=======================================================================
      Drilling Commences at Fission Energy's Waterbury Lake Uranium
      Project
=======================================================================

FISSION ENERGY CORP.  ("Fission" or the "Company") and its joint
venture partner, the KEPCO Consortium, are pleased to announce the
details of its winter exploration program on the northeast claim of its
Waterbury Lake Uranium Project, located in the eastern part of the
Athabasca Basin, Saskatchewan. The northeast claim borders Hathor
Exploration's Midwest Northeast "Roughrider" uranium discovery, where
ongoing exploration has identified uranium mineralization within 30m of
Fission's property boundary in an area known as Discovery Bay.
 
During the spring and summer of 2008, Fission completed an 8,237m 19
hole drill program in the Discovery Bay area. Fourteen holes defined a
contiguous and broad east-west structurally controlled corridor of
intense hydrothermally altered basement rocks, characterized by
coincident anomalous radioactivity, uranium, and base metal pathfinder
geochemistry. This continuous zone of alteration, now known as the
"Discovery Bay Zone" was encountered directly west of the Roughrider
Zone and has been traced for approximately 100m.  The Discovery Bay
Zone is open to the west and south-west.  Fission's 2009 winter
exploration program will focus primarily on defining and extending the
Discovery Bay Zone.
 
Fission's 2009 winter exploration program began with a ground based
gravity geophysical survey, and will be followed by a 6,500m drilling
program scheduled to begin today, Wednesday, January 14th.
 
On December 1, 2008, MWH Geo-Surveys of Vernon, BC commenced a ground
gravity survey. The survey is being conducted at 100m and 50m spaced
lines over an area >7 km2, that includes the Discovery Bay area
adjacent to Hathor's Roughrider Zone. The gravity survey has identified
a large, continuous east-west trending area of interest more than 3km
in strike length. This trend is locally coincident with a magnetic low
and on the flanks of a large conductive body previously identified in
the 2008 VTEM airborne survey, and represents a high priority area for
follow-up drilling.  The Discovery Bay Zone occurs within this gravity
low. Similarly, Hathor has indicated that the Roughrider Zone occurs
within an area characterised by a gravity low.

Bryson Drilling of Archerwill, Saskatchewan, has been contracted to
complete a 6,500m drill program. A total of 12 to 15 NQ diameter core
holes are planned. Drilling will begin from the lake ice to allow for
better targeting control for delineating the Discovery Bay Zone.
Drilling will also progress to the west and southwest to test for
continuation of the Discovery Bay Zone and other areas of interest
identified by the systematic compilation of geophysical data, including
integration of the current gravity survey.  At completion, each drill
hole will be surveyed downhole for radioactivity with a Mount Sopris
2PGA-1000 Gamma/SP probe.  Drill core will be split and sent to SRC
Geoanalytical Laboratories for analysis. Results will be provided when
available.  

Fission is the operator of the Waterbury Lake Project. A total of C$4.0
million has been budgeted for exploration in 2009, which is fully
funded by the KEPCO consortium as part of their earn-in agreement.

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

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

THE  TSX VENTURE  EXCHANGE  HAS  NOT  REVIEWED  AND  DOES  NOT  ACCEPT
RESPONSIBILITY FOR  THE  ADEQUACY  OR  ACCURACY OF  THIS  NEWS
RELEASE.

=======================================================================
Copyright (c) 2009 FISSION ENERGY CORP. (FIS)  All rights reserved.
For more information visit our website at
http://www.fission-energy.com/ or send mailto:info@fission-energy.com
=======================================================================
.
<