Fission Commences 2,000m Drill Program at Dieter Lake Uranium Property, Quebec

KELOWNA, BRITISH COLUMBIA -- (Marketwire) -- 08/18/11 -- FISSION ENERGY CORP. ('Fission' or 'the Company') (TSX VENTURE: FIS)(OTCQX: FSSIF) is pleased to announce that a C$1.2 Million, 2,000m summer drill program has commenced at its 100% owned Dieter Lake Property in northern Quebec. The drill program plans to test an area east of Vivian Lake, where historical drilling yielded consistent, and relatively high-grade intercepts, ranging from approximately 400 to 3,700 ppm U3O8, over thicknesses of 0.5 to 2.6 m. Twelve (12) vertical drill hole locations, with spacing at 25-50m collars have been identified to expand the resource along strike. In addition to the planned drilling, relogging and resampling of significant historic drill holes, and detailed ground magnetic surveys over the deposit area will be carried out.

The overall aim of the drill program is to establish continuity and expand mineralization where higher grades and thickness were reported, gain a greater understanding of the deposit with the intent of building a more predictive geological model, and determining the dominant mineral deposit type.

Dieter Lake Uranium Property

In 2011, an additional 15,610 ha of new ground was staked at Dieter Lake, allowing Fission to control 88% of the Gayot Lake Outlier Basin, as well as the margin areas surrounding the basin. The project area, located approximately 150 km north of Hydro-Quebec Reservoir LG-4, is accessible by helicopter or fixed wing aircraft. In the late 1970's and early 1980's, Uranerz Exploration and Mining (Germany) conducted significant exploration including: mapping and sampling programs, followed by airborne and ground geophysical surveys, and exploration drilling. More than 145 drill holes identified four main areas of mineralization from west to east.

The Gayot Lake Outlier Basin is a lower proterozoic age sandstone basin of the Sakami Formation. It measures approximately 52 km east-west, by 12 km north-south, and wholly contains the Dieter Lake uranium deposit. Suggested deposit types for the uranium mineralization at Dieter Lake have included unconformity-type, black shale type, and syngenetic stratabound. Uranium mineralization at the property is in the form of fine-grained, sooty pitchblende within a shale-wacke horizon of the Sakami Formation.

In 2005, Davis and Guo completed a NI 43-101 technical report that estimated an Inferred resource of 19,312,816 tonnes at an average grade of 0.057% U308 for a total of 24,424,306 pounds.

The Dieter Lake NI 43-101 technical report and a new map showing the proposed drill hole collar location can be viewed on the Company's website: http://www.fission-energy.com/s/DieterLake.asp

Samples will be submitted to SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited Facility) of Saskatoon for analysis, which include a 63 element ICP-OES, uranium by fluorimetry (partial digestion). Assays will be reported when available.

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