Fission Uranium to Acquire Alpha Shares for $7.67 per Alpha Share; Both to Spin Off Certain Assets

FISSION URANIUM CORP. ("Fission") (TSX VENTURE:FCU) and ALPHA MINERALS INC.
("Alpha") (TSX VENTURE:AMW) are pleased to announce the signing of a non-binding
letter of intent ("LOI") pursuant to which Fission has proposed (the "Proposed
Transaction") to acquire Alpha and its primary asset, its 50% interest in the
Patterson Lake South joint venture (the "PLS Joint Venture"), the other 50% of
which is held by Fission. Under the terms of the LOI, Fission has agreed to
offer shareholders of Alpha 5.725 shares of Fission for each Alpha share held by
them. The offer represents a 14.5% premium to the unaffected share prices of
Alpha and Fission on August 23, 2013, the date prior to Fission's initial
proposal (refer to Fission press release dated August 26, 2013), and an 11.0%
premium to the closing prices on August 30, 2013. 


Additionally, Alpha shareholders will receive all of the common shares of a new
company ("Alpha Spinco") which will be spun out from Alpha and hold all of
Alpha's non-cash assets and obligations other than Alpha's interest in the PLS
Joint Venture. Similarly, the current shareholders of Fission will receive all
of the common shares of a new company ("Fission Spinco") which will be spun out
from Fission and hold all of Fission's non-cash assets and obligations other
than Fission's interest in the PLS Joint Venture and certain related assets.
Under the terms of the LOI, each of Alpha Spinco and Fission Spinco will receive
$3 million in cash from Alpha and Fission, respectively, to fund future programs
at their other assets.


"This is an important milestone. Combining this incredible shallow and high
grade uranium asset under one roof will benefit the shareholders of both
companies. On behalf of Fission, I particularly want to thank Ben Ainsworth,
Mike Gunning and the rest of the Alpha team for their efforts in reaching this
point and I look forward to working with them further as we continue to develop
PLS," said Dev Randhawa, Chairman of Fission.


Benjamin Ainsworth, President and CEO of Alpha, commented, "Our Board of
Directors is pleased by the unification of this exploration project. Alpha and
Fission have advanced Patterson Lake South in less than one year from initial
discovery on November 3, 2012 to the continuing indications that it is one of
the most significant uranium discoveries in the Athabasca Basin. We believe that
with the consolidation, the project will provide further benefits to our
shareholders. Also, the creation of a new company will offer our shareholders
upside potential from the technologies used at PLS in the exploration of other
properties in Alpha's portfolio." 


Transaction Benefits

Both Fission and Alpha believe that the Proposed Transaction will provide a
number of benefits to the shareholders of both companies, including the
following:




--  exchanging shares of Alpha for shares of Fission would consolidate 100%
    of the PLS Joint Venture into one unified company, removing the current
    50:50 ownership of the PLS Joint Venture, which will streamline
    decision-making and allow for other efficiencies;

--  the larger public float of a combined company should benefit both sets
    of shareholders by increasing liquidity; and

--  shareholders of Alpha and Fission will continue to have exposure to the
    non-core assets of each company through the creation of Alpha Spinco and
    Fission Spinco, each of which will hold approximately $3 million in
    cash.



Proposed Transaction

Fission and Alpha expect the Proposed Transaction will be implemented by way of
plan of arrangement. Alpha shall have the right to appoint two directors to a
five-person board of Fission. Pursuant to the terms of the LOI, the completion
of the Proposed Transaction is conditional upon a number of items, including,
without limitation, the negotiation and entering into of a binding definitive
agreement, approval of the shareholders of both Alpha and Fission, receipt of
all necessary regulatory and court approvals and completion of satisfactory due
diligence by both parties. Alpha has agreed to an exclusivity period for up to
10 days during which it will not solicit or initiate enquiries or participate in
any discussions or negotiations relating to any other acquisition proposals, or
issue any equity-like securities.


Full details of the Proposed Transaction will be included in the formal
definitive agreement and management information circulars to be filed with the
regulatory authorities and mailed to both Alpha and Fission shareholders in
accordance with applicable securities laws. All Alpha and Fission shareholders
are urged to read the respective information circulars once they become
available as they will contain additional important information about the
Proposed Transaction.


Alpha's outstanding options and warrants will be adjusted in accordance with
their terms such that the number of Fission shares and Alpha Spinco shares
received upon exercise and their respective exercise prices will reflect the
exchange ratio and Proposed Transaction described above.


The Proposed Transaction is expected to be completed in November 2013 or such
later date as the parties may agree. A special meeting of the shareholders of
Alpha and a special meeting of the shareholders of Fission will be held at a
time yet to be determined to approve the Proposed Transaction.


Alpha has engaged Raymond James Ltd. as its financial advisor and Miller Thomson
LLP as its legal advisor in respect of the Proposed Transaction. The Special
Committee of the board of directors of Alpha has engaged Gowling Lafleur
Henderson LLP as its legal advisor. Fission has engaged Dundee Capital Markets
as its financial advisor and Blake, Cassels & Graydon LLP as its legal advisor
in respect of the Proposed Transaction.


About Fission Uranium Corp. 

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. Common Shares are listed on the TSX
Venture Exchange under the symbol "FCU". 


About Alpha Minerals Inc. 

Alpha Minerals Inc. is a mineral exploration company whose principal focus is
the exploration and development of uranium properties in Athabasca Basin in
northern Saskatchewan, Canada. Common Shares are listed on the TSX Venture
Exchange under the symbol "AMW".


ON BEHALF OF THE BOARD OF FISSION

Dev Randhawa, Chairman & CEO

ON BEHALF OF THE BOARD OF ALPHA

Ben Ainsworth, President & CEO

Cautionary Statement: Certain information contained in this press release
constitutes "forward-looking information", within the meaning of Canadian
legislation. Generally, these forward-looking statements can be identified by
the use of forward-looking terminology such as "plans", "expects" or "does not
expect", "is expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", or "believes", or variations
of such words and phrases or state that certain actions, events or results
"may", "could", "would", "might" or "will be taken", "occur", "be achieved" or
"has the potential to". Forward looking statements contained in this press
release including our ability to complete the Transaction and the benefits of
the Transaction involve known and unknown risks and uncertainties which may not
prove to be accurate. Actual results and outcomes may differ materially from
what is expressed or forecasted in these forward-looking statements. Such
statements are qualified in their entirety by the inherent risks and
uncertainties surrounding future expectations. Among those factors which could
cause actual results to differ materially are the following: market conditions
and other risk factors listed from time to time in our reports filed with
Canadian securities regulators on SEDAR at www.sedar.com. The forward-looking
statements included in this press release are made as of the date of this press
release and Alpha and Fission disclaim any intention or obligation to update or
revise any forward-looking statements, whether as a result of new information,
future events or otherwise, except as expressly required by applicable
securities legislation.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Alpha Minerals Inc.
Robert Meister
Investor Relations
TF: 866-629-0293
info@alphaminerals.ca
www.alphaminerals.ca


Fission Uranium Corp.
Rich Matthews
Investor Relations
TF: 877-868-8140
ir@fissionuranium.com
www.fissionuranium.com
Alpha Minerals (TSXV:AMW)
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