Fission Energy Corporation Assays Continue to Confirm High Grade Uranium Mineralization at J-Zone by 24hgold

Re: News Release - Wednesday, October 13, 2010
Title: Fission Assays Continue to Confirm High Grade Uranium Mineralization at J-Zone

Western Vertical Step-Out Hole WAT10-103 Intersects 15.5m of 5.55% U₃O₈, Including 2.5m Grading 32.39% U₃O₈

FISSION ENERGY CORP. ("Fission" or the "Company") and its Joint Venture partner, the KEPCO Consortium, announce J-Zone assay results for four previously completed vertical step-out drill holes: WAT10-099, 103-105, in addition to two vertical step-outs at the J-East Zone: WAT10-100 and 102. The Waterbury Lake summer drill program has successfully expanded the J-Zone uranium discovery to ~120m x 50m. Results obtained at J-East warrant further evaluation and follow-up exploration now that mineralization has been traced over a 45m strike length in 3 holes. (WAT10-094A, 100 and 102).

J-Zone

Hole WAT10-103, drilled on Line 075W and collared 10m to the south of WAT10-093A (2m grading 1.12% U₃O₈; see news release dated June 21, 2010), intersected 15.5m of 5.55% U₃O₈ (191.5m-207.0m), including 2.5m grading 32.39% U₃O₈ (193.0m-195.5m). With a grade x thickness (GT) value of 86.0, Hole 103 ranks as the second strongest mineralized hole in the J-Zone to date, after Hole WAT10-071, which is located in the southeast part of the J-Zone. Hole 103 intersected significantly higher grades over much wider widths at the unconformity than previous results on the western part of the J-Zone.

Hole WAT10-099, drilled on Line 045W and collared 10m north of WAT10-079 (7.5m grading 1.89% U₃O₈; see news release dated May 27, 2010), intersected 5.0m grading 2.90% U₃O₈ (195.0-200.0), including 3.0m grading 4.59% U₃O₈ (196.5m-199.5m).

Holes WAT10-104 and 105 are located on the J-Zone's western perimeter. Both holes encountered weak mineralization at the unconformity. Hole 104 was drilled on Line 075W and collared 10m south of hole 103. Hole 105 was drilled on Line 090W, and extended mineralization 15m to the west. Although this hole was found to be only marginally mineralized, it is believed drilling may have missed the main mineralized target evidenced nearby at Hole WAT10-103.

Overall, drilling has confirmed the continuity of high grade uranium mineralization, while extending the mineralized boundary of the J-Zone to the west and north. The J-Zone is now defined by 27 closely spaced drill holes over an area of 120m x 50m, and remains open in all directions.

J-East

The J-East zone is located immediately east of the J-Zone, close to the property boundary. Holes WAT10-100 and 102 both intersected basement uranium mineralization at the J-East zone. The best results were found at Hole WAT10-102, which intersected 8.50m grading 0.38% U₃O₈ (220.00m-228.50m) and 3.5m of 0.67% U₃O₈ (233.00-236.50). Fission believes the J-East Zone is an extension of the Roughrider uranium discovery adjacent to the Company's property boundary. Results to date warrant follow-up drilling.

A summary of the assay results are shown in the accompanying tables below.

Waterbury Lake, Athabasca Basin: J-Zone Assays: Holes WAT10-099; 103-105

Composited Mineralized Intervals (Down-hole measurements)
Zone	Hole ID	From (m)	To (m)	Interval (m)	U₃O₈ (wt%)
J-Zone	WAT10-099	195.00	200.00	5.00	2.90
	WAT10-099	196.50	199.50	3.00	4.59
	WAT10-099	211.00	211.50	0.50	0.35
J-Zone	WAT10-103	191.50	207.00	15.50	5.55
		193.00	195.50	2.50	32.39
		228.50	229.00	0.50	0.83
J-Zone	WAT10-104	196.00	196.50	0.50	0.06
J-Zone	WAT10-105	205.00	207.00	2.00	0.10

All drill intersections at the J-Zone are associated with a broad continuous zone of alteration extending from several meters above the unconformity to >25m below the unconformity, with mineralization occurring within this altered system. All intersections are down-hole, core interval measurements and true thickness is yet to be determined. Given that the mineralization thus far encountered appears to be almost flat-lying, drill intercepts reported herein are approximately true thickness.

Waterbury Lake, Athabasca Basin: J-East Assays: Holes WAT10-100, 102

Composited Mineralized Intervals (Down-hole measurements)
Zone	Hole ID	From (m)	To (m)	Interval (m)	U₃O₈ (wt%)
J-East	WAT10-100	293.50	294.50	1.00	0.07
	WAT10-100	296.00	296.50	0.50	0.07
J-East	WAT10-102	220.00	228.50	8.50	0.38
	WAT10-102	233.00	236.50	3.50	0.67

Composite Parameters
1. Minimum Thickness: 0.50m
2. Grade Cut-off: 0.05 U₃O₈ (wt%)

An updated map of the J-Zone and J-East Zone showing the location of the six drill holes highlighted in this news release, and a table summarizing all assay results to date can be found on the Company's website at http://www.fission-energy.com/s/WaterburyLake.asp. To view a 3D model of the drilling at Waterbury Lake please visit http://www.corebox.net/properties/waterbury_lake/.

Assays are pending on six remaining drill holes: two at the J-Zone: Holes WAT10-109 and 111D; one at the J-East Zone: Hole WAT10-110 and three at Highland: Holes WAT10-107-108 and WAT10-112. Results will be reported when available.

Continued drilling at the J-Zone, in addition to testing at the J-East and Highland Zones, and other high priority targets is planned for a significantly larger exploration program in the forthcoming winter season. Further details will be provided once all data has been collected and analysed.

Split core samples from the mineralized section of core have been 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, platinum and palladium. 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 BOARD

"Ross McElroy"

Ross McElroy, President & COO

Investor Relations
Bob Hemmerling
TF: 1-877-868-8140
info@fission-energy.com
www.fission-energy.com

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