<!--[if gte mso 10]> <style> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Times New Roman","serif"; mso-fareast-font-family:"Times New Roman";} </style> <![endif]-->

VANCOUVER — It’s been an exciting journey for Fission Uranium (TSX: FCU;

US-OTC: FCUUF) at its wholly-owned Patterson Lake South (PLS) discovery,

which has effectively changed the way explorers look at Saskatchewan’s

Athabasca basin uranium camp.

And in early January Fission's team was rewarded for two years of hard work

with a maiden resource at PLS' newly-minted Triple R deposit, which

immediately emerges as the largest undeveloped deposit in the Athabasca

region and third-largest in terms of overall size behind only Cameco's (TSX:

CCO; NYSE: CCJ) McArthur River and Cigar Lake mines.

PLS is a basement-hosted unconformity uranium deposit, characterized by

shallow, high-grade mineralization in four separate zones trending for

around 2.2 km in length. From west to east, these zones are: R600W, R00E,

R780E, and R1620E. Fission's inaugural resource includes the massive R780E

zone, which runs for nearly one km, and the smaller R00E zone.

R780E hosts high-grade mineralization over notably wide thicknesses, and

remains open along strike and laterally north-south as well as at depth. Up

to and including drilling from Fission’s summer 2014 program, 224

delineation holes have defined mineralization over a combined strike length

of 1.1 km in the R00E and R780E zones, with 218 holes intersecting

mineralization for a 97.3% success hit ratio.

"It's really quite a unique deposit for a couple of reasons. It's a

basement-hosted deposit and those tend to be smaller in scale in terms of

strike. The length we have at Triple R, when combined with the continuity of

the deposit, is spectacular by any measure," explains president and COO Ross

McElroy in an interview.

"In terms of the high-grade zone, it isn't really just sitting in one little

pocket. Usually when you see those types of grades in these deposits it’s in

one portion that people tend to 'stretch out.' What we're seeing is

well-behaved down the entire strike length. The continuity from section to

section really speaks to the ore-body shape, and that's only going to

benefit us in the long run," he adds.

The other unique aspect about Triple R is that the mineralization tends to

occur at relatively shallow depths, which opens up the door for a potential

open-pit mining scenario. The majority of deposit is defined from

approximately 60 metres to 250 metres depth.

Heavy drilling has also allowed Fission to table an inaugural estimate with

a high level of confidence. Triple R hosts 2.3 million indicated tonnes

grading 1.58% U3O8 for nearly 80 million contained lbs. Inferred resources

total 901,000 tonnes of 1.3% U3O8 for 25.9 million contained lbs.

As McElroy notes, Fission also outlined a consistent core at Triple R that

runs at significantly higher grades along much of the deposits strike

length. The High Grade zone consists of several lenses within the Main zone,

the largest continuous section within the R780E area.

These lenses jointly host roughly 110,000 indicated tonnes averaging 18.21%

U3O8 for 44.3 million contained lbs. Inferred resources total 24,000 tonnes

of 26.35% U3O8 for 13.9 million contained lbs.

"There were a few things that surprised us on the positive side. Number one

was the pure size, and just how much of it is in the indicated category. If

you compared it to similar discoveries in the Athabasca, like Hathor

Exploration's Roughrider deposit, for example, most of those maiden resource

numbers were inferred,” comments chairman and CEO Dev Randhawa.

“Number two, we were quite surprised with how nicely the mineralization and

grade are spread out over the deposit. It should work really great from a

mining perspective," he adds.

And though the unveiling of such a significant deposit will inevitably fuel

takeover speculation, Fission is hoping it will have the luxury of another

drill season at the project. Randhawa says Triple R is really a "validation

of the confidence" the company has in its team, and notes that resources of

such scale tend to succeed regardless of market conditions.

Fission is planning two large drill programs this year, including a

US$10-million, 63-hole winter program expected to run around 20,230 metres

that the company kick-started in mid-January.

McElroy speculates that there's a lot of room for growth at R780E,

especially to the east where the company has already encountered uranium

mineralization during scout drilling. Fission will also follow-up on

drilling completed during the summer that highlights the potential for

parallel lenses.

"I also think R00E also has a lot of room to grow, and we can take the

things we learned at R780E and go back and take another look at it," McElroy

adds. "It's really identical in terms of geological controls and it is on

the same system right on trend. It's just right now that it's a smaller

pod."

Though around half of Fission's 2015 drilling is expected to focus on

resource expansion via step-out targets, the release of the resource

estimate will also allow the company to get back to what it does best:

exploration.

McElroy says that this year Fission with really be "ramping up" exploration

on the greater PLS property package, which is something he's been looking

forward to over the past year. He points out that Triple R occurs on a

single conductor, while the company has identified over one hundred similar

trends at the project.

The bulk of exploration will focus on the Forest Lake targets due to a

promising combination of ground geophysics and radon survey results. The

Forest Lake conductive corridor is situated in the middle of the property

and features geophysics and radon signatures similar to the Patterson Lake

conductive corridor, which hosts Triple R.

"We'll put in about ten holes or so at the Forest Lake conductive trend.

There are multiple conductors at the target, and we've never put a hole in

there," McElroy elaborates.

"We've drilled on the land portion up-strike and it looks promising because

there's very good alteration in the rock. The more promising signs for us,

however, are under the lake itself, and we needed to wait for the right

conditions there to drill effectively. It's something we've been wanting to

get to for the past nine months," he adds.

Meanwhile, Fission will be looking to get a preliminary economic assessment

(PEA) released on Triple R by the middle of the year. Randhawa adds that the

company is already looking at creative, non-dilutive sources of capital,

including a potential gold stream.

Gold mineralization is associated with the uranium at Triple R, with

indicated resources totaling roughly 2.4 million tonnes of 0.51 gram gold

per tonne for 38,000 contained oz. Inferred resources add 901,000 tonnes of

0.56 gram gold for 16,000 contained oz.

The company will also continue to advance its social license and

environmental studies. McElroy says that permitting is "an area where the

province of Saskatchewan really shines above every other jurisdiction" since

it’s been a prolific uranium district for around fifty years.

"It's a very progressive environment, and we see value in de-risking the

permitting scenarios," he adds.

Shares of Fission have jumped roughly 27%, or 24¢, over the first three

weeks of 2015 en route to a $1.14 close at the time of writing. The company

reported working capital of US$22 million at the end of the third quarter,

and maintains 366 million shares outstanding for a $417 million press time

market capitalization.

"We don't want to give this thing up without a fight because it really is

one of the largest and richest undeveloped commodity assets in the world,"

Randhawa concludes. "I believe we've earned the right to drill even further,

but in the end it's up to our shareholders. I will say the response has

really been fantastic. The markets have really been so negative recently, so

when suddenly you can crank out such positive news I think it’s a pleasant

surprise for everybody.”