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Fission Summer Drill Program Successfully Expands J-Zone to Approximately 120m x 50m Remains Open in All Directions; Hole WAT10-111D Identifies More Off-Scale Radioactivity

KELOWNA, BRITISH COLUMBIA--(Marketwire - Sept. 27, 2010) - FISSION ENERGY CORP. (TSX VENTURE:FIS - News; "Fission" or the "Company") and its Partner, the KEPCO Consortium, announce the completion of their Waterbury Lake summer drill program, resulting in the successful expansion of the J-Zone uranium discovery to approx. 120m x 50m. The J-Zone remains open in all directions. An additional nine drill holes have been completed at the J-Zone, J-East Zone, and the Highland Zone, since the last update (see news release dated September 7, 2010). The best hole, WAT10-111D, a vertical step-out collared 15m directly east of Hole WAT10-066 (12m of 3.64% U3O8, including 1.50m grading 27.38% U3O8; see press release dated February 22, 2010) located in the southeast part of the J-Zone, intersected 6.50m of variable radioactivity (209.0m-215.5m) at the unconformity, including 1.60m (209.9-211.5) of "off-scale" (cps greater than 9,999) radioactivity.The program totalled 5,172m in sixteen drill holes. Seven holes were drilled at the J-Zone, three at the J-East Zone, three at the Highland Zone, and three structural holes for geological information purposes. An updated drill hole map and 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.J-Zone SummaryOf the seven holes drilled to extend the J-Zone, six intersected mineralization at the unconformity (WAT10-098A, 099, 103, 105, 109 and 111D), successfully expanding the J-Zone boundary to the north, west, and east. Importantly, the continuity of high grade mineralization between drill holes, as demonstrated by the assay results received for Hole WAT10-098A, and further indicated by the remaining holes (assays pending), have been consistent beyond the boundary established by last winter's drill program. On the west boundary of the J-Zone, hole WAT10-103 intersected much more robust mineralization than was seen previously. Furthermore, hole WAT10-105 extended mineralization a further 15m to the west to line 090W. Although Hole WAT10-105, drilled on the west perimeter, was found to be only marginally mineralized, it is believed drilling may have intersected the edge of the high grade zone, missing the main mineralized target evidenced nearby at Hole WAT10-103. On the east boundary of the J-Zone hole WAT10-111D extended "off-scale" mineralization a further 15m to the east to line 015E. Overall, Fission has now successfully defined the J-Zone over a approx. 120m X 50m area by intersecting high grade uranium mineralization at the unconformity in 27 closely spaced drill holes, most of which were vertically drilled. The success of the J-Zone summer drilling will enable Fission's team to expedite plans for a larger winter delineation and expansion drill program.J-East SummaryJ-East is located approx. 60m to the east of the J-Zone. Of the three drill holes completed this summer (WAT10-100, 102 and 110A) two (100 and 102) intersected mineralization. In conjunction with Hole WAT10-094A completed during the Winter 2010 program, Fission believes the J-East Zone is an extension of the Roughrider Zone located immediately east of the property boundary. Further drilling is planned.Highland SummaryHighland is located approx. 100m to the west of the J-Zone. Three holes (WAT10-107A, 108 and 112) were drilled to follow-up mineralization found in Hole WAT10-092A, drilled last winter. Hole WAT10-108 was drilled on Line 195W and south of WAT10-092A and was weakly mineralized in the basement. Holes 107 and 112 both showed very well developed clay alteration near the unconformity. The Highland area exhibits strong potential for hosting high grade uranium mineralization. Further drilling is planned.Structural and Geologic DrillingHoles WAT10-097, 101B, and 106 were drilled to help define the geology and fault structures believed to play an important role in J-Zone mineralization, and in identifying a wider prospective lithologic corridor to the north of the J-Zone and at the western extent of known mineralization.Hole WAT10-106 intersected the unconformity at a depth of 237.2m. Moderate to locally strong limonite +/- hematite clay alteration is pervasive from 227m to 237m, increasing in intensity near the unconformity. Immediately below the unconformity, the basement rocks consisted of a paragneiss (likely pelitic) to 262.1m. Distinct pelitic gneiss is identified from 275.7m to 378.5m. A quartz-feldspar gneiss was encountered from 378.5m to end of hole (383.0m). This places the hanging wall pelitic sequence 55m further to the north than expected resulting in a significantly wider prospective lithologic corridor than previously modeled. No mineralization was encountered.




Hole Summaries

J-Zone
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(i) Clay
Grid Mineralization Alteration
Hole ID Line Az Dip From - To From - To Unconformity Depth
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WAT10-111D 015E 170 -73.6 209.0m-215.5m 189m-215m 209.90m 284.0m
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WAT10-109 015W 0 -90 195.5m-201.5m 186m-202m 200.00m 302.0m
---------------------------------------------------------------------------
WAT10-105 090W 0 -90 201.0m-208.5m 193m-270m 196.88m 302.0m
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WAT10-104 075W 0 -90 no significant 197m-199m 199.53m 275.0m
mineralization
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J-East
------
Clay
Grid Mineralization Alteration
Hole ID Line Az Dip From - To From - To Unconformity Depth
---------------------------------------------------------------------------
WAT10-110A 135E 0 -90 no significant 197m-203m 199.90m 299.0m
mineralization
---------------------------------------------------------------------------

Highland
--------
Clay
Grid Mineralization Alteration
Hole ID Line Az Dip From - To From - To Unconformity Depth
---------------------------------------------------------------------------
WAT10-108 195W 0 -90 231.0m-236.0m 189m-204m 200.20m 302.0m
---------------------------------------------------------------------------
WAT10-107A 175W 0 -90 no significant 181m-200m 197.95m 287.0m
mineralization
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WAT10-112 210W 125 -55 256.0m-257.0m 238m-248m 247.30m 344.0m
---------------------------------------------------------------------------

Structural and Geologic
-----------------------
Clay
Grid Mineralization Alteration
Hole ID Line Az Dip From - To From - To Unconformity Depth
---------------------------------------------------------------------------
WAT10-106 120W 150 -55 no significant 227m-237m 237.20m 383.0m
mineralization
---------------------------------------------------------------------------
(i) refer to table (Hand Scintillometer for results of anomalous
radioactivity)
All depths are down-hole measurements

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.All holes were 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 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 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.