Fission Energy Corp.
TSX VENTURE : FIS

Fission Energy Corp.

March 18, 2008 13:04 ET

Fission Energy Closes Private Placement Financing with Korean Consortium Pursuant to Waterbury Lake Agreement

KELOWNA, BRITISH COLUMBIA--(Marketwire - March 18, 2008) - FISSION ENERGY CORP. ("Fission" or "the Company") (TSX VENTURE:FIS) is pleased to announce the completion of a private placement financing for 1 million common shares at a price of C $1.00 per share with the Waterbury Lake Consortium. Proceeds will be added to working capital. A finders fee of 7.5% will be paid from the proceeds of the financing. The common shares issued are subject to a four month hold period under applicable securities laws and the TSX Venture Exchange. This private placement is pursuant to the earn-in agreement with a consortium led by Korea Electric Power Corporation (NYSE:KEP) for the joint exploration and development of the Waterbury Lake property in Saskatchewan's Athabasca Basin. Fission retains a 50% interest in the project after earn-in, and a 2% NSR overriding royalty. (See news release dated January 31, 2008).

Attention to this area has focused on the recently announced Hathor Exploration uranium discovery on their Midwest NE Property. Hathor's property is "sandwiched" between two of Fission's claims, immediately northeast of the AREVA / Denison's Midwest Property. The Midwest Property is host to the Midwest Mine (41.7 Million lbs U3O8) and the Mae Zone (about 12.8 million lbs indicated and 9.5 million lbs inferred).

Fission and its partners are very encouraged by recent discoveries in the area, including those at the Mae Zone and at Midwest NE. These recent discoveries, and the Midwest Deposit, all appear to be part of the same structural trend, with both its southwest and northeast extensions leading onto Fission's Waterbury Lake Property. Hathor Exploration Ltd. currently has two drill rigs operating within several 10's of meters of the Fission-Hathor Claim boundary. The Company anticipates obtaining exploration permits within the next few weeks, and will begin drill testing the northeasterly continuation of the Midwest structural trend, immediately adjacent to the area currently being explored by Hathor.

Fission recently completed its first phase 2007/2008 exploration drill program, which focused on the Company's eastern Waterbury claim block, located southeast of the Hathor program. Eight (8) NQ diameter core holes totaling 2,219 meters were completed in December, 2007. A second phase drill program will aggressively follow-up the results from drill hole WAT07-008 which 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 from 181.67 to 185.27m (see news release dated January 31, 2008) Drilling is expected to resume at the Waterbury Lake Property later this month. The Waterbury Consortium has budgeted C$5.5 million for exploration in 2007-08.

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.

KOREA ELECTRIC POWER CORPORATION is a Korean government invested diversified energy company with assets over $US 83 billion and revenues of over $US 29 billion. 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 (the "Waterbury Consortium"), is a consortium primarily comprised of Korean based companies. Led by Korea Electric Power Corporation, other participating companies include Korea Hydro & Nuclear Power, Korea Nuclear Fuel Co., Hanwha Corporation and Gravis Capital Corporation, a private Canadian uranium investment company.

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.

ON BEHALF OF THE BOARD

Dev Randhawa, Chairman & CEO

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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