Fission Energy Corp.

Fission Energy Corp.

October 01, 2007 09:01 ET

Fission Energy Corp and Great Bear Uranium Mobilize Field Crews to Duddridge Lake Uranium Project, Saskatchewan

KELOWNA, BRITISH COLUMBIA--(Marketwire - Oct. 1, 2007) - Fission Energy Corp. (TSX VENTURE:FIS) (the "Company") and Great Bear Uranium Corp. are pleased to announce that field crews have been mobilized to the Duddridge Lake Property, located in central Saskatchewan. The property comprises approximately 36,274 ha (89,635 acres), and is located about 80 kilometers northwest of LaRonge, Saskatchewan.

The Duddridge Lake Property is situated along the eastern margins of the Wollaston Basement Domain, which underlies a number of significant uranium occurrences in the eastern part of the Athabasca Basin, Saskatchewan. These include some of the richest uranium deposits known world wide, including: Key Lake, Millennium, McArthur River, Cigar Lake, Midwest Lake and Eagle Point. The McArthur River, Millennium and Eagle Point uranium deposits contain significant amounts of 'basement-hosted' uranium mineralization similar to Duddridge Lake. A NI 43-101 compliant resource calculation for the Duddridge Lake Uranium Deposit identified an inferred mineral resource (Fraser, 2007) totalling 215,016 tonnes at an average grade of 0.107% U3O8 (approximately 460,000 lbs).

In 1974, Noranda Exploration Company discovered uranium and copper mineralized boulders as part of a 1300 meter long, northeast trending, boulder train along the west side of Duddridge Lake. Subsequent diamond drilling identified a sediment hosted uranium deposit. More than 30 holes were completed along the boulder train. Highlights of the historic drilling include:

Hole From To Length ----------------------
Number (m) (m) (m) (% U3O8) (lb/ton U3O8)
D-1-75 97.23 101.28 4.05 0.176 3.52
D-5-75 91.04 94.21 3.17 0.062 1.24
D-8-75 55.75 64.77 9.02 0.144 2.88
D-11-75 61.26 68.51 7.25 0.122 2.44

In 2006, Fission Energy Corp. contracted a VTEM airborne survey, which was completed by GeoTech Ltd. of Aurora, Ontario. The detailed airborne magnetic and electromagnetic survey identified a number of conductors and structural features requiring follow-up work. Exploration programs will continue under the terms of the recently concluded Fission/Great Bear Joint Venture, with Fission Energy as operator.

The fall work program, which includes basal till sampling, surface sampling and mapping is now underway. A 15-20 hole drill program totalling 1,000 meters is expected to follow during the winter months Exploration will focus both on the area of known mineralization, and showings located along the target horizon not previously drilled.

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 Jody Dahrouge, P.Geol., of Dahrouge Geological Consulting Ltd., Edmonton, Alta, a qualified person. It should be noted that mineral resources which are not mineral reserves do not have demonstrated economic viability as defined by NI 43-101 guidelines.

Great Bear Uranium Corp. has the option to earn a 60% interest in the Duddridge Lake Property from Fission Energy Corp. by making certain cash payments, and expending $6 million on exploration over 5-years.

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.


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.

Contact Information