Fission Expands J Zone to 203m; Mineralization Extended at New PKB Discovery West of Highland

KELOWNA, Feb. 22, 2011 - Fission Energy Corp. (TSX VENTURE: FIS) ("Fission" or the "Company") and its Limited Partner, the Korea Waterbury Uranium Limited Partnership ("the Waterbury Consortium"), announce that recently completed vertical step-out drilling at its Waterbury Lake project in the Athabasca Basin, has expanded the J Zone uranium discovery at its eastern and western margin, in addition to identifying more unconformity related mineralization at the newly named PKB Zone within the Discovery Bay Corridor, 338m to the west of the currently defined J Zone boundary. Fission has now successfully increased the east-west mineralized strike length of the J Zone from ~120m to ~203m or by 69% since drilling resumed in January. Since the Company's last update on February 7th, fifteen new drill holes, WAT11-132 to 146 have been completed; ten on the J Zone and five on the PKB discovery. Drilling is continuing with three rigs.


J Zone

Of the ten holes recently completed to extend the J Zone to the west, seven were mineralized; three intersected mineralization at the unconformity (WAT11-132, 137B and 140), three at the unconformity and in the basement (WAT11-142A, 145 and 146) and one in the basement only (WAT11-143). While the latest drill results continue to demonstrate expansion of the J Zone east-west strike length, vertical step-out holes WAT11-137B and 146 have identified wider intervals of variable and "off-scale" radioactive mineralization to the west on L135W, confirming that the J Zone is widening laterally to the west. Three holes did not encounter mineralization (Hole WAT11-134,136 and 138E). Fission has now successfully defined the J Zone over an ~203m x up to 50m area by intersecting high grade uranium mineralization primarily at the unconformity in 40 closely spaced drill holes, most of which were vertically drilled. The J Zone continues to remain open laterally in all directions.

- Hole WAT11-146, a 75m vertical step-out from Hole WAT11-103 (15.5m of 5.55% U3O8, including 2.5m grading 32.39% U3O8) intersected 14m of well developed mineralization at the unconformity (192.5m-206.5m), including 0.50m of "off-scale" (cps>9999) radioactivity.

- Hole WAT11-137B, collared 27m grid west of hole WAT11-117A intersected 12m of well developed mineralization at the unconformity (188.5m-200.5m), including 0.30m of "off-scale" (cps>9999) radioactivity.

- Hole WAT11-143, a 90m vertical step-out from Hole WAT10-103, intersected 14m of variable to moderate radioactive mineralization with a maximum of cps peak of 2700.

- Hole WAT11-132 collared 15m east of Hole WAT10-111D (6m grading 4.45% U3O8, including 3m of 8.54% U3O8), identified 6.5m of variable radioactivity ranging up to 8,000 cps.


J Zone
* Mineralization (>300 cps / 1m minimum) Clay Alteration Unconformity Total
Hole ID Grid Line Az Dip From - To (m ) Width (m ) CPS Max Peak From - To (m ) Depth (m ) Depth (m)
WAT11-132 030E 323 -81 203.0 - 209.5 6.5 <300 - 8000 193 - 218 202.8 290
WAT11-134 135W 0 -90 no significant
mineralization 185 - 205 204.9 290
WAT11-136 030E 328 -79 no significant
mineralization 185 - 223 200.4 332
WAT11-137B 135W 0 -90 188.5 - 200.5 12.0 <300 - >9999 187 - 212 193.9 317
WAT11-138E 030E 325 -85 no significant
mineralization 189 - 205 204.7 290
WAT11-140 135W 0 -90 192.0 - 194.0 2.0 330 - 7800 189 - 196 193.1 302
WAT11-142A 090SW 0 -90 194.5 - 200.5 6.0 <300 - 3200 171 - 210 199.8 299
217.5 - 218.0 0.5 400 - >9999
WAT11-143 165W 0 -90 212.0 - 226.0 14.0 <300 - 2700 184 - 203 200.0 302
WAT11-145 120W 0 -90 196.0 - 212.5 16.5 300 - 2800 187 - 222 197.0 311
217.5 - 220.0 16.5 312 - 1344
WAT11-146 150W 0 -90 192.5 - 206.5 14.0 300 - >9999 185 - 214 196.0 293
209.5 - 213.0 3.5 280 - 3000 252 - 263

*Refer to table (hand Scint for results of anomalous radioactivity)
All depths are down-hole measurements

Given that the mineralization encountered in the J Zone appears to be almost flat-lying, drill intercepts from vertical collared holes reported herein are approximately true thickness.


PKB Discovery

Discovery hole WAT11-122 was drilled 338m west of the J Zone and approximately 268m west of Highland (See news release dated February 1, 2011). Four additional drill holes (WAT11-133,139,141 to the north and WAT11-135 to the south) have since been completed on Line 435W at 10m spacing, showing the lateral extent of unconformity mineralization over 40m north-south of the new discovery, named the "PKB Discovery". One additional hole, WAT11-144 was collared 15m west of discovery hole WAT11-122. Four of the five holes intersected significant anomalous radioactivity. While hole WAT11-135 to the south did not encounter mineralization, an approximate 9m downdrop to the unconformity was identified, thus localizing an important basement reactivitated fault that may be associated with the mineralization.

The PKB Discovery may represent a new and significant unconformity style uranium occurrence located within the prospective East-West structural Corridor. Additional drilling will be required to further evaluate this discovery, which remains open to the north, west, and east.

- Hole WAT11-133, located 10m grid north of Discovery hole WAT11-122 identified variable intermittent radioactive mineralized sections (up to 3.5m wide) over a 26.5m (191.0m-217.5m) interval, with a maximum cps peak of 7600 over 0.50m (208.5m-209.0m).

- Hole WAT11-144, a vertical step-out hole collared 15m west of Discovery hole WAT11-122, identified 5.5m of anomalous radioactive mineralization (210.0m-215.0m) with a maximum cps peak of 5100 over 0.50m (214.0m-214.5m).

* Mineralization (>300 cps / 1m minimum) Clay Alteration Unconformity Total
Hole ID Grid Line Az Dip From - To (m ) Width (m ) CPS Max Peak From - To (m ) Depth (m ) Depth (m )
WAT11-133 435W 0 -90 196.5 - 202.5 6.0 <300 - 1800 184 - 204 202.3 305
208.5 - 209.5 1.0 470 - 7600
213.5 - 217.5 4.0 <300 - 2100
WAT11-135 435W 0 -90 no significant
mineralization 205 - 215 209.3 299
WAT11-139 435W 0 -90 206.5 - 207.5 1.0 1700 - 2400 191 - 203 201.1 299
WAT11-141 435W 0 -90 189.8 - 196.8 7.0 <300 - 1250 181 - 200 199.9 323
209.0 - 210.5 1.5 1043 - 2422
WAT11-144 450W 0 -90 210.0 - 215.5 5.5 360 - 5100 197 - 226 203.8 302

*Refer to table (hand Scint for results of anomalous radioactivity)
All depths are down-hole measurements

An updated drill hole map and a table summarizing Drill Core Hand-Held Scintillometer Readings can be found on the Company's website at http://www.fission-energy.com/s/WaterburyLake.asp

All holes will be radiometrically surveyed with a Mount Sopris 2GHF Triple Gamma probe. The triple gamma probe uses both a Na-I scintillation crystal and a ZP1320 High-Flux Geiger-Mueller tube pair, which allows better resolution in strongly radiometric intervals.

Natural gamma radiation in drill core that is reported in this news release was measured in counts per second (cps) using a hand held Exploranium GR-110G total count gamma-ray scintillometer. The reader is cautioned that scintillometer readings are not directly or uniformly related to uranium grades of the rock sample measured, and should be used only as a preliminary indication of the presence of radioactive materials. All intersections are down-hole, core interval measurements and true thickness is yet to be determined.

Split core samples from the mineralized section of core will be 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. 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 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
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.



Contact Information

Fission Energy Corp.
Bob Hemmerling
Investor Relations
TF: 877-868-8140
info@fission-energy.com
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