Fission Energy Corp.
TSX VENTURE : FIS
OTCQX : FSSIF

Fission Energy Corp.

February 21, 2012 08:30 ET

Fission Energy Corp.: Three Step-Out Holes with "Off-Scale" Radioactivity Expand Central J Zone

KELOWNA, BRITISH COLUMBIA--(Marketwire - Feb. 21, 2012) - FISSION ENERGY CORP. ("Fission" or the "Company") (TSX VENTURE:FIS)(OTCQX:FSSIF) and its Limited Partner, the Korea Waterbury Uranium Limited Partnership ("the Waterbury Consortium"), announce results for the next 11 holes drilled in the J Zone: three step-out holes, WAT12-237B, 242, and 244, drilled laterally to the north of the central J Zone boundary, have intersected wide intervals of well developed mineralization, including 14m, 11m, and 15m respectively, in the sandstone, and the basement immediately below the unconformity. Radioactivity, ranging from moderate to strong, including discrete intervals of "off-scale" (>9999 cps), was observed, occurring within the sandstone above the unconformity continuing at depth into the basement below. These three drill holes have successfully identified a new mineralized extension in the sandstone and basement, near at the unconformity, to north of the J Zone boundary between Line 270W and Line 300W. In addition, one infill hole, WAT12-247, expanded sandstone and unconformity mineralization 10m to the west of Hole WAT11-200 on Line 300W, by intersecting 9m of moderate to strong radioactivity, including narrow intervals of "off-scale" (>9999 cps) radioactivity.

In the western part of the J Zone, between Lines 480W and 510W, four out of five drill holes (Holes WAT12-232,236,238,240A) intersected weak to locally strong radioactivity over narrow to wide widths, including Hole WAT12-238, which intersected an 18m mineralized interval beginning in the sandstone and continuing vertically through the unconformity (maximum peak 5400 cps), and Hole WAT12-236, which intersected 2.5m of mineralization in the basement (maximum peak 8900 cps).

Overall, an additional eleven drill holes have been completed in the J Zone, for a total of twenty-one to date. Ten of eleven holes intersected mineralization with radioactivity ranging from weakly anomalous to strongly radioactive, including "off-scale" scintillometer readings in the sandstone, at the unconformity, and/or in the basement. Twenty-eight drill holes remain to be drilled at the J Zone as part of $9.28 million, 32,630m Waterbury Lake 2012 winter drill program, which will continue through to spring break-up.

J Zone Drill Summary

Step-out Hole WAT12-244 (Line 300W) intersected mineralization 10m to the north of the currently defined central J Zone boundary. A 15m wide interval (200.0m - 215.0m downhole) of variable radioactivity from moderate to locally strong, including 0.9m of "off-scale" radioactivity (maximum peak > 9999 cps 204.8 - 205.7m) straddles the unconformity (206.5m).

Step-out Hole WAT12-237B (Line 285W), intersected well developed mineralization 10m to the north of the presently defined central J Zone boundary, ~15m to the east of Hole WAT12-244. A 14.0m wide interval (207.0m - 221.0m downhole) characterized by variable radioactivity from moderate to locally strong, including 0.1m of "off-scale" radioactivity (maximum peak > 9999 cps from 213.3 - 213.4m) from 207.0m-221.0m, in the sandstone above the unconformity, and extending vertically through the unconformity (217.8m). A narrower 4.0m interval intersected weaker radioactivity (maximum peak 450 cps) in the sandstone immediately above the better developed 14.0m of mineralization (203.0m-207.0m).

Step-out Hole WAT12-242 (Line 300W) intersected mineralization ~15m to the north of the currently defined central J Zone boundary. The 11m mineralized intersection (204.5m - 215.5m downhole) straddles the unconformity (209.7m) and is characterized by variable radioactivity from moderate to locally strong, including 0.7m total of "off-scale" radioactivity (maximum peak >9999 cps from 206.35 - 206.94m and 209.12 - 209.22m).

Infill Hole WAT12-247 (Line 300W), drilled approximately 10m west of Hole WAT11-200, expanded mineralization in the sandstone and at the unconformity (214.4m) by intersecting 9m (downhole width) of variable radioactivity from moderate to locally strong, including several smaller narrow intervals (0.05m to 0.12m wide) of "off-scale" radioactivity (maximum peak >9999 cps) from 208.0m-217.0m. Two narrower intervals of weaker radioactivity, including 1.0m from 221.5m-222.5m (maximum peak 720 cps) and 0.5m from 227.5m-228.0m (maximum peak 420 cps) were intersected in the basement.

Infill Hole WAT12-238 (Line 495W) drilled approximately 10m west of Hole WAT12-228 in the western part of the J Zone intersected 18m of variable radioactivity from moderate to locally strong from 223.0m to 241.0m in the sandstone extending vertically through the unconformity (maximum peak 5400 cps). One narrow 1m interval of weaker radioactivity from 251.0m-252.0m (maximum peak 560 cps) was intersected in the basement.

Table 1: J Zone Hole Summary
* Mineralization
(>300 cps / 0.5M 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)
WAT12-230B* 480W 178 -55 no significant
mineralization
255 - 268 266.6 343.0
WAT12-231 270W 161 -68 200.0 - 207.5
215.5 - 223.0
230.5 - 231.0
7.5
7.5
0.5
<300 - 1300
<300 - 1100
380
197 - 225 218.3 320.0
WAT12-232* 510W 179 -55 260.5 - 261.0
273.0 - 273.5
303.5 - 304.0
0.5
0.5
0.5
420
660
700
253 - 261 250.3 347.0
WAT12-234 270W 160 -67 216.5 - 217.0
230.0 - 237.5
0.5
7.5
466
<300 - 1040
187 - 226 217.0 332.0
WAT12-236* 510W 176 -60 234.0 - 235.0
239.5 - 240.0
250.0 - 253.0
291.0 - 293.5
1.0
0.5
3.0
2.5
410 - 420
310
<300 - 437
<300 - 8900
229 - 240 240.5 341.0
WAT12-237B 285W 162 -68 203.0 - 207.0
207.0 - 221.0
4.0
14.0
<300 - 450
394 - >9999
203 - 221 217.8 359.0
WAT12-238* 495W 181 -60 223.0 - 241.0
251.0 - 252.0
18.0
1.0
<300 - 5400
360 - 560
207 - 237 237.5 341.0
WAT12-240A* 495W 188 -63 227.0 - 227.5
0.5
410 221 - 227 227.1 338.0
WAT12-242 300W 174 -69 204.5 - 215.5 11.0 380 - >9999 225 - 246 209.7 323.0
WAT12-244 300W 167 -74 200.0 - 215.0 15.0 <300 - >9999 196 - 213 206.5 311.0
WAT12-247 300W 169 -73 208.0 - 217.0
221.5 - 222.5
227.5 - 228.0
9.0
1.0
0.5
340 - >9999
568 - 720
420
207 - 262 214.4 326.0
* Drill holes measured with an 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 or 2PGA-1000 natural 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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