Fission Energy Corp.
TSX VENTURE : FIS

Fission Energy Corp.

November 27, 2007 10:18 ET

Fission Energy Identifies Significant Anomaly at Waterbury Lake Uranium Project

KELOWNA, BRITISH COLUMBIA--(Marketwire - Nov. 27, 2007) - Fission Energy Corp. (TSX VENTURE:FIS) (the "Company") is pleased to announce that the first phase of its winter 2007/2008 exploration program has identified significant radioactivity at its Waterbury Lake uranium project, which is located within the east-central part of Saskatchewan's Athabasca Basin.

The 41,280 hectare (approximately 102,000 acres) Waterbury Lake Property virtually surrounds the AREVA-Denison Midwest Uranium Deposit (41 million lbs U3O8 at an average grade of about 5.5% U3O8). Production is scheduled to begin in 2010-11. Exploration completed by Denison on the recently discovered Mae Zone returned several high grade intersections including 26.7% eU3O8 across 14.6 m. The Midwest Deposit and the Mae Zone are spaced about 4 km apart along the Midwest Conductor and both are located within several hundred meters of the Company's Waterbury Lake Property boundary.

The Company recently completed the first phase of the 2007/2008 exploration drill program, which focused on the area located immediately to the east of the Midwest Lake Uranium Deposit. Eight (8) NQ diameter core holes totalling 2,219 meters were completed. This exploration program was designed to test structures interpreted to cross-cut the Midwest Conductor, magnetic contacts, and other conductors previously identified within the Waterbury Lake Property. All holes were drilled vertically and were subsequently surveyed for radioactivity with a Mount Sopris 2PGA-1000 poly-gamma downhole probe.

Three of the eight holes drilled encountered significant radioactivity or alteration. Drill holes WAT07-03 and WAT07-08, both intersected significant radioactivity, just below the unconformity within altered metapelites, which is analogous to the Eagle Point Deposit at Rabbit Lake. The following significant counts per second (cps) values were recorded with the Mount Sopris 2PGA-1000 poly-gamma downhole probe:

- WAT07-08 encountered a 4.0m wide zone between 180.0m and 184.0m. Anomalous radioactivity averaged 3,179 cps with a maximum peak of 21,501 cps;

- WAT07-03 encountered a 4.5m wide zone between 185.5m and 190.0m. Anomalous radioactivity averaged 407 cps with a maximum peak of 1,325 cps; Note: Unmineralized basement rock averages less than 200 cps. The anomalous zone is greater than 15 times background for hole 8 and greater than 6 times background for hole 3.

- WAT07-04 encountered moderately fractured and altered sandstones above the unconformity.

Samples have been systematically collected from the drill core to evaluate clay alteration minerals utilizing spectral analysis and XRD analysis. In addition, separate drill core samples have been forwarded for assay by SRC Analytical Laboratories based in Saskatoon. Analytical results will confirm if the anomalous radioactivity correlates with uranium content, which will also be measured. Results will be reported as soon as they are received.

The Company intends to aggressively follow-up this new discovery during the first quarter of 2008. Work will be carried out in conjunction with a planned exploration program that will drill test other targets previously identified within the Waterbury Lake Property.

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.

ON BEHALF OF THE BOARD

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.

Contact Information