Fission Energy Corp.

Fission Energy Corp.

November 16, 2010 08:30 ET

Fission J-Zone High Grade Mineralization Extended 15m to East Step-Out Hole Intersects 6m of 4.45% U308 Including 3m of 8.54% U308

KELOWNA, BRITISH COLUMBIA--(Marketwire - Nov. 16, 2010) - FISSION ENERGY CORP. (TSX VENTURE:FIS)("Fission" or the "Company") and its Joint Venture Partner the KEPCO Consortium announce that final assays from the remaining six drill holes: two completed at the J-Zone, three holes from Highland and one hole from J-East have been received. In addition, planning is underway for an approximate $8 million winter 2011 drill program to commence in January. 

Table 1 summarizes results from the two remaining J-Zone holes (WAT10-109 and 111D), three Highland holes (WAT10-107A, 110 and 112) and drill hole WAT10-110A at J-East. At the J-Zone, drill hole WAT10-111D, which extended mineralization approximately 15m to the east of hole WAT10-066, (12.0m grading 3.64% U308, including 1.50m of 27.38% U308; see news release dated February 22, 2010), intersected 6.00m (209.5m-215.5m) grading 4.45% U308 at the unconformity, including 3.00m (209.50m-212.5m) at 8.54% U308. This hole has extended high grade mineralization further to the east in the southeast area of the J-Zone on line L015E, which was previously identified as weakly mineralized as evidenced by Hole WAT10-096 located 10m to the north. Hole WAT10-109, located in the north-central part of the J-Zone intersected 5.50m grading 0.44% U308, including 2.00m at 1.08% U308.

Table 1: Waterbury Lake, Athabasca Basin

J-Zone/J-East/Highland Assays

J-Zone Assays: Holes WAT10-109,111D  
Zone Hole ID From (m ) To (m ) Interval (m ) U3O8(wt% )
J-Zone WAT10-109 195.50   201.00   5.50   0.44  
    196.50   198.50   2.00   1.08  
J-Zone WAT10-111D 209.50   215.50   6.00   4.45  
    209.50   212.50   3.00   8.54  

At Highland, Hole WAT10-107A encountered weak mineralization at the unconformity, while Hole WAT10-108 intersected weak mineralization in the basement rocks. No significant mineralization was found in Hole WAT10-112. The drill core indicates that the clay alteration and graphitic lithology encountered in all 3 holes appears similar to that seen within the J-Zone. Highland remains a highly prospective target area for identifying high grade mineralization.

Hole WAT10-110A at the J-East target, was not mineralized and alteration was weak.

Highland Assays: Holes WAT10-107A, 108, 112  
Zone Hole ID From (m ) To (m ) Interval(m ) U3O8(wt% )
Highland WAT10-107A 197.00   197.50   0.50   0.07  
Highland WAT10-108 235.50   236.00   0.50   0.22  
Highland WAT10-112 No significant mineralization  
J-East: Hole WAT10-110A  
Zone Hole ID From (m )  To (m ) Interval(m ) U3O8(wt% )
J-East WAT10-110A No significant mineralization  

Composite Parameters

  1. Minimum Thickness: 0.50m
  2. Grade Cut-off: 0.05 U308 (wt%)
  3. Maximum Internal Dilution: 1.00m

All holes reported herein were terminated within unaltered basement rocks. Given that the mineralization thus far encountered in the J-Zone appears to be almost flat-lying, drill intercepts reported from vertical holes are approximately true thickness.

Updated drill hole location maps of the J-Zone, J-East and Highland targets as well as an updated table summarizing Drill Core Assays can be found on the Company's website at

Since discovery hole WAT-063A was announced in January, Fission has successfully defined the J-Zone over an approximate 120m X 50m area by intersecting high grade uranium mineralization at the unconformity in 28 of 31 closely spaced drill holes, most of which were vertically drilled, for an overall drilling success rate of 90%. In addition, the J-East and Highland targets, located on strike 70m east and 130m west of the J-Zone respectively warrant follow-up drilling. Fission believes that the potential for multiple mineral occurrences exists along the East-West Corridor, which continues for approximately 2km to the west of the J-Zone.

With the completion of the Waterbury Lake summer drill program, plans are being finalized for an $8 million winter 2011 exploration program to begin in January. Further details will be provided when available.

Split core samples from the mineralized section of core were 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 also included a 63 element ICP-OES, uranium by fluorimetry (partial digestion) and boron. All assays from the summer drill program have been received and disclosed.

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. (

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.


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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