Fission Energy Corp.

TSX VENTURE : FIS
OTCQX : FSSIF


Fission Energy Corp.

November 15, 2012 07:30 ET

Fission Energy Corp.: Step-out Hole Intersects 22.5M Wide Mineralization at PLS

KELOWNA, BRITISH COLUMBIA--(Marketwire - Nov. 15, 2012) - FISSION ENERGY CORP. (TSX VENTURE:FIS)(OTCQX:FSSIF) ("Fission" or "the Company") and its Joint Venture partner Alpha Minerals Inc. are pleased to announce drill and scintillometer results from its current core drilling program. PLS12-025 collared 10m north of hole PLS12-024 (See News Release November 12, 2012) intersected a 22.5m wide interval of strong mineralization including a narrow band of off-scale (>9999 cps) radioactivity. In concluding the core drilling program for this season, all of the last four holes have identified significant mineralization at similar vertical depth below surface. In each case, the mineralization occurs at shallow depth in basement rocks.

An aggressive winter program, expected to begin in early 2013, is currently being planned to further expand the discovery, as it remains open in all dimensions. Drill plans will include continued step-out land based holes in the area of these mineralized holes and step out holes for targets to be drilled from the ice on Patterson Lake.

Ross McElroy, President, COO and Chief Geologist for Fission, commented,

"We've completed our core drilling program on PLS with results that display wide mineralization at shallow depth in our discovery hole and in all three subsequent step-out holes. Mineralization appears to be flat to gently dipping within steeply dipping basement graphitic metaseditments. These results provide plenty of impetus to plan an aggressive follow up program this winter."

Key Technical Details (PLS12-025):

  • A thin, 2.83m layer of sandstone is present immediately above the unconformity. Mineralization extends up into this horizon.
  • Hole PLS12-025 (Line 010W), a vertical hole collared 10m grid north of Hole PLS12-024, intersected anomalous radioactivity in the bedrock over a 22.5m interval (60.5 - 83.0m), with two sections of stronger radioactivity (62.5 - 65.0m and 70.5 - 81.5m respectively). A narrow 0.05m interval of "off-scale" radioactivity was measured at 64.68m. Recovery throughout the mineralized interval averages 75% with localized intervals as low as 56%.

Hole Summary

Hole Grid * Mineralization (>300 cps / 0.5M minimum) Overburden Basement Total
ID Line Az Dip From - To (m) Width (m) CPS Max Peak Interval(m) Interval(m) Depth(m)
PLS12-022 000W 180 -90 57.5 - 78.5 21.0 <300 - >9999 0 - 55.3 59.23 - 212.5 212.5
71.0 - 77.0 6.0 1800 - >9999
116.5 - 117.5 1.0 308 - 323
170.0 - 171.0 1.0 301 - 384
PLS12-023 000W 180 -90 60.0 - 61.0 1.0 315 - 400 0 - 53.8 60.6 - 197.2 197.2
63.0 - 76.0 13.0 <300 - 3300
91.0 - 91.5 0.5 800
105.5 - 106.0 0.5 352
PLS12-024 010W 180 -90 59.0 - 83.0 24.0 <300 - >9999 0 - 56.23 60.05 - 191.1 191.1
65.0 - 78.0 13.0 2100 - >9999
91.0 - 93.0 2.0 305 - 1300
PLS12-025 010W 180 -90 60.5 - 83.0 22.5 330 - >9999 0 - 59.54 62.37 - 160.63 160.6
62.0 - 65.5 3.5 800 - >9999
70.5 - 81.5 11.0 850 - 7000

This concludes a first phase, 9-hole, 1,631.86m core drilling program. The pause in drilling will allow the Joint Venture to assess the geology in the context of the assays and geochemistry of the core samples. The analysis of the core samples is underway with the core from PLS12-025 still being prepared for sampling and shipping at this date.

Natural gamma radiation in drill core that is reported in this news release was measured in counts per second (cps) using a hand held Exploranium GR-110G total count gamma-ray scintillometer. 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. The degree of radioactivity within the mineralized intervals is highly variable and associated with visible pitchblende mineralization. All intersections are down-hole, core interval measurements and true thickness is yet to be determined.

All holes have been radiometrically surveyed with a Mount Sopris 2GHF-1000 Triple Gamma probe, which allows for accurate measurements in high grade mineralized zones.

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 and boron. Assay results will be released when received.

Further updates will be provided.

Patterson Lake South Property

The 31,039 hectare PLS project is a 50%/50% Joint Venture held by Fission Energy Corp. and Alpha Minerals Inc (AMW). Fission is the Operator. 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. An updated map highlighting the core and dual rotary drilling programs planned for PLS can be found on the Company's website at http://www.fission-energy.com/s/pattersonlakesouth.asp.

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".

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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