Fission Uranium (TSX: FCU) President Ross McElroy Reveals New Discovery and Expansion of High Grade Zone at Patterson Lake South

February 28, 2017

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Gerardo Del Real: This is Gerardo Del Real with Resource Stock Digest. Joining me today is President, COO, and Chief Geologist for Fission Uranium (TSX: FCU)(OTC: FCUUF), Mr. Ross McElroy. Ross, how are you this morning?

Ross McElroy: Doing well, Gerardo. Thank you very much for taking the time to talk to us.

Gerardo Del Real: Well, thank you for taking the time to join me. I know that you're down at the BMO conference. It's an important one, and you came out the gates swinging with some excellent news. I'll read the headline, which says, "Fission Discovers New Area with 660 meter Step out West of R840W Zone." Obviously, an exciting start to what was already going to be an exciting drill program. Can you share the details for us, Ross?

Ross McElroy: Yeah, I sure can. As we mentioned the last time we discussed, the exploration drilling is really a big part of what we're doing this winter, so we've got a little more than half of our holes dedicated to true exploration tests of conductors on trend of the main mineralize trend and testing parallel conductors.

So this announcement that we made this morning is a step out along that same conductive trend that hosts a Triple R deposit in the 2.63 kilometers of mineralize trend. Now we're a further 600 meters further than the mineralization that we know to date and that's where we started the exploration drilling this winter. And so with the first exploration hole out there we were able to get an interval of radio activity and mineralization so we know that the counts are up to 3200 counts per second.

So, that's well mineralized we don't have the assays back yet that's still several weeks yet before we see what it is. But for me it's a really good sign that things are quite prospective out towards the west and we know that we've got several kilometers yet to go to test further along that very prospective conductive trend but it could be a new area for us. It's something that we identified in the late drilling in 2016 to be an area of interest. So our first follow-up hole in that area has been quite successful. So, it gives us a new area of focus, hopefully we've find some high grade mineralization.

Gerardo Del Real: Excellent. Now a 660 meter step out is pretty significant, is that area where you’re drilling now Ross, is the goal there a shallow, high-grade mineralized system? Is that where you're targeting there?

Ross McElroy: Yes, it should be. We don't know the depth of mineralization before we get into these new areas but everything that we've seen so far out on the PLS property is generally shallow. This new hit that we're seeing hopefully it's a tip of something bigger but it already has indications of being equally shallow as the other mineralization that we see on this trend.

And that's what really is unique about the PLS project and what sets us apart from everybody else, is that every time we do seem to get mineralization it's always close to surface and that, as people in the mining industry know, the closer to surface you get the more attractive any prospect is.

So, this new area that we're going to be focusing some more drill holes on keeps with that same theme of hitting mineralization and interesting areas that are very close to surface.

Gerardo Del Real: Excellent. Now you also expanded the near surface high-grade zones at each end of the 2.63 kilometer mineralized trend. Can you talk about that a bit because I know there's a resource estimate that you're planning sometime this year and those are important hits as well extending each side of that trend.

Ross McElroy: Yeah, they certainly are. Both the 840 West and the 1620 East zone those have yet to be part of the resource estimate. So, our goal in some time 2017 to bring those areas into the Triple R resource estimate. So, any holes that we're seeing right now, those will only add to those pounds when we do a resource estimate, so, we've seen some really good results particularly on the 840 in this series of holes.

We have three holes in roughly the middle part of the 840 zone where we were able to merge the 840 and the old 600 west zone, so, that's really what we're talking about. It’s an area that seen very few holes and so far the mineralization is looking really quite exceptional there. Very strong. So that's all very important as we go towards our goal of putting those zones into the resource estimate so we're really quite pleased with the way that the drilling started on both the 840 west and the 1620.

Gerardo Del Real: Excellent. Now lastly, I know you're down, I mentioned earlier that you’re down at the BMO conference. Could you share with me a little bit of the sentiment as far as the Uranium space and the people that you're meeting with there. I know you got there this morning if I'm not mistaken.

Ross McElroy: Yeah, we've been here. We got here a couple of days ago but I'll tell you the one thing that... I mean overall the mining sector's looking a lot more positive and that covers a number of commodities. But uranium of course is seeing some great increases in the price of the commodity since last November, December and that's really spurred interest again in the companies that are working in this business and it really starts highlighting the key companies that have attractive projects like the PLS project with Fission Uranium. So, I think we're seeing a lot more interest now than, say, comparable at the same conference last year.

So, people are actually interested, they want to hear the story. I think there's an overall feeling that the uranium sector does have a stronger foundation and a lot more upside in it than this time last year when the sentiment was still, nobody was sure how long it was going to still be dragging, I guess you can you could say. But right now things are looking a lot better, a lot more interest in the company and so we're really happy to be able to put out results like this.

The timing is perfect to be able to share this with people that are looking at the company seriously.

Gerardo Del Real: Absolutely. Well, you have a world class asset, you were very cautious with your treasury, and you're very well cashed up. And obviously hopefully going into a better uranium market, it should be an exciting 2017 for Fission.

Is there anything else that you'd like to touch on Ross that maybe I missed?

Ross McElroy: Well, I think we've touched on all the key points and the news. The significance of the news this morning but you're right Gerardo, I think 2017 is shaping up to be a much better year than 2016 just in the overall sentiment of our sector. But you can count on us to continue to be aggressive, expand our drilling, and we'll be looking towards the resource estimate update sometime later in 2017.

And even more significantly, perhaps, will be discovery of high-grade mineralization in a new area. That's really what we're after this winter. So, investors stay tuned.

Gerardo Del Real: Well Ross thank you for your time and as those results start coming in I'd love to have you back obviously to talk about those, so, we'll be in touch and again, thank you very much for taking the time today.

Ross McElroy: Very good, thanks very much Gerardo, take care.

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