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Fission Completes Option Agreement of Lake Athabasca North Shore Property with Tribune

Fission Energy Corp. (“Fission”) is pleased to announce that it has completed an Option Agreement with Tribune Resources Corp (“Tribune”), whereby Tribune will have the right to acquire a 60% interest in Fission’s North Shore Property (the “Property”), located north of Lake Athabasca, in northeastern Alberta. Tribune previously completed an LOI with Fission’s spin-out parent company, Strathmore Minerals Corp., as per the news release of May 9, 2007.

 

The Property encompasses approximately 280,000 acres located along the northwestern margin of the Athabasca Basin, within 10 km to the west of the Maurice Bay Uranium Deposit of Cameco Corporation.  At Maurice Bay, uranium mineralization is reported to be structurally controlled within basement rocks and at the sub-Athabasca unconformity.

 

Historic exploration at the North Shore Property, which has included drill testing of lithogeochemical anomalies, and alteration zones; ground and airborne geophysics; prospecting and geologic mapping; has identified over 200 uranium occurrences and showings.  The property has potential for Unconformity, Sub-Unconformity and Beaverlodge Type mineralization.

 

Fission’s 2006/7 exploration program was intended to follow-up upon historic uranium occurrences, to identify new alteration zones, or structures with potential to host significant uranium mineralization.  Some highlights of Fission’s 2006 Exploration Program include:

 

•           124 Rock Samples (Up to 1.39% U3O8)

 

•           Over 90 locations with anomalous radioactivity examined

 

•           18 Line-km of grid completed

 

•           Max-Min and IP Resistivity Survey(s) completed

 

•           Airborne VLF and Magnetic Survey completed

 

Under the terms of the Option Agreement, Tribune may earn a 60% undivided interest in the property by issuing 600,000 common shares, which will be subject to hold periods from four months to one year, and incurring expenditures of $10 million over six years. If Tribune earns the 60% interest, Fission may buy back an 11% interest for $C 10,000,000. Tribune’s interest in the property will be subject to a net smelter royalty on yellowcake extracted from it. The rate of the royalty will vary depending on the market price of yellowcake.

 

Tribune is a TSX listed company trading under the symbol TCB.

ON BEHALF OF THE BOARD

"Ross McElroy"
Ross McElroy, President & COO

FISSION URANIUM CORP. is a Canadian based resource company specializing in the strategic acquisition, exploration and development of uranium properties and is headquartered in Kelowna, British Columbia. FISSION URANIUM CORP. Common Shares are listed on the TSX Venture Exchange under the symbol "FCU".

This press release contains "forward-looking information" that is based on Fission Uranium Corp's current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, statements with respect to Fission Uranium Corp's development plans. The words "will", "anticipated", "plans" or other similar words and phrases are intended to identify forward-looking information.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause Fission Uranium Corp's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: uncertainties related exploration and development; the ability to raise sufficient capital to fund exploration and development; changes in economic conditions or financial markets; increases in input costs; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or inability to obtain permits encountered in connection with exploration activities; and labour relations matters. This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. Fission Uranium Corp. disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.

Investor Relations
Rich Matthews
TF: 877-868-8140
ir@fissionuranium.com
www.fissionuranium.com