Fission Energy Corp.
TSX VENTURE : FIS

Fission Energy Corp.

April 23, 2008 09:00 ET

Fission Energy Updates 2008 Exploration Program at Waterbury Lake

KELOWNA, BRITISH COLUMBIA--(Marketwire - April 23, 2008) - FISSION ENERGY CORP. (TSX VENTURE:FIS) ("Fission" or the "Company") and its joint venture partner, the KEPCO Consortium, are pleased to update the 2008 exploration program at their Waterbury Lake Uranium Project, located in the northeast part of the Athabasca Basin, Saskatchewan. The spring 2008 exploration program, which includes airborne and ground based geophysical surveys, and diamond drilling, will focus on the Discovery Bay area adjacent to the Roughrider Zone. The planned program at Discovery Bay has now been given priority over drilling on the Company's eastern claim, which was suspended due to spring break-up conditions. Drilling in the Discovery Bay area is planned for the first week of May.

Significant progress has been made with a ground-based Resistivity geophysical survey currently underway within Discovery Bay. The survey has identified a "resistivity low" centered under the peninsula in Discovery Bay. It is possible that this represents a strong alteration halo, as represented by several historic drill holes within the area. This alteration system may be part of the same system which hosts the Roughrider Zone. Preliminary results suggest that the NE oriented oval-shaped feature measures approximately 200 by 350m and remains open to the west. Historic exploration by Asamera, SMDC and Cameco focused on what appears to be the margins of this feature, while recent drilling at the Roughrider Zone flanked its eastern margins. The historic exploration along the western margins of the resistivity low all intersected significant alteration, over wide intervals, within the Athabasca Basin Sandstones, at the unconformity and within the basement. Alteration included intensely fractured and clay altered sandstone, significant thicknesses of clay at the unconformity, and clay/chloritic altered basement rocks.

A 594 line-km, VTEM airborne magnetic and EM survey by Geotech Ltd. of Aurora, Ontario is underway within the Discovery Bay area. This survey will provide additional high resolution magnetic and EM data that will assist with target selection for future drill holes. An 8,000m drill contract was awarded to Bryson Drilling Ltd. of Archerwill, SK, and it is expected to begin during the first week in May. Drill holes will be surveyed downhole for radioactivity with a Mount Sopris 2PGA-1000 Gamma/SP probe. Drill core will be split and sent to SRC Geoanalytical Laboratories for analysis. Results will be provided when available.

The 41,280 hectare (approximately 102,000 acres) Waterbury Lake Property virtually surrounds the AREVA-Denison-OURD Midwest and Midwest "A" (previously known as the Mae Zone) Uranium deposits. In addition, the recently discovered Roughrider Zone, which is located within a small bay (Discovery Bay) of McMahon Lakes, lies within 10's of meters of the Waterbury Lake/ Midwest NE northern Property Boundary.

The Waterbury Consortium has budgeted C$5.5 million for exploration in 2007-08.

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".

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 to 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

JODY DAHROUGE, 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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