Fission Energy Corp.
TSX VENTURE : FIS

Fission Energy Corp.

August 06, 2008 12:40 ET

Fission Updates Drilling Progress at Waterbury Lake, Athabasca Basin

KELOWNA, BRITISH COLUMBIA--(Marketwire - Aug. 6, 2008) - FISSION ENERGY CORP. ("Fission" or the "Company") (TSX VENTURE:FIS) and its joint venture partner, the KEPCO Consortium, wish to provide a brief update on the 2008 exploration diamond drill program at their Waterbury Lake Uranium Project, located in the northeast part of the Athabasca Basin, Saskatchewan. The spring and summer 2008 exploration drill program began on May 13th. To date 16 holes have been completed. Drilling has focused primarily in the Discovery Bay area, located immediately west of the Roughrider Zone, where high-grade uranium mineralization is reportedly hosted within sub-Athabasca basement rocks. The Company is currently evaluating the location of the final 2 or 3 holes before drilling recommences.

A full update on its drill results will be provided at the completion of the drill program. Additional updates on Fission's exploration plans for the area will be provided, when available.

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, Vice-president of Exploration for Fission Energy, 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. KEPCO 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

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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