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Fission Discovers New Mineralization Near the Unconformity 1.3 km West of the J Zone

KELOWNA, BRITISH COLUMBIA--(Marketwire - March 1, 2011) - FISSION ENERGY CORP. (TSX VENTURE:FIS - News; "Fission" or the "Company") and its Limited Partner, the Korea Waterbury Uranium Limited Partnership ("the Waterbury Consortium"), announce that further exploration drilling at its Waterbury Lake project in the Athabasca Basin has identified new mineralization 1.3 km west of the J Zone uranium discovery, within the Discovery Bay Corridor. Hole WAT11-153A, intersected 3m of of anomalous radioactive mineralization within a 6m interval (267.5m-273.5m), directly below the unconformity with a maximum peak of 2100 cps in moderate hematite/chlorite clay alteration. More importantly, Hole WAT11-153A was drilled along the same continuous Discovery Bay Corridor conductor axis that runs adjacent to the J Zone. This promising new exploration target, which is aligned to the west of Talisker (Hole WAT09-044; see press release dated March 17, 2009) and the newly announced PKB discovery (Holes WAT11-122,133,144; see press release dated February 22, 2011), reinforces the potential for multiple mineral occurrences along the Discovery Bay Corridor, which extends for approximately 3 km to the west from the Fission/Hathor property boundary. Two additional exploration drill holes WAT11-147 and 150, collared 700m and 600m west of the J Zone respectively, did not intersect mineralization, but identified well developed alteration over significant widths.Discovery Bay CorridorThe Discovery Bay Corridor is a broad continuous east-west trending lithological and structurally controlled corridor that hosts the J Zone uranium discovery, in addition to Fission's Highland, PKB and Talisker mineralized discoveries to the west, and Hathor's Roughrider discoveries to the east. Earlier magnetic geophysical surveys, which confirmed the Corridor's approx.3 km long strike length, was recently followed-up this winter with a ground-based Time Domain Electromagnetic (TDEM) geophysics survey which further defined a 2.25 km long significant parallel east-west conductor within the prospective corridor. Results of this survey identified high priority targets for new exploration drilling. Since drilling resumed in mid-January, two drill rigs were assigned to further delineate the J Zone uranium discovery, while the third drill rig began testing these new regional exploration targets within the Discovery Bay Corridor, to the west of the J Zone. Hole WAT11-153A represents the fourth new target discovery with mineralization at or near the unconformity, trending west from the J Zone: the others being the Highland, PKB and Talisker target discoveries, respectively. While limited drilling has been completed on the four target discoveries to date, the 1.5 km distance between the Fission/Hathor property boundary and Hole 153A provides evidence of the presence of a large east-west oriented system containing mineralization at or near the unconformity. Further exploration of these multiple targets to provide sufficient data for evaluating the potential, extent, and strength of mineralization, in addition to determining the geologic controls on mineralization will require detailed planning and execution in the months ahead. Exploration drilling in the Discovery Bay Corridor is continuing, prior to the drill being relocated to the Oban target, 4km north of the J Zone. In addition, drilling is continuing to delineate the J Zone with the other two rigs.Drill Hole SummariesHole WAT11-153A: An angled step-out drill hole collared approx. 1.3km west of the J Zone, along the Discovery Bay conductor. Mineralization intersected directly below the unconformity (264.2m) over a 6m anomalous interval with a maximum cps peak of 2100; characterized by well developed faulting with intervals of strongly broken core, strong limonite and clay alteration in sandstone from 242m to the unconformity.Hole WAT11-147: An angled step-out drill hole collared approx. 700m west of the J Zone, along the Discovery Bay conductor. Although no mineralization was intersected, the hole had moderate to strongly broken core and associated limonite alteration in sandstone immediately above u/c (217.5m) from 209m to 220m. Basement rocks are pelitic gneiss to semi-pelitic gneiss from unconformity to EOH.Hole WAT11-150: A vertical step-out drill hole located approx. 600m west of the J Zone along the Discovery Bay conductor. Although no mineralization was intersected, it is significant to note that well developed alteration from 184m - 219m down-hole associated with broken core, and moderate to strong clay alteration was identified.Discovery Bay Corridor Holes WAT153A, 147, 150




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(i) Mineralization
(greater than 300
cps / 1m minimum) Clay
----------------------- Alter- Uncon-
CPS ation formity Total
Grid From-To Width Max From-To Depth Depth
Hole ID Line Az Dip (m) (m) Peak (m) (m) (m)
--------------------------------------------------------------------------
no
signi-
ficant
WAT11- minerali-
147 0855W 195 -70 zation 209-220 217.5 296
--------------------------------------------------------------------------
no
signi-
ficant
WAT11- minerali-
150 0765W 0 -90 zation 184-219 200.2 299
--------------------------------------------------------------------------
less
than
WAT11- 267.5- 300-
153A 1450W 195 -55 273.5 6.0 2100 242-264 264.2 331.74
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(i)Refer to table (hand Scint for results of anomalous radioactivity)
All depths are down-hole measurements

An updated drill hole map defining the location of the J Zone, and highlighting the Highland, PKB, Talisker and Hole WAT153A target discoveries, in addition to a table summarizing Drill Core Hand-Held Scintillometer Readings can be found on the Company's website at http://www.fission-energy.com/s/WaterburyLake.asp.All holes will be radiometrically surveyed with a Mount Sopris 2GHF Triple Gamma probe. The triple gamma probe uses both a Na-I scintillation crystal and a ZP1320 High-Flux Geiger-Mueller tube pair, which allows better resolution in strongly radiometric intervals.Natural gamma radiation in drill core that is reported in this news release was measured in counts per second (cps) using a hand held Exploranium GR-110G total count gamma-ray scintillometer. The reader is cautioned that scintillometer readings are not directly or uniformly related to uranium grades of the rock sample measured, and should be used only as a preliminary indication of the presence of radioactive materials. All intersections are down-hole, core interval measurements and true thickness is yet to be determined.Split core samples from the mineralized section of core will be 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 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. FISSION ENERGY CORP. Common Shares are listed on the TSX Venture Exchange under the symbol "FIS".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 and the Korea Waterbury Uranium Limited Partnership are both 50% limited partners under 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 BOARDRoss McElroy, President & COONeither 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.