Fission Energy Corp.

Fission Energy Corp.

February 17, 2009 09:00 ET

Fission and Great Bear Agree to Extension of Duddridge Lake Option Terms

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 19, 2009) - FISSION ENERGY CORP. ("Fission" or the "Company") (TSX VENTURE:FIS) is pleased to provide the following update:

Duddridge Lake Option Agreement

The Company has an Option Agreement with Great Bear Resources Ltd. ("Great Bear") to acquire a 60% interest in the Duddridge Lake Uranium Property, which is located in north-central Saskatchewan. The property consists of 11 mineral claims totalling 36,253 ha (about 90,000 acres), located about 80 km northwest of the town of La Ronge, Saskatchewan.

Great Bear must complete $6,000,000 in exploration expenditures, make payments totalling $400,000 and issue 400,000 shares to Fission. To date, Great Bear has made the $400,000 cash and share commitments and in addition, the first year's minimum exploration commitment of $750,000 has been met. Fission and Great Bear have agreed to extend all the remaining exploration commitments by one year as follows:

Minimum Exploration On or Before
Commitments (Original Agreement) As Amended
$750,000 March 31, 2008 Completed
$1,000,000 March 31, 2009 March 31, 2010
$1,000,000 March 31, 2010 March 31, 2011
$1,250,000 March 31, 2011 March 31, 2012
$2,000,000 December 31, 2013 December 31, 2014

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, 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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