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Fission/ESO Patterson Lake South JV Reports High Grade Boulders Up to 39.6% U3O8

KELOWNA, BRITISH COLUMBIA--(Marketwire - July 27, 2011) - Fission Energy Corp (TSX VENTURE:FIS - News; OTCQX:FSSIF) ("Fission" or "the Company"), and its 50% Joint Venture (JV) partner, ESO Uranium Corp.(TSX VENTURE:ESO - News), announce results from its boulder prospecting and radon survey program. A total of seventy-four (74) boulder and mineralized soil samples were submitted for assay with the boulders ranging in size from gravel material to mineralized cobbles and boulders up to 45 X 35 X 30 cm.Highlights of the results are as follows:

-- Twenty-five (25) high grade boulders with grades over 10% U3O8
are reported with highest grade assaying at 39.6 % U3O8 from a
cobble 5 X 4 X 4 cm. The largest boulder sampled assayed 25.7% U3O8
and was greater than 40 cm in its longest dimension from a
partially recovered block at depth of 90 cm.
-- Twenty-three (23) boulders assayed between 1.0% U3O8 to 10%

A complete summary of the uranium assays, boulder sizes and sample depths and a location map can be found on the Company's website: http://www.fission-energy.com/s/PattersonLakeSouth.aspThe uranium boulder field has now been traced for a north-south length of approximately 5km and is up to 0.9 km wide. This large distribution of mineralized boulders may represent debris from more than one mineralized source from the up-ice direction. Analysis of previous exploration reports from the Cluff Lake mines area suggests an up-ice distance from the uranium boulder field to the former open pit mines of 2-3 kilometers, and that the boulders were transported in an east-northeast direction. The largest boulders in the new discovery are located close to this distance (3 km) on the down-ice direction from the Patterson Conductor Corridor, where conductors identified from historical airborne and ground surveys appear to be disrupted by cross structure(s). Radon anomalies are located both over the boulder field and over a target area near Patterson Lake, also in close proximity to the disruption area in the Conductor Corridor.The composition of the rock types in the boulder train indicates that the source mineralization may be a basement hosted system in an area where the Athabasca sedimentary rocks have been scraped away by ice action. The depth to the basement is expected to be less than 100 meters in the project area. The substantial size of many of the well mineralized boulders, which can be easily crushed to sand and gravel sized material, suggests that the travel distance from source could be comparable to the Cluff Lake Mine area, located 80 km to the north of the Patterson Lake South boulder field discovery.Mr. Paul Ramaekers, P.Geol. and Mr. Roger Thomas, P.Geol., have acted as consultants to the project. With a combined 80 years experience in glacial geology and transport processes, their primary task has been to provide guidance in retracing the ice direction to locate the source of the anomalous boulders. The JV's technical team are reviewing the current data sets in order to plan the next phase of work, which will include ground geophysics focusing on the east-northeast trending conductors as a possible source, trenching within the boulder field, and establishing drill targets for a fall-winter 2011 program.The boulder and soil samples were analysed by SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited Facility) of Saskatoon for analysis, which included a 63 element ICP-OES, uranium by fluorimetry (partial digestion). The partial analysis of uranium is done to make an initial check on the availability of the contained uranium in the sample for extraction by conventional metallurgical technology.The uranium assays should not be averaged to determine the average grade of the boulder field as each sample represents a point sample located with a scintillometer and hand digging to excavate the sample. These samples are surrounded by large amounts of unmineralized material. The area of the boulder field is expected to be very much larger than the source area of the mineralization.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.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.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".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.