Fission Energy Corp.
TSX VENTURE : FIS

Fission Energy Corp.

February 27, 2008 13:38 ET

Fission Energy Announces Encouraging 2007 Waterbury Lake Drill Results-0.10% U3O8 Intersected Over 3.6m Including 0.30% U3O8 Over 1.1 Meters

KELOWNA, BRITISH COLUMBIA--(Marketwire - Feb. 27, 2008) - FISSION ENERGY CORP. ("Fission" or the "Company") (TSX VENTURE:FIS) and its joint venture partner, the KEPCO Consortium, are pleased to announce results for previously reported zones of radioactivity in drill holes WAT07-008 and WAT07-003 on the Waterbury Lake Uranium Project (See news release Nov 27, 2007). Fission is the operator of the Waterbury Lake project.

The 41,280 hectare (approximately 102,000 acres) Waterbury Lake Property virtually surrounds the AREVA-Denison Midwest Uranium Deposit (41 million lbs U3O8 at an average grade of about 5.5% U3O8), within the east-central part of Saskatchewan's Athabasca Basin. Denison recently announced a NI 43-101 indicated resource estimate totaling 464,000 tonnes grading 0.48% U3O8 and a 9,200 tonne inferred resource grading 18% U3O8 at its Mae discovery zone (also known as the Midwest "A" deposit), and further plans extensive drilling during 2008. Both the Midwest Deposit and the Mae Zone are located within several hundred meters of the Company's eastern Waterbury Lake claim boundary. In addition, the Company's property borders a recent uranium discovery by Hathor Exploration Ltd. Fission's current exploration program focuses on this eastern claim area.

As previously reported, Fission recently completed its first phase 2007/2008 exploration drill program, which focused on the Company's eastern claim block. Eight (8) NQ diameter core holes totaling 2,219 meters were completed in December, 2007. This exploration program was designed to test structures interpreted to cross-cut the Midwest Conductor, magnetic contacts, and other conductors previously identified within Fission's Waterbury Lake Property. All holes were drilled vertically and were subsequently surveyed for radioactivity with a Mount Sopris 2PGA-1000 poly-gamma downhole probe. Sample preparation and analyses were conducted by SRC Geoanalytical Laboratories, of Saskatoon. A partial digestion with fluorimetric analysis was used for uranium determinations.

Drill hole WAT07-008, intersected a 4.0 m wide anomalously radioactive interval within a graphitic-pelite host rock, centred 14 m below the unconformity from 180.0 to 184.0 m (average radioactivity of 3,179 counts per second (cps) recorded from the downhole probe). Composited assay results of this mineralized zone from 181.67 to 185.27 m returned 0.10% U3O8 over 3.6 meters, including 0.30% U3O8 over 1.1 meters with peaks up to 0.99% U3O8 over 0.30 m. There is currently insufficient information to determine the true thickness reported. Anomalous metallic elements including copper and vanadium were also identified in this enriched zone. These pathfinder elements are commonly found enriched in unconformity hosted deposits in the Athabasca Basin.

Drill hole WAT07-003, intersected a 4.5 m anomalously radioactive interval within a graphitic-pelite host rock from 185.5 to 190.0 m (average radioactivity of 407 cps recorded from the downhole probe). Composited assay results of this mineralized zone from 185.22 to 189.80 m returned 24 ppm Uranium over 4.58 meters.

David Miller, President & COO, commented, "It is exciting to discover uranium mineralization during an early stage exploration drill program. This discovery represents an important first step in identifying a potential uranium deposit at Waterbury Lake and follow-up exploration to advance the project is warranted."

Fission expects to resume drilling at the Waterbury Lake Property within the next 30 days. The program will aggressively follow-up this new discovery on the Company's eastern claims. The Company and its Joint Venture Partner, the KEPCO Consortium, have budgeted $5.5 million for exploration of the Waterbury Lake Property during 2007/8.

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. and 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".

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

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