Fission Energy Corp.
TSX VENTURE : FIS

Fission Energy Corp.

August 05, 2009 10:47 ET

Fission Commences Drilling at Waterbury Lake

KELOWNA, BRITISH COLUMBIA--(Marketwire - Aug. 5, 2009) - FISSION ENERGY CORP. ("Fission" or the "Company") (TSX VENTURE:FIS) and its joint venture partner, the KEPCO Consortium, are pleased to report that the previously announced seven hole drill program at its Waterbury Lake uranium exploration project is now underway. Three drill holes will target locations in close proximity to Hathor Exploration's Roughrider Zone uranium discovery step-out holes MWNE-09-116 and MWNE-09-129. The purpose is to test for the possible high grade extension of the Roughrider Zone onto the Company's Waterbury Lake property. As summarized in the Company's press release dated June 30, 2009, hole MWNE-09-116 intersected 70.34% U3O8 over 2.5m within 13m grading 18.12% U3O8, and identified intersections as high as 84% U3O8. Hole MWNE-09-129, collared approximately 20m to the SW of hole MWNE-09-116 intersected 5.0m grading 15.65% U3O8. Both drill holes were collared approximately 10m from Fission's property boundary, in the vicinity of the Discovery Bay Zone; with the mineralized interval intersected 45-50m from the Waterbury Lake property boundary.

Last winter's geophysical surveys identified a number of new high priority drill targets, which further demonstrates the excellent potential exhibited by the 40,256 ha Waterbury Lake Property for hosting an undiscovered uranium deposit. The summer drill program will also include two drill holes which will test a resistivity low anomaly, located in a previously unexplored area, approximately 8km to the southwest of the Denison-AREVA Midwest deposit. The final two holes will test a resistivity low anomaly located approximately 3 km north of Discovery Bay. These resistivity low anomalies may represent the signatures of structurally controlled hydrothermal alteration. Identifying such systems are a key to searching for uranium deposits.

A property wide high resolution airborne magnetic survey, which began earlier this month, is 70% complete. Results from this survey will enable Fission's technical team to prioritize areas of interest over the entire project area.

While exploration at Fission's Waterbury Lake project remains focused on the ground adjacent to Hathor's Roughrider Zone uranium discovery, the Company is making considerable progress in identifying multiple new priority targets from ongoing geophysical programs on this large, strategically located property. The Waterbury Lake Property is located in the northeast part of the Athabasca Basin, where several open-pit uranium deposits, including Midwest Lake, McClean Lake, and Rabbit Lake, are found. Fission is the operator of the Waterbury Lake Project.

The Waterbury Consortium has budgeted C$4.0 million for exploration in 2009.

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".

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)

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

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

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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