Fission Energy Corp.

Fission Energy Corp.

January 21, 2008 09:01 ET

Fission Energy and ESO Uranium Form Patterson Lake South Joint Venture, South Athabasca Basin, Saskatchewan

KELOWNA, BRITISH COLUMBIA--(Marketwire - Jan. 21, 2008) - FISSION ENERGY CORP. ("Fission" or "the Company") (TSX VENTURE:FIS) and ESO Uranium Corporation ("ESO") are pleased to announce that they have entered into a joint venture exploration agreement to include claims jointly staked in late 2007 on the southern extension of Fission's 100% owned Patterson Lake claims and ESO's Hook Lake property. The 50%-50% exploration project will now be known as the Patterson Lake South Joint Venture. The project totals 4 claims (approximately 4770 hectares) on the southern margin of the Athabasca Basin in the Broach Lake - Patterson Lake area. The property is accessible by road and close to several established bush camps.

In December 2007, Fugro Airborne Surveys ("Fugro") conducted a 749 line-km MEGATEM Magnetic-EM Airborne Survey over the southern half of Fission's 100% owned Patterson Lake property (587 line-km), in addition to (162 line-km) over the Patterson Lake South Joint Venture Property. This survey was designed to cover the southerly extensions of electromagnetic conductors identified by earlier work, and provide enhanced magnetic and electromagnetic resolution to complement previously analysed geophysical data. A Saskatchewan Geological Survey compilation shows these conductors extending onto the Joint Venture property in a band referred to as the Carter Corridor. The Carter Corridor is being actively explored by the Purepoint Uranium Group at their nearby Hook Lake project, which is under option from Cameco and AREVA. These conductors are believed to originate in basement rocks underlying the Athabasca sedimentary basin.

The results of the recent MEGATEM survey are being processed by Fugro and will form a basis for developing ground targets for further work planned by the Joint Venture in 2008. Target depths for uranium mineralization are expected to be shallow (less than 300 meters deep) in this area.

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. and Vice-President of Exploration 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 news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.


David Miller, 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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