54.5 m, including a higher grade interval of 21.76% U3O8 over 21.5 m (PLS13-075; see Fission Energy Corp. news release dated September 04, 2013).

Clearwater West is an early stage exploration project prospective for hosting high-grade uranium mineralization. Such mineralization is structurally controlled and typically associated with basement graphitic shear zones within clay altered metasedimentary basement lithologies. These features have unique characteristics that can be identified by various geophysical surveys. The property covers historic airborne EM anomalies, which could be the extensions of the EM conductors identified on the PLS property immediately to the north.

Clearwater West occurs within a large basin scale NE trending gravity low structural corridor that also incorporates the adjacent PLS property. The former Cluff Lake mine (>60M lbs U3O8 produced) and the UEX-Areva Shea Creek deposits (82 km and 66 km to the north respectively) lie along the western margin of this structural feature. The recently discovered high-grade uranium mineralization found at PLS located 13 km to the north, also lies within this structural corridor.