Fission Energy Corp.
TSX VENTURE : FIS

Fission Energy Corp.

December 28, 2007 10:39 ET

Fission Energy Completes Option Agreement With Hillcrest Resources on Torwalt Lake Property in Athabasca Basin

KELOWNA, BRITISH COLUMBIA--(Marketwire - Dec. 28, 2007) - Fission Energy Corp. ("Fission" or "the Company") (TSX VENTURE:FIS) is pleased to announce that it has completed an option agreement with Hillcrest Resources Ltd. ("Hillcrest"), to explore and develop Fission's Torwalt Lake Property, located approximately 10 km east of the Waterbury Lake Property in the eastern part of the Athabasca Basin. The Torwalt Lake Property comprises 812 ha, and is an early stage uranium exploration project.

Fission has granted Hillcrest the exclusive right to earn-in a total 60% undivided interest in the Torwalt Lake exploration project, pursuant to the following terms:

- Hillcrest shall pay C $25,000 on signing this agreement (the "effective date");

- Hillcrest shall make a second payment of C $25,000 on the first anniversary of the effective date;

- Hillcrest shall incur a minimum of C $150,000 in exploration expenditures on or before the first anniversary of the effective date;

- Hillcrest shall earn a 15% undivided interest after incurring an additional C $250,000 in exploration expenditures on or before the second anniversary of the effective date;

- Hillcrest shall have earned a 30% total undivided interest after incurring an additional C $350,000 in exploration expenditures on or before the third anniversary of the effective date;

- Hillcrest shall have earned a 60% total undivided interest after incurring an additional $500,0000 in exploration expenditures on or before the fourth anniversary of the effective date.

- Fission retains a 2% net smelter return on all future production

Fission and Hillcrest are presently reviewing plans to begin exploration in early 2008.

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 news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

ON BEHALF OF THE BOARD

David Miller, 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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