Fission Energy Corp.
TSX VENTURE : FIS

Fission Energy Corp.

December 07, 2009 09:30 ET

Fission Energy Plans 20 Hole Winter Exploration Program at Waterbury Lake

KELOWNA, BRITISH COLUMBIA--(Marketwire - Dec. 7, 2009) - FISSION ENERGY CORP. ("Fission" or the "Company") (TSX VENTURE:FIS) and its joint venture partner, the KEPCO Consortium, are pleased to announce forthcoming exploration plans for its Waterbury Lake uranium project, scheduled to commence in early January, 2010. To date, the KEPCO Consortium has invested $10 million at Waterbury Lake. By spending a cumulative total of $14 million by the end of 2010, the Consortium will have earned a 50% interest in the project. The proposed 2010 winter program is expected to include approximately 20 drill holes totalling an estimated 7,500m. Exploration will continue to follow-up previous programs completed in the East-West trending Corridor, in addition to newly identified regional targets. The approximate 3km prospective East-West Corridor straddles Hathor Exploration's Midwest NE property, where it was recently announced that a 200m step-out hole (MWNE-09-170) located east of the Roughrider Zone intersected 28m grading 12.71% U308.

In September, Fission reported it had further outlined the East-West Corridor, which hosts the Discovery Bay, Disco Bay, Disco Bay West, and Talisker Zones, to the west (see news release dated September 21, 2009). Primary focus remains at the Discovery Bay Zone, where the Company will continue its efforts to delineate the shallow and steep northerly dipping mineralized zones. Six drill holes are planned here, in addition to four more holes in the Talisker area, located approximately 1.5 km west of Discovery Bay, as the Company continues to search for multiple high grade occurrences along the new western extensions of the East-West Corridor.

New regional targets include the Oban area, located north of Discovery Bay, testing the Midwest shear zone further to the southwest, where it is interpreted to extend onto Fission's ground, and follow-up drilling on the eastern claim block where mineralization was identified from an earlier exploration program completed in 2007. Oban is a new high priority drill target identified by a recently completed Induced Polarization (IP) geophysical survey. Oban appears to be an east-west system running parallel to the East-West Corridor, with pronounced electromagnetic (EM) conductive features. Four drill holes, which will test the extensive resistivity low in proximity to the EM conductors, are planned here. One additional hole is planned to test the southwest extension of the Midwest shear zone, which is a major coincident feature of the nearby Midwest, Josie, Midwest "A" and Roughrider deposits. On the eastern claim block, one or two holes will target an area of previous drilling where hole WAT07-008 intersected a mineralized zone from 181.67 to 185.27m and returned 0.10% U3O8 over 3.6 meters, including 0.30% U3O8 over 1.1 meters with peaks up to 0.99% U3O8 over 0.30m (see press release dated February 27, 2008). Analysis of EM data has identified a basement conductor with a 350m strike length, coincident with this target. Finally, four drill holes will be reserved as a contingency, and will be targeted as the program progresses.

IP-Resistivity ground geophysical surveys are continuing at Oban and Discovery Bay to extend and merge the existing grids, in addition to new prospective areas throughout the property. The Korean Institute of Geoscience and Mineral Resources (KIGAM), respected for their expertise in IP and tomography techniques, will facilitate the geophysical interpretation of these surveys.

Further details will be provided upon finalizing the program and commencement of exploration in January, 2010.

The Waterbury Lake Property is located in the northeast part of the Athabasca Basin, where several open–pit uranium deposits, including Midwest Lake, McClean Lake, and Rabbit Lake, are found. Exploration completed to date by the Joint venture demonstrates that the 40,256 ha property has excellent potential for hosting an undiscovered uranium deposit.

Fission is the operator of the Waterbury Lake Project.

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.

Contact Information