Fission Energy Corp.
TSX VENTURE : FIS
OTC PINK : FSSIF

Fission Energy Corp.

January 31, 2012 08:30 ET

Fission Energy Corp.: Four Drill Holes Intersect Mineralization Widening J Zone in Sandstone and Basement

KELOWNA, BRITISH COLUMBIA--(Marketwire - Jan. 31, 2012) - FISSION ENERGY CORP. (TSX VENTURE:FIS)(OTCQX:FSSIF) ("Fission" or the "Company") and its Limited Partner, the Korea Waterbury Uranium Limited Partnership ("the Waterbury Consortium"), announce that four infill drill holes (WAT12-221, 226, 228 and 229) have intersected several well developed and widening intervals of mineralization up to 14m in the sandstone above the unconformity and up to 17.5m in the basement, in the western part of the J Zone. Moderate to locally strong radioactivity was observed, penetrating through the sandstone above the unconformity, and extending vertically through the unconformity into the basement below. Holes WAT12-221, 226 and 228, are the first three infill holes to successfully test the gaps to the east and west of step-out Hole WAT11-209 (Line 470W), while Hole WAT12-229 was drilled immediately north of Hole WAT11-196, also in the western part of the J Zone. Overall, ten drill holes have been completed to date. Seven intersected anomalous to strongly variable radioactivity at or near the unconformity and in the basement rocks, two holes were barren, and one hole was abandoned for technical reasons. All ten infill holes have been completed in the western part of the J Zone as part of the expanded $9.28 million, 32,630m Waterbury Lake 2012 winter drill program, which recently commenced earlier this month.

J Zone Drill Summary

Hole WAT12-221 (Line 465W) was drilled near the western extent of the J Zone and intersected 14m of strong variable radioactivity (maximum peak 9000 cps) from 226.5 - 240.5m in the sandstone above the unconformity (239.2m), and a second 8m wide mineralized intercept was intersected in the basement from 242.5 - 250.5m (max 5000 cps). This hole was drilled 10m east of Hole WAT11-209, which was completed during last summer's program and intersected 4.5m and 7.5m of weaker radioactivity at the unconformity with a maximum peak of 670 cps and 1700 cps respectively.

Hole WAT12-228 (Line 480W) was drilled 20m south of Hole WAT11-208 (not mineralized), and intersected 14m of variable radioactivity (from 233.5 - 247.5m with maximum peak 5300cps) in the sandstone above the unconformity (245.0m) and 2.0 of stronger variable radioactivity (maximum peak 9540 cps) in the basement below the unconformity (264.5m-266.5m).

Hole WAT12-226 (Line 480W), drilled 8m north of hole WAT11-209, intersected 9.5m of variable radioactivity (maximum peak 2,100 cps) in the sandstone above the unconformity (224.0m-233.5m), a wider 17.5m intercept of stronger variable radioactivity (maximum peak 3500 cps) beginning near the unconformity (235.5m-253.0m) and 3m of variable radioactivity (maximum peak 3,900 cps) in the basement rocks (266.0m-269.0m).

Hole WAT12-229 (Line 270W), drilled approximately 10m north of Hole WAT11-196, intersected 13m of strongly variable radioactivity (maximum peak 4,600 cps) in the sandstone above the unconformity (202.0m-215.0m), and 14.5m of strongly variable radioactivity (maximum peak 6,900 cps) at the unconformity, extending down to the basement rocks (222.0m - 236.5m). These results are considerably stronger when compared to the scintillometer results in Hole WAT11-196, which included 2.0m of anomalous radioactivity (maximum peak 1,400 cps) near the unconformity (231.5m-233.5m) and 1.0m of anomalous radioactivity (maximum peak 870 cps) below the unconformity (247.5m-248.5m). Complete results are shown in Table 1.

Table 1: J Zone Hole Summary

* Mineralization
(>300 cps / 0.5 minimum)
Clay
Alteration
Unconformity Total
Hole ID Grid
Line
Az Dip From -
To(m)
Width
(m)
CPS Max
Peak
From -
To(m)
Depth
(m)
Depth
(m)
WAT12-218A 330W 0 -90 no significant
mineralization
185-215 198.5 299.0
WAT12-
219
465W 0 -90 206.0-206.5
241.5-242.0
289.0-290.0
0.5
0.5
1.0
301*
332*
336-620*
204-213 206.5 311.0
WAT12-220 330W 0 -90 no significant
mineralization
187-209 204.9 320.0
WAT12-221 465W 180 -57 226.5-240.5
242.5-250.5
14.0
8.0
300-9000*
<300-5000*
193-254 239.2 308.9
WAT12-222 330W 180 -70 217.5-218.0 0.5 2300 195-218 214.9 332.0
WAT12-
224B
465W 173 -60 Hole abandoned due to technical reasons 53.0
WAT12-
225B
285W 156 -65 218.0-218.5
229.0-230.0
0.5
1.0
375
495-557
203-231 224.5 317.0
WAT12-226 480W 176 -57 224.0-233.5
235.5-253.0
266.0-269.0
9.5
17.5
3.0
<300-2100*
<300-3500*
820-3900*
224-256
271-282
242.0 320.0
WAT12-228 480W 180 -56 233.5-247.5
264.5-266.5
14.0
2.0
320-5300*
450-9540*
225-246
265-266
245.0 320.0
WAT12-229 270W 163 -65 202.0-215.0
222.0-236.5
13.0
14.5
<300-4600
<300-6900
197-233 223.7 308.0
* Exploranium RS-125 total count Super Gamma-Ray Scintillometer

An Updated drill hole map and can be found on the Company's website at http://www.fission-energy.com/s/WaterburyLake.asp. Assay results will be announced when available.

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.

Natural gamma radiation in drill core that is reported in this news release was measured in counts per second (cps) using either a hand held Exploranium GR-110G total count gamma-ray scintillometer, or a hand held Terraplus RS-125 total count Super Gamma-Ray Scintillometer. Data compiled using the RS-125 scintillometer are identified with an *. The reader is cautioned that scintillometer readings are not directly or uniformly related to uranium grades of the rock sample measured, and should be used only as a preliminary indication of the presence of radioactive materials. All intersections are down-hole, core interval measurements and true thickness is yet to be determined.

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. All samples sent for analysis will include a 63 element ICP-OES, uranium by fluorimetry (partial digestion) and boron.

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" and on the OTCQX Exchange under the symbol "FSSIF".

Korea Waterbury Uranium Limited Partnership ("Waterbury Consortium") is a consortium primarily comprised of Korean-based companies. The Consortium is led by Korea Electric Power (KEPCO). Other participating companies include: Korea Hydro & Nuclear Power, Korea Nuclear Fuel Co., Hanwha Corp. and Gravis Capital Corp., a private Canadian uranium investment company.

Fission Energy owns 60% and the Korea Waterbury Uranium Limited Partnership owns 40% of the Waterbury Lake Uranium Limited Partnership.

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)

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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