Fission Discovers Uranium Boulder Train With 'Off-Scale' Radioactivity at Patterson Lake South Property

KELOWNA, BRITISH COLUMBIA -- (Marketwire) -- 06/27/11 -- FISSION ENERGY CORP. (TSX VENTURE: FIS)(OTCQX: FSSIF) ('Fission' or 'the Company'), and its 50% Joint Venture partner ESO Uranium Corp. announce that recent field work on their Patterson Lake South Property, located in the south-west margin of Saskatchewan's Athabasca Basin, has resulted in the discovery of a significant 4 km long radioactive boulder train. Of the fifty-four radioactive boulders and hotspots in soils identified to date, twenty-nine or 54% produced 'off-scale' (greater than 9,999 counts per second (cps)) radioactive readings, as measured by hand held Exploranium GR-110G total count gamma-ray scintillometers. Assays are pending. The ongoing field program, which includes a radon survey, soil sampling, and boulder prospecting, currently in progress, will prioritize locating and tracing the source and extent of the boulders. Investigation of radioactive boulder trains has led to the discovery of many uranium deposits in the Athabasca Basin, including the nearby former producing Cluff Lake Mine (greater than 60 million lbs produced).

Observations noted by the Joint Venture team in the field include:

--  Radioactive boulders were located on the first day of the current field
    program, as directed by results of an airborne radiometric survey
    carried out by Special Projects Inc in October 2009 (see news release
    dated April 12, 2010).
--  The more highly mineralized boulders and hotspots included crumbled
    grains of pitchblende/uraninite with associated yellow oxide minerals
    and full sized boulders, over 45 cm (1.47 feet) in their largest exposed
    dimension, containing mineralization.
--  The highly mineralized boulders are soft, friable and easily broken down
    to cover small fragments and are associated, predominantly, with
    basement metasedimentary boulders and suggest a significant bed rock
    source in an area of pre-Athabasca basement rocks, having the potential
    to host high grade mineralization. While there is no certainty that any
    in situ uranium deposits will be discovered on the property, boulder
    mineralization appears to be analogous to the Cluff Lake and Millennium
    deposits.
--  The boulder train is located only 1.5 km west of the all weather
    Provincial Highway 955, which runs north to the former producing Cluff
    Lake Mine.
--  Overall, the project is easily accessible, which will allow for cost-
    efficient exploration for identifying new shallow targets.

Ross McElroy, Fission's President & COO, on behalf of the Patterson Lake South Joint Venture, commented, 'The team is excited by the discovery of this significant boulder train so early in our field program. The number and size of anomalous samples, in addition to the pattern of dispersion, lead us to believe we may be close to the source, well within our claim block.'

A map highlighting the summer 2011 exploration program at Patterson Lake South can be found on the Company's website at http://www.fission-energy.com/s/PattersonLakeSouth.asp.

Patterson Lake South Property

The Patterson Lake South Property is a 50%/50% Joint Venture held with ESO Uranium Corp. (ESO). The project covers 13,233 ha (more than 30,000 acres) in 8 mineral claims on the southwest margin of the Athabasca Basin in the Broach Lake - Patterson Lake area. The Patterson Lake South Property is accessible by road with primary access from all weather Highway 955, which runs north to the former Cluff Lake mine, (greater than 60M lbs of U3O8 produced), and passes through the nearby UEX-Areva Shea Creek discoveries located 50km to the north, currently under active exploration and development. The project is jointly operated by Fission and ESO.

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.

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.

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 on the OTCQX International electronic trading system in the United States under the symbol 'FSSIF'.

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.

Contacts:

Fission Energy Corp.

Bob Hemmerling

Investor Relations

TF: 877-868-8140
info@fission-energy.com
www.fission-energy.com