Fission Energy Corp.

Fission Energy Corp.

January 22, 2008 09:02 ET

Fission Energy/Great Bear Uranium Commence Drilling at Duddridge Lake Uranium Project

KELOWNA, BRITISH COLUMBIA--(Marketwire - Jan. 22, 2008) - FISSION ENERGY CORP. ("Fission" or "the Company") (TSX VENTURE:FIS) and its partner Great Bear Uranium Corp. are pleased to announce the completion of the Phase I exploration program and the commencement of a 1,400m drilling program at their Duddridge Lake Uranium Project in northern Saskatchewan. Fission is the operator of the project. Great Bear Uranium Corp. can earn up to a 60% interest in the property by spending $6 million (CDN) over 6 years.

The Duddridge Lake Project comprises eleven claims totaling approximately 36,274 hectares and is located about 80 km northwest of LaRonge, Saskatchewan. The property is situated along the eastern margins of the Wollaston basement domain, which is host to a number of significant uranium occurrences in the eastern part of the Athabasca Basin, Saskatchewan, including the 40+ million pound Millennium Deposit discovered by Cameco Corporation.

A National Instrument 43-101 compliant resource calculation for the Duddridge Lake uranium deposit identified an inferred mineral resource (Fraser, 2007) totalling 227,880 tonnes at an average grade of 2.14 lbs per tonne U3O8 (approx. 487,000 pounds).

The Joint Venture recently completed Phase I exploration activities as follow-up work on the anomalies defined by an airborne VTEM survey flown by GeoTech Ltd. of Aurora, Ont. in late 2006. A reconnaissance orientation soil sample survey and mapping over the higher priority areas of interest were completed in preparation for a winter drilling program. A total of 61 soil samples were collected and sent to Loring Laboratories Ltd. of Calgary, Alberta for a 30 element ICP analysis. Several anomalous samples were returned including a high value of 119.9 ppm uranium.

A 10 hole drill program totaling 1,400m has been signed with White Bear Mining Services of Edmonton, Alberta. The program is designed to confirm existing mineralization, expand the known resource along strike and identify potential new discoveries of mineralization. Collar locations have been refined by integrating results from the Phase I exploration activities. All holes will be drilled at an angle and surveyed at completion for radioactivity with a Mount Sopris 2PGA-1000 poly-gamma downhole probe. Drill core will be split and sent to SRC Analytical Laboratories for analysis. Results will be provided when available.

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. and Vice-President of Exploration 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 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.



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