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Fission Uranium (TSX: FCU) President Ross McElroy after Hitting Wide Mineralization in Multiple Stacked Lenses: “All of a Sudden Things can Develop Quite Nicely”

July 25, 2017

Gerardo Del Real: This is Gerardo Del Real for 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 afternoon?

Ross McElroy: Doing well, Gerardo. How are you doing?

Gerardo Del Real: I'm doing excellent. Thank you so much for asking.

I had to get you on the phone. You had some really exciting news this morning. I'll read the headline, "Fission Uranium First Two Summer Holes at R1515W Hit Wide Mineralization in Multiple Stacked Lenses and High-Grade Intervals." Great start to the summer drill program, can you provide the details, Ross?

Ross McElroy: Yeah, it really is a great start to the program. With the beginning of the program, I guess, well, it started about a week and a half ago, the first phase of the program is going to be drilling on the R1515 West zone. As we mentioned before, we'll be drilling seven holes on that zone so this is the first two of those seven holes. They're really quite remarkable because where we've stepped out on both of the lines that we drilled on, we've stepped further to the south to intersect mineralization at depth but what surprised us was the fact that we hit other parallel zones within there. So not only did we hit the deeper mineralization that we were targeting but we had surprise mineralization further to the south, so we're seeing multiple stack, parallel lenses is how it looks in the interpretation, so that's a very positive sign. That's the kind of thing that can make a zone grow quickly, having multiple lenses. Rather than just one, high-grade lens, we're looking at a series of them, at least that's what it appears to be at this stage.

Gerardo Del Real: Excellent. Now as I mentioned and you mentioned as well, these are just the first two holes of what's going to be a seven hole program for this zone. It's a two-part program. Can we talk a bit about the second half of that and just kind of what the approach is moving forward?

Ross McElroy: The second thrust of the program is work geared towards the pre-feasibility studies, so we'll have three holes that we're targeting for metallurgical work right in the heart of the R780E Zone, which is our main part of the ore body as defined in the Triple R deposit. So those are large diameter, coarse holes that are designed to give a big, fresh sample that we can undertake detailed metallurgical studies. And then, in conjunction with that, there will be some geotechnical holes that are to be drilled along the western pit perimeter wall. Those give us a better understanding of what the pit wall designs will be on the western side near the lake margin for the eventual open pit operation, so that's happening. That part of the program will be kicking off this week, probably starting, well, even as early as tomorrow, so we look forward to seeing the results of them but, as we're drilling right now, the R1515 West zone, which is a discovery from something that we found this winter, that part of the program is just underway with two out of the seven holes, so far 100% hit ratio.

Gerardo Del Real: Excellent. Now I know that you're going to be at the Sprott Conference, which kicks off tomorrow morning. If people are in town, how can they find you, Ross?

Ross McElroy: You're right, we'll be at the Sprott Conference that's at the Vancouver hotel. Yeah, we'll have a booth set up there. I'll be there attending over the next three days. Our Chairman, Dev Randhawa, will be there. We'll also have our marketing managers and we'll have a full fleet of people there in order to meet and greet all the interested investors. I think that this news that we put out today will be a pretty newsworthy story and, you know, we're looking forward to discussing what the summer program is all about in person with people. So we do encourage any of the investors that happen to be in the area and are attending the show to come by the Fission Uranium booth and learn all about the project.

Gerardo Del Real: Excellent. Now let me ask you one question before I let you go, Ross. Were you surprised with the width of the mineralization, because these are pretty wide intercepts?

Ross McElroy: They are. When you look at the width, particularly in Hole 562, which is on the westernmost of the line, that had a total composite width of mineralization of 85.5 meters. That's very significant, that's very wide. There are some nice, high-grade sections within them, so we expect that the uranium grades will be pretty good in those wider zones. The other hole, 561, was no slouch either, with 49 meters of width. Now those are pretty impressive. That's because you're stacking lenses. We have about 8-10 mineralized lenses that, you know, the sum of them together is up to almost 90 meters in the one case. So, yeah, we're pleasantly surprised. Really nice to see when you can start getting the thicker, broader zones that really you didn't know were there but that's what exploration drilling is all about. You get into a nice, good area and all of a sudden things can develop quite nicely for you.

Gerardo Del Real: Absolutely. Ross, is there anything else you'd like to add before I let you go?

Ross McElroy: I think that just stay tuned. We're obviously in full swing now in the summer program, so the news flow should be pretty continuous. We update our drill results as we get them and once the assays come back that, you know, I think investors have come to be used to expecting them probably in about two months' time, that's the turnaround time to get the assays back, we'll be able to report on them, but we do report on the radioactivity basically as we drill it.

Gerardo Del Real: Excellent. Well, I'm looking forward to having you back on as you get more results in. Ross McElroy, Fission Uranium, everybody. Thank you very much, Ross.

Ross McElroy: Thank you very much, Gerardo.

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