Fission Energy Corp.
TSX VENTURE : FIS

Fission Energy Corp.

June 30, 2009 11:25 ET

Fission Drill Program Near Prominent Roughrider Zone Extension Step-Out Holes to Begin in August

KELOWNA, BRITISH COLUMBIA--(Marketwire - June 30, 2009) - FISSION ENERGY CORP. ("Fission" or the "Company") (TSX VENTURE:FIS) and its joint venture partner, the KEPCO Consortium, announce plans to complete seven drill holes, three of which will target locations in close proximity to Hathor Exploration's Roughrider Zone uranium discovery step-out holes MWNE-09-116 and MWNE-09-129. Hole MWNE-09-116 intersected 70.34% U3O8 over 2.5m within 13m grading 18.12% U3O8, and identified intersections as high as 84% U3O8. Hole MWNE-09-129, collared approximately 20m to the SW of hole MWNE-09-116 intersected 5.0m grading 15.65% U3O8. Both drill holes were collared approximately 10m from Fission's property boundary, in the vicinity of the Discovery Bay Zone; with the mineralized interval intersected 45-50m from the Waterbury Lake property boundary (see news release dated April 24, 2009). Two new maps updating Fission's Waterbury Lake drilling and Hathor Exploration's recently announced drill results have been posted to the Fission Energy website and can be viewed at www.fission-energy.com/s/WaterburyLake.asp.

Fission's drill program will test for the possible high grade extension of the Roughrider Zone onto the Company's Waterbury Lake property. In addition, two drill holes will test a resistivity low anomaly, located approximately 8km to the southwest of the Denison-AREVA Midwest deposit. The final two holes will test a resistivity low anomaly located approximately 3 km north of Discovery Bay. These resisitivity low anomalies are new priority targets identified by this winter's ground geophysical surveys, and may represent the signatures of structurally controlled hydrothermal alteration. Identifying such systems are a key to searching for uranium deposits. A property scale high resolution airborne magnetic survey will also be completed. Work is expected to begin in August.

2009 Winter Drill Program Summary

All results from the winter 2009 drill program, completed during the third week of March, have been received. Analysis of all available data confirms the presence of multiple exploration targets, in particular, along the east-west Discovery Bay Corridor (Discovery Bay, Disco Bay and Talisker), in addition to the newly discovered northeast trend, known as Shuttle Lake. All of these targets remain highly prospective, and warrant follow-up exploration drilling.

The winter drill program totaled 7,319m in twenty-one completed holes. One hole was abandoned. A complete drill hole summary of radioactivity and geochemistry is shown below in Tables 1 and 2.

An interim update highlighting results of the first seventeen holes was previously announced (see news release dated March 17, 2009). An additional four holes were subsequently completed, which concluded the program. Of the remaining four drill holes, two holes (WAT09-051 and 052) tested the southern portion of the Talisker area, near hole WAT09-044, which intersected significantly elevated radioactivity over a 5.5m wide interval at the unconformity. Hole WAT09-051 intersected strongly developed clay alteration below the unconformity.

Hole WAT09-053 was drilled 1.3 km to the NE of the Discovery Bay Zone, targeting a coincident gravity low and resistivity low in the Shuttle Lake area. Intermittent fault zones were encountered throughout the basement, including an approximately 30m wide interval of structural disruption from 334 to 364m with coincident anomalous radioactivity over a 1.9m section (348.75m to 350.65m) showing up to 1131 cps. The Shuttle Lake area represents a new exploration target.

Table 1: 2009 Drill Hole Summary - Radioactivity

To view Table 1 and Table 2, please click on the link below to be directed to the Company's website.

www.fission-energy.com/s/NewsReleases.asp?ReportID=354324

Table 2: Waterbury Lake 2009 Drill Hole Summary - Geochemistry

Exploration at Fission's Waterbury Lake project remains focused on the ground adjacent to Hathor's Roughrider Zone uranium discovery in the northeast part of the Athabasca Basin, where several open-pit uranium deposits, including Midwest Lake, McClean Lake, and Rabbit Lake, are located. Fission is the operator of the Waterbury Lake Project.

The Waterbury Consortium has budgeted C$4.0 million for exploration in 2009.

The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43- 101 and reviewed on behalf of the company by Ross McElroy, P.Geol. President and COO for Fission Energy Corp., a qualified person.

FISSION ENERGY 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 ENERGY CORP. Common Shares are listed on the TSX Venture Exchange under the symbol "FIS".

Korea Electric Power Corporation (KEPCO) is a Korean government-invested diversified energy company with over $83-billion (U.S.) in assets. The company is involved in the generation, transmission and distribution of electrical power from nuclear, hydro, coal, oil and LNG sources worldwide. Korea Electric Power provides electricity to almost all households in Korea and operates 20 nuclear power plants in the country with six more under development. The company has over 30,000 employees and is listed on the Korean Stock Exchange and the New York Stock Exchange. (www.kepco.co.kr)

Korea Waterbury Uranium Limited Partnership ("KEPCO Consortium") is a consortium primarily comprised of Korean-based companies. Led by Korea Electric Power, other participating companies include Korea Hydro & Nuclear Power, Korea Nuclear Fuel Co., Hanwha Corp. and Gravis Capital Corp., a private Canadian uranium investment company.

This press release contains "forward-looking information" that is based on Fission's current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, statements with respect to Fission'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'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 disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.

ON BEHALF OF THE BOARD

Ross McElroy, President & COO

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

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