Fission Energy Corp.
TSX VENTURE : FIS

Fission Energy Corp.

June 24, 2010 09:30 ET

Fission Energy Commences Drilling at Davy Lake, Athabasca Basin

KELOWNA, BRITISH COLUMBIA--(Marketwire - June 24, 2010) - FISSION ENERGY CORP. (TSX VENTURE:FIS) ("Fission" or "the Company") is pleased to announce that a 2,000m drill program has commenced at its 100% owned Davy Lake Uranium Project, which comprises nineteen claims totalling 74,614 Ha in the north-central part of the Athabasca Basin, approximately 60 km southwest of Fond-Du-Lac, Saskatchewan. This program represents the first drilling to be conducted at Davy Lake. It will test high priority unconformity related anomalies identified by ground magnetotellurics (MT) surveys and supported by gravity and magnetic surveys. The uranium model envisioned at Davy Lake is analogous to the unconformity type mineralization associated with several known high grade uranium deposits in the eastern part of the Athabasca Basin.

Uranium deposits in the Athabasca Basin are associated with basement graphitic conductors in areas of structural complexity and usually accompanied by a clay alteration halos. The first drill target at Davy Lake determined by geophysical analysis, exhibits these characteristics. More specifically, airborne and ground geophysical analysis has defined a prominent northeast trending Archaen basement fault and the possible presence of a faulted graphitic basement conductor to the southeast with an expanded low resistivity response at the unconformity. Initial drilling will target this location.

A 2,000m drill contract has been signed with Bryson Drilling Ltd. of Archerwill, SK. Two to three drill holes are planned. Drill crews and personnel have mobilized to the Davy Lake Property and drilling is now underway. Upon completion of the program, each bore hole will be logged with a Mount Sopris 2GHF Triple Gamma probe. All drill core will be geologically logged and systematically sampled for geochemical and clay analysis. Drill core samples will be submitted to SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited Facility) of Saskatoon for analysis, which includes a 63 element ICP-OES, uranium by fluorimetry (partial digestion) and boron. Results will be provided when available.

An updated 2010 Drill Program map for Davy Lake can be found on the Company's website at http://www.fission-energy.com/s/DavyLake.asp.

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".

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"

Ross McElroy, President & COO

Neither 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.

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