|
FISSION
ENERGY CORP. ("Fission" or the "Company") (TSX
VENTURE:FIS)(OTCQX:FSSIF) and its Limited Partner, the Korea Waterbury
Uranium Limited Partnership ("the Waterbury Consortium"), are
pleased to announce that a $3.6 million summer exploration program, including
7,400m of drilling with two drills, at its flagship 40,256 ha Waterbury Lake
uranium project, located in the eastern part of the Athabasca Basin, will
commence by mid-June. Last winter's drill program confirmed the presence of
multiple mineralized occurrences along a 1.5km east-west trend within the
Discovery Bay Corridor. To date, five areas of uranium mineralization have
been identified within the Corridor; the largest being the J Zone high grade
uranium occurrence, which was successfully expanded to an east-west strike
length of 370m and remains open laterally in all directions.
The primary focus of this summer's program will be to continue delineating
the J Zone's high grade unconformity mineralization, in addition to the newly
discovered basement mineralization found in the western part of the J Zone,
extending west to the PKB area (see press release dated April 27th, 2011). A
second drill will target uranium discoveries made in the vicinity of Hole
WAT11-153, further to the west, and continue testing the prospective Oban
area to the north. New regional targets at the highly prospective Murphy Lake
area, located in the northwest part of the property, which were identified
from last winter's geophysical surveys, will also be drill tested. Finally,
ground geophysical programs, including an 83 line-km IP survey and a 47
line-km MLTDEM survey will be completed in the Oban North and Chiva areas.
The following summary outlines Fission's summer's 2011 exploration program:
-- C $3.6 million budget approved by the Limited Partnership. -- Utilizing two drill rigs, twenty-one (21) drill holes totalling an estimated 7,400m are planned. Twelve (12) holes are planned at the J Zone high grade uranium discovery and the PKB extension to the west, and three (3) holes will be drilled in the vicinity of Hole WAT11-153A, the mineralized discovery farthest to the west of the J Zone. -- Three (3) drill holes are planned at Oban, located 4.0 km north of the J Zone, in addition to (3) drill holes at Murphy Lake, in the northwest part of the property. -- Geophysical work including Time Domain Electromagnetic (TDEM) and Induced Polarization (IP) surveys will commence at the Oban North and Chiva areas.
Fission is the Operator of the
program, which is expected to be completed by late August. Results will be
announced when available. An updated map highlighting the summer 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", and
trade on the OTCQX International electronic trading system in the United
States under the symbol "FSSIF".
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 owns 60% and the Korea Waterbury Uranium Limited Partnership
owns 40% of 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, President & COO
Neither 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.
|