Fission Energy Corp.
TSX VENTURE : FIS
OTCQX : FSSIF

Fission Energy Corp.

July 30, 2012 07:30 ET

Fission Reports Final 2012 Winter J Zone Assays

KELOWNA, BRITISH COLUMBIA--(Marketwire - July 30, 2012) - Fission Energy Corp. (TSX VENTURE:FIS)(OTCQX:FSSIF) ("Fission or "the Company") and its Limited Partner, the Korea Waterbury Uranium Limited Partnership ("the Waterbury Consortium") are pleased to report the final results for the 2012 winter drill program at the J Zone, Waterbury Lake, where 36 of the 49 step-out and infill holes intersected mineralization returning assay grades >0.05% U3O8 cut-off (as was used in the NI 43-101 "Technical Report on the Waterbury Lake Uranium Project Including Resource Estimate on the J Zone Uranium Deposit, Waterbury Lake Property - Feb 29, 2012").

Step-out drilling has successfully widened the lateral north-south mineralized dimension by up to 55m, while infill drilling has confirmed continuity of the J Zone by intersecting wide down-hole widths of mineralization in areas tested by earlier programs (See press release dated June 4, 2012).

Ross McElroy, President, COO, and Chief Geologist for Fission, commented, "Results continue to demonstrate the significant potential for growing the J Zone, which remains open along strike and laterally to the north and south, as well as in the sandstone above the unconformity, and in the basement below."

A 21 hole, 7,350m summer drill program is currently underway (see press release dated Jul 18, 2012).

J Zone: Winter 2012 Assay Highlights

Uranium mineralization was intersected all along the J-Zone's east-west strike length, which now extends for 667m from the Rio Tinto property boundary, west to Hole WAT 12-281 on Line 540W. Generally, wider intervals of discrete mineralization were intersected in the J Zone Areas "B" (Line 225W-435W) and "C" (Line 450W-540W), as compared to previous drilling, including widths up to 23.0m (WAT12-226), 18.5m (WAT12-293), 12.5m and 13.5m (WAT12-229) and 14.0m (WAT12-237B) (as measured down-hole; not necessarily true width). Table 1 summarizes the J Zone assay results. Select highlights include:

J Zone Area B (Line 225W-435W)

Hole WAT12-242 (Line 300W) 9.0m of 1.37% U3O8, including 1.50m of 3.72% U3O8 and 1.50m of 2.64% U3O8 (unconformity)

Hole WAT12-244 (Line 300W) 5.50m of 1.97% U3O8, including 1.0m of 9.61% U3O8; 4.0m of 0.28% U3O8 (unconformity)

Hole WAT12-247 (Line 300W) 8.0m of 1.05% U3O8, including 3.0m of 2.22% U3O8 (unconformity)

Hole WAT12-229 (Line 270W) 12.5m of 0.36% U308; 13.5m of 0.47% U3O8, including 1.0m of 1.66% U3O8

Hole WAT 12-237B (Line 285W) 14.0m of 0.27% U3O8, including 2.50m of 0.63% U3O8 (sandstone and unconformity)

Hole WAT12-253B (Line315W) 5.50m of 0.42% U3O8 (unconformity)

Hole WAT12-300 (Line375W) 12.0m of 0.21%U3O8, including 5.0m of 0.41% U3O8 (unconformity)

Hole WAT12-293 (Line 390W) 18.5m of 0.10% U3O8; 0.50m of .11% U3O8 (unconformity)

Hole WAT12-295 (Line 390W) 13.5m of 0.13% U3O8; 1.50m of 0.19% U3O8 (unconformity)

J Zone Area C (Line 450W-540W)

Hole WAT12-226 (Line 480W) 23.0m of 0.20% U3O8, including 3.0m of 0.64% U3O8 (unconformity); 3.0m of 0.27% U3O8 (basement)

Hole WAT12-228 (Line 480W) 12.5m of 0.31% U3O8, including 1.0m of 1.22% U3O8 (unconformity); 1.5m of 0.66% U3O8 (basement)

Hole WAT12-284C (Line525W) 3.0m of 1% U3O8 (basement)

Hole WAT12-221 (Line 465W) 5.0m of 0.44% U3O8; 1.0m of 0.20% U3O8 (sandstone); 2.50m of 0.13% U3O8; 1.50m of 0.06% U3O8; 4.0m of 0.24% U3O8 (unconformity)

Table 1: J Zone Winter 2012 Assay Results
(>0.05% U3O8 cut-off)
Zone Hole ID Grid
Line
From
(m)
To
(m)
Interval
(m)
U3O8
(wt%)
J Zone WAT12-218A 330W No significant mineralization
WAT12-219 465W No significant mineralization
WAT12-220 330W No significant mineralization
WAT12-221 465W 227.50 232.50 5.00 0.44
234.50 235.50 1.00 0.20
238.00 240.50 2.50 0.13
243.50 245.00 1.50 0.06
246.50 250.50 4.00 0.24
WAT12-222 330W 217.50 218.00 0.50 0.18
WAT12-224B 465W Hole Abandoned due to technical reasons
WAT12-225B 285W 229.00 230.00 1.00 0.07
WAT12-226 480W 230.00 253.00 23.00 0.20
244.00 247.00 3.00 0.64
266.00 269.00 3.00 0.27
WAT12-228 480W 233.50 246.00 12.50 0.31
244.50 245.50 1.00 1.22
265.00 266.50 1.50 0.66
WAT12-229 270W 201.50 214.00 12.50 0.36
222.50 236.00 13.50 0.47
234.50 235.50 1.00 1.66
WAT12-230B 480W Hole Abandoned due to technical reasons
WAT12-231 270W 200.00 206.50 6.50 0.09
217.00 217.50 0.50 0.26
220.00 223.00 3.00 0.08
WAT12-232 510W 303.50 304.00 0.50 0.05
WAT12-234 270W 216.50 217.00 0.50 0.05
229.50 231.00 1.50 0.05
236.00 237.00 1.00 0.06
WAT12-236 510W 291.00 293.50 2.50 0.21
WAT12-237B 285W 207.00 221.00 14.00 0.27
211.00 213.50 2.50 0.63
WAT12-238 495W 223.00 224.50 1.50 0.17
227.00 241.00 14.00 0.12
251.50 252.00 0.50 0.07
WAT12-240A 495W No Significant Mineralization
WAT12-242 300W 205.50 214.50 9.00 1.37
206.00 207.50 1.50 3.72
210.50 212.00 1.50 2.64
WAT12-244 300W 201.00 206.50 5.50 1.97
205.00 206.00 1.00 9.61
208.50 212.50 4.00 0.28
214.50 215.00 0.50 0.07
WAT12-247 300W 206.00 206.50 0.50 0.06
209.00 217.00 8.00 1.05
211.50 214.50 3.00 2.22
221.50 222.50 1.00 0.07
WAT12-249A 315W 208.00 215.50 7.50 0.22
WAT12-253B 315W 212.50 218.00 5.50 0.42
WAT12-257A 315W No Significant Mineralization
WAT12-261 345W 206.00 207.50 1.50 0.68
WAT12-265B 345W 213.50 215.50 2.00 0.24
225.50 226.00 0.50 0.36
WAT12-269B 360W 208.00 210.00 2.00 0.12
WAT12-274 285W 231.00 231.50 0.50 0.07
WAT12-275 495W 223.00 235.00 12.00 0.22
260.50 261.00 0.50 0.10
WAT12-277 255W No Significant Mineralization
WAT12-278 450W 207.00 207.50 0.50 0.19
211.50 212.00 0.50 0.07
224.50 225.00 0.50 0.06
WAT12-280 300W 210.00 220.00 10.00 0.28
WAT12-281 540W 266.00 267.00 1.00 0.17
269.50 272.50 3.00 0.20
276.00 277.50 1.50 0.17
280.00 281.50 1.50 0.14
WAT12-283 300W 204.00 204.50 0.50 0.07
208.00 208.50 0.50 0.07
214.00 214.50 0.50 0.15
WAT12-284C 525W 263.50 264.00 0.50 0.05
272.00 275.00 3.00 1.00
281.00 286.00 5.00 0.09
WAT12-286 405W No Significant Mineralization
WAT12-288 540W 200.50 202.00 1.50 0.05
208.00 208.50 0.50 0.10
WAT12-289 390W No Significant Mineralization
WAT12-290 390W No Significant Mineralization
WAT12-293 390W 212.00 230.50 18.50 0.10
232.50 233.00 0.50 0.11
WAT12-294 765W 234.00 235.50 1.50 0.10
WAT12-295 390W 201.50 215.00 13.50 0.13
219.50 221.00 1.50 0.19
WAT12-297 765W 240.00 241.50 1.50 0.23
WAT12-298 390W 215.50 216.00 0.50 0.06
220.00 229.00 9.00 0.13
WAT12-299 570W No Significant Mineralization
WAT12-300 375W 214.50 226.50 12.00 0.21
216.50 221.50 5.00 0.41
WAT12-301 570W No Significant Mineralization
WAT12-302 375W 215.00 222.00 7.00 0.18
224.50 225.50 1.00 0.09
WAT12-303 600W No Significant Mineralization
WAT12-304A 285W 207.50 209.50 2.00 0.13
213.00 215.50 2.50 0.07

Updated winter 2012 J Zone drilling summary maps have been posted to Fission's corporate website and can be referenced at:
http://www.fission-energy.com/s/WaterburyLake.asp.

Each drill hole is surveyed downhole for radioactivity with a Mount Sopris 2PGA-1000 Gamma/SP probe. Samples were submitted to SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited Facility) of Saskatoon for assay analysis, which included a 63 element ICP-OES, uranium by fluorimetry (partial digestion). Samples within mineralized intervals and any samples which return >500ppm U, are assayed for % U3O8.

Fission Energy and the Waterbury Consortium have budgeted C$30 million for exploration at Waterbury Lake over a three year period from 2010-2012.

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" and on the OTCQX International electronic trading system in the United States under the symbol "FSSIF".

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

Fission Energy owns 60% and the Korea Waterbury Uranium Limited Partnership owns 40% of the Waterbury Lake Uranium Limited Partnership.

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)

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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