Fission Energy Corp.
TSX VENTURE : FIS

Fission Energy Corp.

March 15, 2010 08:30 ET

Fission Vertical Step Out Intersects 6m of 14.70% U308 at Unconformity, Including 4m Grading 21.20% U308 and 0.5m of 50.6% U308

KELOWNA, BRITISH COLUMBIA--(Marketwire - March 15, 2010) - FISSION ENERGY CORP. ("Fission" or the "Company") (TSX VENTURE:FIS) and its joint venture partner, the KEPCO Consortium, are pleased to announce that drill hole WAT10-071, a 10m vertical step-out south of the high grade mineralization encountered in hole WAT10-070B (17m grading 3.99% U308 including 7m grading 7.48%; see press release dated March 4, 2010), intersected 6m of 14.70% U308 at the unconformity (199m-205m). This interval includes 4m grading 21.20% U308, with a maximum grade of 50.6% across 0.50m. These intervals represent some of the best overall composite assays received to date for the J-Zone. In addition, hole WAT10-072C, a vertical step-out located 10m to the north of hole WAT10-070B intersected 5m of 1.18% U308 at the unconformity (196.5m-201.5m), including 1.50m grading 3.04% U308.

Located west of discovery hole WAT10-063A, drill holes WAT10-070B through 072C, demonstrate the continuity of the high-grade Uranium Mineralization north to south, or perpendicular to the presumed trend of the J-Zone. At this drill fence, the mineralization remains open both to the north and south, while the J-Zone remains open laterally, and appears to be trending to the west.

To date, all mineralized drill intersections encountered at the J-Zone, are associated with a broad and continuous zone of alteration and radioactivity, variably extending from between several meters above to 25m below the unconformity. Drilling is continuing with two rigs. The first rig continues to delineate the J-Zone, while the second rig is testing the Higlander and Talisker targets located to the west of the J-Zone within the 3km long East West Corridor.

Table 1: Waterbury Lake, Athabasca Basin: J-Zone Assays
for Holes WAT10-071 & wat10-072C

Composited Mineralized Intervals (Down-hole measurements)    
Zone Hole ID From (m) To (m) Interval (m) U3O8 (wt%)
J-Zone WAT10-070B* 194.50 211.50 17.00 3.99
    196.50 203.50 7.00 7.48
J-Zone   197.00 197.50 0.50 20.60
J-Zone WAT10-071 199.00 205.00 6.00 14.70
    199.00 203.00 4.00 21.20
    201.00 201.50 0.50 50.60
J-Zone WAT10-072C 196.50 201.50 5.00 1.18
    197.00 198.50 1.50 3.04
* Hole WAT10-070B previously announced (March 4, 2010)    

Composite Parameters

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

All intersections are down-hole, core interval measurements. Given that the mineralization thus far encountered appears to be almost flat-lying, drill intercepts reported herein are approximately true thickness.

An updated 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 http://www.fission-energy.com/s/WaterburyLake.asp

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. (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

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.

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