Fission Energy Corp.
TSX VENTURE : FIS

Fission Energy Corp.

December 03, 2007 20:00 ET

Fission Acquires Caribou Mountains and Zoo Bay Uranium Projects

KELOWNA, BRITISH COLUMBIA--(Marketwire - Dec. 3, 2007) - FISSION ENERGY CORP. (the "Company") (TSX VENTURE:FIS) is pleased to announce that it has entered into an agreement to acquire the Caribou Mountains and Zoo Bay Uranium projects.

The Caribou Mountains Property comprises 41 Metallic and Industrial Minerals Permits totaling about 337,167 hectares (932,000 acres) located in north-central Alberta. It is about 50 km north of the community of Fort Vermillion, and about 600 km from Edmonton.

The Caribou Mountains Property covers the southern and western portions of the Caribou Mountains, a topographic high located just south of the Alberta - Northwest Territories Border. This feature is underlain by Cretaceous sediments of the Shaftsbury Formation, the Dunvegan Formation, and the Smoky Group. The Shaftsbury Formation is generally considered a marine shale, with bentonitic partings and a radioactive unit. The overlying Dunvegan Formation is comprised of interbedded mudstone and fine-grained feldspathic sandstones, and in the area of the Cariboo Mountains includes outcrops with a basal conglomeratic unit. Overlying the Dunvegan Formation, the Smoky Group is dominated by dark shales. This unit includes the Kaskapau Formation, whose contact with the overlying Dunvegan is gradational. Locally, the Dunvegan sandstones comprise a series of backstepping sandy units, which culminate in the highly radioactive shales of the Second White Specks.

There has been little known historic exploration of the property. During early 1998, Ashton Mining of Canada Ltd. flew a high-resolution aeromagnetic survey within the area, and conducted regional stream sediment and till sampling for diamonds. The Company believes the Dunvegan Formation is an excellent exploration target for sandstone hosted type uranium mineralization. The large land position and the relatively unexplored target type offer the company an excellent opportunity for a grass-roots uranium discovery. Subject to regulatory approval, the Company will issue 700,000 escrow shares to acquire the Caribou Mountains Property.

The Zoo Bay Property, which encompasses about 12,140 hectares (30,000 acres), is located along the northeast margin of the Athabasca Basin in northern Saskatchewan. It is about 85 km due east of the community of Stony Rapids, and about 75 km due north of the Midwest Uranium Deposit.

The property covers the historic Zoo Bay Th-U occurrence. At Zoo Bay, the depth to the Athabasca Basin varies and is generally less than 200 m. The property is underlain, at depth, by migmatitic metasediments of the Mujatik Basement Domain. Most exploration at the property was conducted between about 1967 and 1971, with little work thereafter. During that time period an airborne radiometric survey was undertaken and six diamond drill holes were completed. Subject to regulatory approval, the Company will issue 300,000 common shares to acquire the Zoo Bay Property.

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 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 news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

ON BEHALF OF THE BOARD

David Miller, 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