Fission Energy Corp.

Fission Energy Corp.

February 16, 2010 08:30 ET

Fission Intersects 13.5m of Highly Radioactive Mineralization at Unconformity, Including 7.5m Off-Scale Radioactivity

KELOWNA, BRITISH COLUMBIA--(Marketwire - Feb. 16, 2010) - FISSION ENERGY CORP. (TSX VENTURE:FIS) ("Fission" or the "Company") announces that drill hole WAT10-070B, a 15m step-out to the west of the high-grade mineralization encountered in WAT10-063A, intersected a 13.5m wide interval of highly radioactive mineralization at the unconformity, including several intercepts totaling 7.5m of "off-scale" (cps >9999) hand scintillometer readings. With the intensity and width of radioactivity intersected in WAT10-070B and the confirmatory assays of uranium in WAT10-063A (10.5m of 1.91% U3O8 including 1.0m grading 13.87% U3O8; see news release dated February 11, 2010) Fission believes that the J-Zone represents a significant new discovery of unconformity mineralization at the Company's Waterbury Lake Project in the Athabasca Basin.

The latest four drill holes: WAT10-067 to WAT10-70B, were designed to test the J-Zone to the north and south (holes WAT10-067-WAT-069A), and to the west (hole WAT10-070B) of discovery hole WAT10-063A. The high levels of radioactivity encountered in hole WAT10-070B appear to confirm a model of an approximate east-west striking mineralized zone. To date, eight drill holes have been completed at the J-Zone, with six of the holes identifying high levels of radioactivity and/or uranium mineralization. Five of these drill intersections are associated with the unconformity, while the sixth is comprised entirely of basement hosted mineralization. The J-Zone remains open at depth and along strike. Drilling is continuing.

A map of the J-Zone and table summarizing the Drill Core Hand-Held Scintillometer Readings can be found on the Company's website at

Drill Hole Summary

Hole WAT-070B encountered intense hematite and limonite clay alteration from 191.12m to 218.45m, with chlorite alteration persisting to 230.0m down hole. Continuous anomalous radioactivity of 300 cps to >9999 cps was intersected from 194.5m to 225.5m (31.0 m total). The degree of radioactivity within this interval is highly variable. At the unconformity, a 13.5m interval of continuously high radioactivity was intersected from 196.5m to 210.0m, with discrete intervals of >9999 cps, totaling 7.5m. Clear identification of the unconformity is obscured by the intense alteration and mineralization. Core recovery for the interval 197.0 to 200.0m, with "off-scale" radioactivity, was approximately 66%. Core recovery for the balance of the mineralized interval approaches 100%. Down hole probe results confirm the continuity of high radioactivity across the entire interval.

The hole was collared 15m to the west of the vertical projection of the mineralization within hole WAT10-063A and oriented as a vertical hole. The hole was completed to a depth of 282.0m. The hole tested the presumed westerly strike extension of the high-grade uranium mineralization intersected in WAT10-063A.

Hole WAT10-068 encountered strong clay alteration from 190.0m to 221.0m. An interval of anomalous and highly variable radioactivity was encountered from 208.0 to 212.0m, with the strongest radioactivity within a 1.3m interval from 210.2 to 211.5m, at the unconformity. Radiometric counts within this 1.3m interval ranged from 8000 cps to >9999 cps. Basement rocks show variable degrees of alteration down to 248.0m.

The hole was collared from the same set-up location as WAT10-066 and oriented at an azimuth and dip of 328.5° / -71.3°. The hole was completed to a depth of 254.0m. The hole was designed to test the continuity of mineralization to the north of WAT10-063A. The unconformity mineralization intersected, extends the interval of high radioactivity intersected in WAT10-065A a further 25 m to the north. The unconformity was intersected at a depth of 211.4m.

Hole WAT10-067 encountered moderate clay alteration from 200.91m to 223.5m. No anomalous radioactivity is present within the interval. Basement rocks show variable degrees of alteration to 258.72m.

The hole was collared from the same set-up location as WAT10-066 and oriented at an azimuth and dip of 332° / -84.3°. It was completed to a depth of 326.0m with the unconformity intersected at a depth of 205.52m.

Hole WAT10-069A encountered moderate to strong clay alteration from 189.9m to 200.0m. No anomalous radioactivity is present within the interval. Basement rocks show variable degrees of alteration from 224.0m to 250.0m.

The hole was collared 15m to the NW of WAT10-067 and oriented at an azimuth and dip of 329° / -71.4°. It was completed to a depth of 269.0m with the unconformity intersected at a depth of 208.9m.

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.


"Ross McElroy"
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.

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