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FISSION ENERGY CORP.
("Fission" or the "Company") and its Limited Partner
Korea Waterbury Uranium Limited Partnership ("the Waterbury
Consortium"),are pleased to announce their largest winter exploration
program, including 22,000m of drilling with three drills, at the flagship
40,256 ha Waterbury Lake uranium project, located in the eastern part of the
Athabasca Basin. Primary focus will be to build on the success of the J-Zone
unconformity high grade uranium discovery made in 2010, in addition to
continued drilling at the nearby J-East and Highland targets. The J-Zone high
grade uranium discovery currently comprises an area 120m X 50m wide as
defined by 28 closely spaced drill holes, most of which were vertically
drilled, and is open laterally in all directions.
In addition, exploration drilling is planned at newly identified high
priority targets to the west of the J-Zone along the prospective 3 km long
Discovery Bay East-West Corridor, and at Oban, which parallels the Discovery
Bay Corridor 3 km to the north, and exhibits a similar east-west trending
magnetic low region with strong electromagnetic conductors. Geophysical work
will be initiated at the highly prospective Murphy Lake and Glen areas,
located on the northwest part of the property. Previous drilling by Areva
(formerly Cogema) and later by Strathmore Minerals (now Fission) identified
anomalous uranium values at the unconformity (including hole H-34 with 246
ppm Uranium over 1.5m and hole WAT06-06 with 53 ppm Uranium over 5.0m) within
a 10 km strike length characterized by low magnetic and high conductivity
signatures, and discrete EM conductors. The planned geophysical work should
provide enhanced resolution of this corridor and will lead to the selection
of new drill targets.
Crews and equipment are being mobilized and the program will be underway
shortly. The following summary outlines the winter 2011 exploration program:
- C $7.9 million budget
approved by the Limited Partnership.
- Utilizing three drill
rigs, sixty-five (65) drill holes totalling an estimated 22,000m are
planned. Forty-Four (44) holes are planned at the J-Zone high grade uranium
discovery, in addition to four (4) holes at J-East and three (3) holes
at the Highland targets.
- Fourteen (14) drill holes
are planned on other targets along the East-West Corridor and at Oban
located 1.5 km north of Discovery Bay.
- Time Domain
Electromagnetic (TDEM) ground geophysics surveys will continue at
Discovery Bay and Oban to identify additional drill targets
- Geophysical work
including TDEM and Induced Polarization (IP) surveys will commence at
Murphy-Glen Lake located on the northwest part of the property.
- The Korean Institute
of Geoscience and Mineral Resources (KIGAM), respected for their
expertise in IP and tomography imaging, will provide downhole IP
tomography support services.
Fission
is the Operator of the program, which is expected to be completed by early
mid- April. Results will be announced when available. An updated map
highlighting the planned winter 2011 program can be found on the Company's
website at http://www.fission-energy.com/s/WaterburyLake.asp.
Fission Energy and the Waterbury Consortium have budgeted C$30 million for
exploration at Waterbury Lake over a three year period from 2010-2012.
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 Waterbury Uranium Limited Partnership ("Waterbury
Consortium") is a consortium primarily comprised of Korean-based
companies. The Consortium is led by Korea Electric Power (KEPCO). Other
participating companies include: Korea Hydro & Nuclear Power, Korea
Nuclear Fuel Co., Hanwha Corp. and Gravis Capital Corp., a private Canadian
uranium investment company.
Fission Energy and the Korea Waterbury Uranium Limited
Partnership are both 50% limited partners under the Waterbury Lake
Uranium Limited Partnership.
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)
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: 877-868-8140
info@fission-energy.com
www.fission-energy.com
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