Fission to Resume Drilling Near PLS High Grade Uranium Boulder Field

KELOWNA, BRITISH COLUMBIA -- (Marketwire) -- 10/09/12 -- Fission Energy Corp. (TSX VENTURE: FIS)(OTCQX: FSSIF) ("Fission or "the Company") and its 50% Joint Venture (JV) partner ESO Uranium Corp., are pleased to announce that an 8-hole, 1,600m core drilling program concurrent with 12-holes, totaling 1,440m of dual rotary (DR) drilling, at the PLS Property, located in the southwest part of Saskatchewan's Athabasca Basin will commence in early October. The core drilling program will focus on the partially tested PL-3B EM Conductor, in addition to a series of untested parallel east-northeast trending EM conductors, which lie approximately 3.0 km to the east of the high grade uranium boulder field, where multiple boulder assays as high as 39.6% U3O8 were discovered last year. The planned DR drilling will test for overburden characterization, to help further define new key exploration targets in the vicinity of the boulder field. The drill rods used for this DR work are large enough to permit gamma spectrometer surveying of the drill holes through the wall of the rods. This will allow the source of anomalous radioactivity encountered in the drill holes to be identified, and a distinction between thorium, potassium and uranium sources in the till sheet (glacial overburden) will be made.

Previous drilling completed earlier this year along the PL-3B EM Conductor intersected strong alteration below the unconformity and continuous wide intervals of anomalous low grade uranium basement mineralization, as well as associated boron, cobalt, nickel, molybdenum and lead over 823m of strike (see press release dated July 24th, 2012). Analysis of these results has provided further evidence supporting Fission and ESO's belief that a large uranium-rich alteration system may be present in this largely unexplored ground, which hosts favourable targets near the high grade uranium boulder field. Hardrock Diamond Drilling Ltd. has been contracted to complete the core drill program, and J.R. Drilling Ltd. has been contracted to complete the DR drill program, both of which are expected to conclude by the end of November.

Geophysical programs are planned for the contiguous block of ground staked in late 2011 as south and southeast extensions of the original PLS JV property. The 8,170 hectare block covers the southwest extensions of the Derkson Conductor Corridor which compares favourably to the geology of the nearby Patterson Conductor Corridor southwest extensions. A 5,787 line-km airborne high resolution magnetic and radiometric survey (the same type of survey which led to the discovery of the high grade boulder field on the PLS Property), in addition to 12 line-km of Time Domain EM ground geophysics (TDEM) and 24.6 line-km of DC Resistivity ground geophysics, are planned for completion.

Each drill hole is surveyed downhole for radioactivity with a Mount Sopris 2PGA-1000 Gamma/SP probe. Samples have been 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). Results will be provided when available.

The PLS exploration project is a 50%/50% Joint Venture held by Fission Energy Corp. and ESO Uranium Corp. (ESO). Fission is the Operator. PLS 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. An updated map highlighting the core and dual rotary drilling programs planned for PLS can be found on the Company's website at http://www.fission-energy.com/s/pattersonlakesouth.asp.

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.

Rich Matthews

Investor Relations

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