Azincourt Uranium Announces Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 1, 2017) -

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES

Azincourt Uranium Inc. (the "Company") (TSX VENTURE:AAZ) announces its intention to carry out a non-brokered private placement of up to 10,700,000 Units at a price of $0.05 per Unit for gross proceeds to the Company of up to $535,000 (the "Offering").

Each Unit will consist of one common share and one common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to purchase one additional common share for a period of twelve months at a price of C$0.12 per common share.

Azincourt will apply the net proceeds of the Offering to advance the Company's projects and for general working capital purposes.

In accordance with securities legislation, all securities issued pursuant under the Offering will be subject to a four month and one day hold period from the date of issuance. The Company may pay finders fees and/or commissions to eligible persons in connection with the Offering in accordance with the policies of the Exchange.

Closing of this Offering is subject to the receipt of all necessary regulatory approvals including that of the TSX Venture Exchange.

In addition, the Company announces the resignation of Darren Devine as the Corporate Secretary of the Company and the appointment of Alex Klenman as its new Corporate Secretary.

About Azincourt Uranium Inc.

Azincourt Uranium Inc. is a Canadian-based resource company specializing in the strategic acquisition, exploration and development of uranium properties. The Company's Patterson Lake North Property ("PLN"), is located in the western Athabasca Basin, and lies adjacent and to the north of the Patterson Lake South property (Arrow deposit) owned by Fission Uranium Corp. The Company owns a 10% working interest in PLN and Fission 3.0 owns a 90% interest. In addition, the Company owns an option to acquire up to 70% of the East Preston Project, also in the Athabasca Basin, located to the south and adjacent to NexGen Energy's Rook 1 project, host to the high grade Arrow Deposit.

ON BEHALF OF THE BOARD OF AZINCOURT URANIUM INC.

J. Ian Stalker, Chairman

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This press release includes "forward-looking statements", including forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Azincourt. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially.