Fission Energy Corporation 2009 Winter Exploration Program Identifies Two New High Priority Target Areas at Waterbury by 24hgold

Re: News Releases - Tuesday, March 17, 2009
Title: Fission's 2009 Winter Exploration Program Identifies Two New High Priority Target Areas at Waterbury Lake

FISSION ENERGY CORP. ("Fission" or the "Company") 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

Click to enlarge

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.

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 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"
Ross McElroy, President & COO

Investors Relations
Craig Christy/Bob Hemmerling
TF: 877.868.8140
info@fission-energy.com
www.fission-energy.com

Copyright � 2009 FISSION ENERGY CORP. (FIS) All rights reserved. For more information visit our website at http://www.fission-energy.com/ or send email to info@fission-energy.com ..
Message sent on Tue Mar 17, 2009 at 9:32:35 AM Pacific Time

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