Fission Energy Corp.
TSX VENTURE : FIS

Fission Energy Corp.

September 07, 2010 08:30 ET

Fission J-Zone Vertical Step-Out Intersects 12m of 5.95% U308 at Unconformity, Including 6m Grading 11.71% U308

High Grade Uranium Mineralization Expands North-Central J-Zone Boundary

KELOWNA, BRITISH COLUMBIA--(Marketwire - Sept. 7, 2010) - Fission Energy Corp. (TSX VENTURE:FIS) ("Fission" or the "Company") and its Joint Venture partner, the KEPCO Consortium, announce that Hole WAT10-098A, a J-Zone vertical step-out drilled from a barge, and collared 10m grid north of Hole WAT10-083B (7.5m of 3.83% U308, including 6m grading 4.74% U308; see news release dated May 27, 2010), intersected 12m grading 5.95% U308 at the unconformity (192.5m-204.5m), including 6m at 11.71% U308 (195.0m-201.0m).

While Hole WAT10-098A demonstrates the continuity of high grade uranium mineralization with exceptional widths at the J-Zone, more significantly, the overall grade is higher over a wider width than the nearest hole, WAT10-083B, located to the southeast. In addition, the Grade-Thickness (grade in % U3O8 x thickness in meters, which is an indicator of the strength and abundance of uranium) ranks Hole WAT10-098A as the third most significant drill hole discovered in the J-Zone to date, after Holes WAT10-071 and 091 respectively, which are located in the southeast part of the J-Zone. This latest assay result further enhances the potential for expanding high grade uranium mineralization beyond the north-central J-Zone boundary, as defined to date.

No significant assays were found, nor were expected, for Hole WAT10-097, which was drilled for structural and geologic information purposes. It was completed from land and oriented to the southeast. Information obtained from Hole WAT10-097 showed that the important pelitic corridor, which hosts the J-Zone, is located further to the north than expected, revealing a wider prospective lithologic corridor than was previously modeled.

A summary of the assay results for Holes WAT10-097-098A are shown in the accompanying table below.

Waterbury Lake, Athabasca Basin: "J-Zone" Assays: Holes WAT10-097-098A
Zone Hole ID From (m) To (m) Interval (m) U3O8(wt%)
J-Zone WAT10-098A 192.50 204.50 12.00 5.95
           
J-Zone Including 195.00 201.00 6.00 11.71
           
J-Zone   209.00 209.50 0.50 0.12
J-Zone   218.00 218.50 0.50 0.17
Geology Hole WAT10-097 No Significant Assay Results   

Drill intersections in the J-Zone are characterized by a broad continuous zone of alteration extending from several meters above the unconformity to >25m below the unconformity, with mineralization occurring within this altered system. All intersections are down-hole, core interval measurements and true thickness is yet to be determined. Given that the mineralization thus far encountered at the J-Zone appears to be almost flat-lying, drill intercepts reported herein are approximately true thickness.

An updated map of the J-Zone showing the location of Holes WAT097-098A and a table summarizing all assay results to date can be found on the Company's website at http://www.fission-energy.com/s/WaterburyLake.asp.

Fission's summer drill program at Waterbury Lake is continuing. A total of 16 drill holes comprising ~ 5,000m is scheduled for completion in early September. Further results will be provided when available.

Split core samples from the mineralized section of core have been 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 and base metals. All samples sent for analysis will include a 63 element ICP-OES, uranium by fluorimetry (partial digestion) and boron. Chemical results will be released when received. Further updates will be provided. 

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. 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

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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