Fission Energy Corp.
TSX VENTURE : FIS

Fission Energy Corp.

March 17, 2009 09:00 ET

Fission's 2009 Winter Exploration Program Identifies Two New High Priority Target Areas at Waterbury Lake

KELOWNA, BRITISH COLUMBIA--(Marketwire - March 17, 2009) - FISSION ENERGY CORP. ("Fission" or the "Company") (TSX VENTURE:FIS) and its joint venture partner, the KEPCO Consortium, are pleased to update the ongoing winter exploration program at its Waterbury Lake Uranium Project, located in the northeast part of the Athabasca Basin, Saskatchewan. The winter, 2009 exploration program includes ground based gravity and IP-Resistivity geophysical surveys, and 7,000m of diamond drilling. Exploration has focused on the Discovery Bay Zone, located adjacent to Hathor's Roughrider Zone uranium discovery, and north of the AREVA/Denison Midwest project, in addition to other regional targets. The winter drill program began in mid-January. To date, a total of 5,650m in 16 holes have been completed. One hole was abandoned due to technical problems. Seven holes (WAT09-033, 035-038, 042 and 043) were drilled within the Discovery Bay Zone, and nine holes (WAT09-039-041, 044-050) tested other prospective targets. The most encouraging new areas tested are known as Talisker and Disco Bay. They are located approximately 1000m and 500m west of Discovery Bay, respectively, and exhibit excellent potential for unconformity style uranium mineralization.

Talisker Zone

Talisker is a promising new exploration target area for 2009. Only two drill holes WAT09-044 and WAT09-045 have tested this area, thus far. However, hole WAT09-044 intersected a 5.5m wide zone of anomalous radioactivity from 214.15 to 219.65m, and had a peak of 6,567 cps measured in the downhole probe. This zone is comprised of moderate clay and limonitic alteration found in both the sandstone and basement rocks. Similar basement rocks were identified in hole WAT08-045, collared 100m to the NE of hole WAT08-044, although no radiometric anomaly was encountered. Both holes intersected sequences of pegmatite and graphitic pelitic gneiss throughout the basement.

Disco Bay Zone

Disco Bay is also a high priority target area. In 2008, two holes (WAT08-018 and WAT08-025) tested this target. Hole WAT08-018 intersected the basement at 221.0m downhole. Metapelitic gneisses were intersected from 237.2m to 416.0m, with sulphide-rich zones from 300.0m to 375.0m (5-7% pyrite) and 405.0m to 431.0m (1-3% pyrite), and a graphitic fault zone from 394.8m to 401.6m. Hole WAT08-025 was collared 100m to the SE of WAT08-018, intersecting the basement at 227.0m downhole. An interval of strongly broken core, faulting, and clay alteration was intersected from 203.4m to 230.2m. Basement rocks consisted of dominantly metapelitic (locally graphitic) to metapsamitic rocks from 227.0m to 394.5m. In 2009, two additional holes have been drilled in Disco Bay (WAT09-039 and WAT09-040). Hole WAT09-039 was collared 150m to the SE of Hole WAT08-025. The basement, which was intersected at 206.0m downhole, is moderately bleached for 4 meters directly below the unconformity. Broken and locally intensely altered sandstone was encountered in a 32m wide interval in the sandstone, immediately above the unconformity. Anomalous radioactivity up to 2,044 cps was measured in a 0.80m wide clay rich zone from 204.49 to 205.29m. Hole WAT09-040 was drilled 70m to the SE of hole WAT09-039. The basement was intersected at 208.5m downhole and basement rocks consisted of relatively unaltered granitic gneiss. The fault zones and intervals of associated intense clay alteration near the unconformity and anomalous radioactivity continue to make Disco Bay a high priority exploration target.

Discovery Bay Zone

The Discovery Bay Zone is situated within a major east-west oriented structural fault zone that appears to play an integral part in the development of the Roughrider Zone mineralization. It has been traced to within 30m of Fission's property boundary. Within the Discovery Bay Zone, seven holes tested a strike length of over 70m, immediately west of Hathor's Roughrider deposit. All seven drill holes encountered intervals of clay alteration within the Athabasca sandstone and basement rocks. The clay alteration varied in intensity and thickness, and was often associated with elevated radioactivity. As was observed in the 2008 drilling, the strongest occurrences of alteration and radioactivity occurred in the basement rocks directly west of the Roughrider Zone. Several holes encountered intense clay alteration and fracturation at the unconformity. All holes were radiometrically surveyed with a Mount Sopris 2PGA-1000 Gamma/SP probe (See Table 1: Waterbury Lake 2009 Drill Hole Summary). Drill core has been split and forwarded to the SRC Geoanalytical Laboratories in Saskatoon for analysis, which includes a 63 element ICP-OES, with uranium by fluorimetry (partial digestion) and boron.



Table 1: Waterbury Lake 2009 Drill Hole Summary

2009 Drill Hole Summary

---------------------------------------------------------------------------
Drill Hole Radioactivity
----------------------- ------------------------------
Total Wid- CPS CPS Alteration
Target Hole ID Depth u/c From To th (avg) (max) Comments
---------------------------------------------------------------------------
Disco- WAT09-033 434.0 200.7 No anomalous radioactivity 385.0-
very 434.0m:
Bay Clay
altered
graphitic
pelites
-------------------------------------------------------------------
WAT09-034 29.0 Abandoned (i)
-------------------------------------------------------------------
WAT09-035 380.0 203.6 195.40 196.90 1.5 506 1910 Clay
alteration
assoc.
with
radio-
activity
-------------------------------------------------------------------
WAT09-036 374.0 197.0 196.20 197.20 1.0 546 1428 Fault and
322.00 322.40 0.4 504 1535 clay at
328.20 334.30 6.1 506 4331 unconform-
336.20 340.10 3.9 504 778 ity
Clay
alteration
associated
with
radio-
activity
-------------------------------------------------------------------
WAT09-037 350.0 210.0 206.90 208.10 1.2 645 828 Fault
zone at
u/c
-------------------------------------------------------------------
WAT09-038 491.0 228.5 222.60 223.10 0.5 700 874 Weak clay
251.80 252.40 0.6 813 1220 alteration
252.70 253.30 0.6 620 726 associated
with
radio-
activity
-------------------------------------------------------------------
WAT09-042 375.0 208.5 204.65 206.75 2.1 949 1664 Clay
289.45 292.35 2.9 795 1238 altered
292.85 305.25 12.4 1116 2824 graphitic
320.25 322.05 1.8 3207 7136 sediments
associated
with
basement
radio-
activity
-------------------------------------------------------------------
WAT09-043 350.0 200.5 No anomalous radioactivity Broken
sandstone
above u/c
---------------------------------------------------------------------------
Disco WAT09-039 329.0 206.0 203.79 203.99 0.2 623 718 172-185m:
Bay 204.49 205.29 0.8 1464 2044 Broken /
clay
altered
sandstone
206-217m:
Bleached
and
healed
breccia
-------------------------------------------------------------------
WAT09-040 296.0 208.5 No anomalous radioactivity (i)
---------------------------------------------------------------------------
Disco- WAT09-041 320.0 198.5 No anomalous radioactivity (i)
very
Bay
---------------------------------------------------------------------------
Talis- WAT09-044 323.0 217.8 214.15 219.65 5.5 1338 6567 Strong
ker hematitic
alteration
at u/c
-------------------------------------------------------------------
WAT09-045 344.0 212.5 No anomalous radioactivity Moderate
hematitic
at u/c
---------------------------------------------------------------------------
HiLo WAT09-046 293.0 215.8 155.99 156.69 0.7 522 696 No
207.09 207.59 0.5 501 846 signif-
icant
alteration
-------------------------------------------------------------------
WAT09-047 323.0 218.6 No anomalous radioactivity Altered
above
and below
u/c
-------------------------------------------------------------------
WAT09-048 426.0 222.6 No anomalous radioactivity 212-217m:
Altered /
friable
sandstone
-------------------------------------------------------------------
WAT09-049 314.0 220.8 No anomalous radioactivity Strong
bleaching
at u/c
---------------------------------------------------------------------------
Disco WAT09-050 337.0 226.0 No anomalous radioactivity 226-233m:
Bay Strong
West bleaching.
---------------------------------------------------------------------------

(i) All depths measurements in meters
u/c equals Athabasca / Basement unconformity (downhole depth)


Fission Energy will continue to remain active at Waterbury Lake. Drilling is continuing and is expected to be completed shortly. SJ Geophysics Ltd. has been contracted to complete a 3D Induced Polarization/Resistivity and Magnetics survey on a minimum of 3 grids on the western and southern areas of the property. This survey has shown a good correlation with identifying areas of hydrothermal alteration associated with several mineralized deposits in the vicinity, including the Midwest Deposit, the Midwest "A" deposit, and the Roughrider Zone. Planning is underway for a summer drill program to test targets that are generated by the on-going geophysics programs as well as follow-up target areas tested by the 2009 winter program.

Fission is the operator of the Waterbury Lake Project.

The Waterbury Consortium has budgeted C$4.0 million for exploration in 2009.

To view accompanying map please click on the following link: http://media3.marketwire.com/docs/FIS0317.pdf

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 (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.

We seek Safe Harbor.

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 to 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

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