Fission Energy Corp.
TSX VENTURE : FIS
OTCQX : FSSIF

Fission Energy Corp.

July 24, 2012 07:30 ET

Fission Energy Corp.: PLS Results Indicate Presence of Uranium-Rich System

KELOWNA, BRITISH COLUMBIA--(Marketwire - July 24, 2012) - Fission Energy Corp. (TSX VENTURE:FIS)(OTCQX:FSSIF) ("Fission or "the Company") and its 50% Joint Venture (JV) partner ESO Uranium Corp., are pleased to announce that assay results received from the JV's 16 hole winter 2012 exploratory drill program at the PLS Property (see NR April 25, 2012) have confirmed that several holes have discovered broad anomalous geochemistry signatures coincident with EM (electromagnetic) conductors. In particular, the last four drill holes, PLS12-013 to PLS12-016, located 3.0km east of the high grade uranium boulder field (see NR April 25, 2012) and drilled along the PL-3B EM Conductor over 823m of strike, intersected strong alteration below the unconformity and continuous wide intervals of anomalous low grade uranium basement mineralization as well as associated boron, cobalt, nickel, molybdenum and lead. The combination of the "pathfinder elements" and strong alteration, typically associated with known high grade Athabasca Basin uranium deposits, suggests the presence of a large uranium-rich alteration system in the area. Overall, results from this initial program have provided further evidence that the source of the high grade uranium boulder field may be nearby. The expected location of this mineralized system and source area for the high grade uranium boulders, is up-ice from the boulder field.

Hole PLS-016 returned the best results where discontinuous sampling over a 55.95m (53.75m-109.70m) interval returned anomalous uranium and boron geochemistry between 3 and 139ppm U and 10 to 221 ppm B respectively. From 135.37m to 158.7m multiple zones of low grade mineralization were sampled, returning 3.31m (135.37m-138.68m) grading 208 ppm U, including a 0.6m interval assaying 0.085% U3O8, and a 7.59m interval (151.11m to 158.7m) returning 224 ppm U, including multiple narrow intercepts of 0.50m, 0.50m and 0.40m grading 0.06%, 0.102% and 0.058% U3O8 respectively. Mineralized results are summarized in Table 1. Complete assay results showing broad zones of anomalous mineralization have been posted to Fission's corporate website and can be referenced at http://www.fission-energy.com/s/pattersonlakesouth.asp.

Table 1: PLS Property- Mineralized Results from Holes PLS12-003, PLS12-013 016.

Continuous Mineralized Intervals
Hole Number From
(Meters)
To
(Meters)
Width
(Meters)
U (total)
(ppm)
U3O8
(%)
B (Boron)
(ppm)
Comments
PLS12-003 86.34 91.00 4.66 12 246
PLS12-013 94.00 118.35 24.35 115 32 Max 287 ppm U
PLS12-014 127.60 131.42 3.82 39 96
144.00 158.50 14.50 30 44 Max 76 ppm U
PLS12-015 99.67 119.00 19.33 56 65 Max 156 ppm U
PLS12-016 135.37 138.68 3.31 208 53
136.07 137.26 1.19 470 64
136.07 136.67 0.60 0.085 79
151.11 158.70 7.59 224 94
151.61 155.43 3.82 339 129 Max 873 ppm U
152.61 153.11 0.50 97
154.11 154.61 0.50 142
157.65 158.05 0.40 61

Each drill hole is surveyed downhole for radioactivity with a Mount Sopris 2PGA-1000 Gamma/SP probe. Samples were submitted to SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited Facility) of Saskatoon for assay analysis, which includes a 63 element ICP-OES, uranium by fluorimetry, in which ICP Total Digestion involves a 0.125 g pulp which is gently heated in a mixture of HF/HNO3/HClO4 until dry and the residue is dissolved in dilute HNO3. Samples within mineralized intervals and any samples which initially return >500ppm U, are assayed by ICP in wt % U3O8, where a 1.00 g pulp is digested with 24 ml of 3:1 HCl:HNO3 for 1 hour at 95 C.

Plans for a follow-up summer 2000m (16 hole) core drilling program designed to further evaluate the PL-3B EM conductor and the several flexures of that conductor which indicate intersecting cross-structures, are being finalized. In addition, shallow reverse circulation (RC) drilling, designed to test for overburden stratigraphy by tracing the prospective till horizon from the surface boulder field to the expected source location, will commence in August. Probing of the larger diameter RC holes will be conducted by a gamma spectrometer to accurately report the difference in the amount of uranium gamma radiation from potassium and thorium radiation sources.

Late in 2011, the JV acquired a contiguous block of ground to the south and southeast of the original JV property by staking. The 8,170 hectare area staked covers the SW extensions of the Derkson Conductor Corridor which shares some similarity to the geology of the SW extension of the Patterson Conductor Corridor. Helicopter VTEM coverage of the claims was completed in February 2012 prior to the start of 2012 drilling. The main tool for the direct evaluation of the new ground will be a detailed airborne survey using a new version of the combined advanced magnetometry and gamma spectrometer tools that were used in to identify targets for the ground work that discovered the high grade uranium boulder field in 2011. This work is expected to start in late July.

Fission is Operator of the PLS exploration project, which is a 50%/50% Joint Venture held with ESO Uranium Corp. (ESO). PLS is accessible by road with primary access from all weather Highway 955, which runs north to the former Cluff Lake mine, (>60M lbs of U3O8 produced), and passes through the nearby UEX-Areva Shea Creek discoveries located 50km to the north, currently under active exploration and development.

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.

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.

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 International electronic trading system in the United States under the symbol "FSSIF".

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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