Fission Energy Corp.
TSX VENTURE : FIS

Fission Energy Corp.

February 24, 2010 08:30 ET

Fission Extends J-Zone as Latest Drilling Intersects 16m & 5.65m of Highly Radioactive Mineralization at Unconformity Including 2.16m and 4.26m Off-Scale Radioactivity

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 24, 2010) - FISSION ENERGY CORP. ("Fission" or the "Company") (TSX VENTURE:FIS) announces that its latest three drill holes, WAT10-071, 072C, and 073 have all intersected highly radioactive mineralization at the unconformity, including "off-scale" (cps greater than 9,999) radioactivity. Drill hole WAT10-073, intersected a 16m wide interval of highly radioactive mineralization, including several intercepts totalling 2.16m of "off-scale" hand scintillometer readings (198.0m – 214.0m). This hole is located 15m to the west of hole WAT10-070B (13.5m interval from 196.5m – 210.0m of highly radioactive mineralization at the unconformity, including several intercepts totalling 7.5m of "off scale" radioactivity; see news release dated February 16, 2010; assays forthcoming). In addition, hole WAT10-071, located 10m south of hole WAT10-070B, intersected 5.15m of highly radioactive mineralization (199.35-205.0), including two intercepts totalling 4.26m of "off-scale" radioactivity. Finally, hole WAT10-072C, located 10m north of hole WAT10-070B, intersected 3.50m of highly radioactive mineralization (197.0m-200.5m), including a 0.65m intercept of "off scale" radioactivity.

The intensity and width of radioactivity intersected in these three new drill holes, in addition to the previously announced hole WAT10-070B, combined with the confirmatory uranium assays in WAT10-063A (10.5m of 1.91% U3O8 including 1.0m grading 13.87% U3O8; see news release dated February 11, 2010) and hole WAT10-066 (12.0m of 3.64% U308, including 1.50m grading 27.38% U308, including 0.50m at 45.20% U308; see news release dated February 22, 2010), strengthen Fission's belief that the J-Zone represents a significant new discovery of unconformity mineralization at the Company's Waterbury Lake Project in the Athabasca Basin.

Of the latest three drill holes: WAT10-071 and WAT10-72C were designed to extend the J-Zone to the south and north of WAT10-070B respectively, while hole WAT 10-073 tested the J-Zone with a 15m step-out to the west of hole WAT10-070B. The high levels of radioactivity encountered in holes WAT10-070B to WAT10-073 appear to confirm a model of an approximate east-west striking mineralized zone. Eleven drill holes have now been completed at the J-Zone, with nine of these holes identifying high levels of radioactivity and/or uranium mineralization. All drill intersections are associated with a broad continuous zone of alteration and radioactivity extending from a few meters above the unconformity to up to 25m below the unconformity. A narrow interval of anomalous radioactivity has been intersected in hole WAT10-073 from 227.0m to 230.2m, including a 0.20m interval of greater than 9999 cps. The J-Zone remains open at depth and along strike. Drilling is continuing.

An updated map of the J-Zone showing the location of the latest three drill holes and a table summarizing Drill Core Hand-Held Scintillometer Readings can be found on the Company's website at http://www.fission-energy.com/s/WaterburyLake.asp.

Drill Hole Summary

Hole WAT-073 encountered moderate to strong clay alteration from 185.31 to 213.8m, and less intense alteration down to 240.4m. A broad interval of anomalous and variable radioactivity was encountered from 196.5m to 217.5m, with the strongest radioactivity within a 16m wide interval from 198.0 to 214.0m. Within this interval several zones recorded greater than 9999 cps over intervals up to 0.78m. A smaller interval of radioactivity was encountered from 227.0m to 230.2m including a 0.20m wide interval of greater than 9999 cps at 230.0m to 230.2m. Basement rocks show variable degrees of alteration down to 240.4m.

The hole was collared at a vertical orientation, 15m to the west of hole WAT10-070B. The hole was completed to a depth of 287.0m. The hole was designed to test the continuity along strike west of hole WAT10-070B. The unconformity was intersected at a approximately 202.1m.

Hole WAT10-071 encountered moderate to strong clay alteration from 188.5 to 218.63m, and less intense alteration down to 236.01m. An interval of highly anomalous radioactivity was encountered from 199.0m to 205.0m, with the strongest radioactivity within a 5.15m wide zone with 4.26m of greater than 9999 cps. Basement rocks show variable degrees of alteration down to 242.2m.

The hole was collared at a vertical orientation, 10m to the south of hole WAT10-070B. The hole was completed to a depth of 275.0m. The unconformity was intersected at approximately 201.3m.

Hole WAT10-072C encountered moderate to strong clay alteration from 179.05 to 226.21m. An interval of moderate to highly anomalous radioactivity was encountered from 196.5m to 201.5m, with the strongest radioactivity within a 1.5m wide zone (197.0m – 198.5m) with 0.65m of greater than 9999 cps (197.35m – 198.0m). Basement rocks show variable degrees of alteration down to 237.9m.

The hole was collared at a vertical orientation, 10m to the north of hole WAT10-070B. The hole was completed to a depth of 278.0m. The unconformity was intersected at 198.43m.

All holes were radiometrically surveyed with a Mount Sopris 2GHF Triple Gamma probe. The triple gamma probe uses both a Na-I scintillation crystal and a ZP1320 High-Flux Geiger-Mueller tube pair, which allows better resolution in strongly radiometric intervals.

Natural gamma radiation in drill core that is reported in this news release was measured in counts per second (cps) using a hand held Exploranium GR-110G total count gamma-ray scintillometer. The reader is cautioned that scintillometer readings are not directly or uniformly related to uranium grades of the rock sample measured, and should be used only as a preliminary indication of the presence of radioactive materials. All intersections are down-hole, core interval measurements and true thickness is yet to be determined.

Split core samples from the mineralized section of core will be taken continuously through the mineralized intervals and submitted to SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited Facility) of Saskatoon for analysis, which includes U3O8 (wt%) and fire assay for gold, platinum and palladium. All samples sent for analysis will include a 63 element ICP-OES, uranium by fluorimetry (partial digestion) and boron. Chemical results will be released when received. Further updates will be provided.

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".

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