Fission Energy Corp.

Fission Energy Corp.

March 04, 2010 11:27 ET

Fission Intersects 17m of 3.99% U308 Including 7.0m Grading 7.48% U308

KELOWNA, BRITISH COLUMBIA--(Marketwire - March 4, 2010) - FISSION ENERGY CORP. ("Fission" or the "Company") (TSX VENTURE:FIS) and its joint venture partner, the KEPCO Consortium, announce that drill hole WAT10-070B, a vertical 15m step-out to the west of the high-grade mineralization encountered in the WAT10-063A, intersected a 17.0m interval at the unconformity (194.5m-211.5m) grading 3.99% U308, including 7.0m at 7.48% U308. The maximum grade identified within the 7.0m intercept was 0.50m of 20.6% U308. Table 1, shown below, highlights the latest assay results. In addition, hole WAT10-068, which has extended mineralization approximately 35m to the north of hole WAT10-066, intersected 2.50m (209.5m-212.0m) of 2.78% U308, including 1.50m grading 4.56% U308 (see news release dated February 16, 2010).

These latest results have extended the J-Zone to the west and north, reinforcing 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. Given that the drilling to date at the J-Zone for holes WAT10-63A to WAT10-073 has encountered mineralization at similar depths, suggesting a flat-lying horizontal feature, management believes the vertical drill holes represent a more accurate thickness. The J-Zone remains open at depth and along strike. Furthermore, significant potential for multiple occurrences of high-grade uranium mineralization exists to the west of the J-Zone within the 3 km long East-West Corridor identified by earlier exploration.

Fission plans to continue drilling through to spring break-up. Further results will be provided when available.

Table 1: Waterbury Lake, Athabasca Basin: J-Zone Assays
for Holes WAT10-067, 068, 069A, 070B

Zone Hole ID From (m) To (m) Interval (m) U3O8 (wt%)
J-Zone WAT10-067 No significant mineralization
J-Zone WAT10-068 209.50 212.00 2.50 2.78
  Includes 210.00 211.50 1.50 4.56
J-Zone WAT10-069A No significant mineralization
J-Zone WAT10-070B 194.50 211.50 17.00 3.99
  Includes 196.50 203.50 7.00 7.48
  Includes 197.00 197.50 0.50 20.60
    214.00 216.50 2.50 0.15

Composite Parameters

  1. Minimum Thickness: 1.50m
  2. Grade Cut-off: 0.05 U308 (wt%)

All intersections are down-hole, core interval measurements and true thickness is yet to be determined.

A map of the J-Zone and tables summarizing drill hole location, core hand-held Scintillometer Readings, and complete assay results to date can be found on the Company's website at

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.

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.

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. (

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.


Ross McElroy, President & COO

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information