Fission Energy/Great Bear Uranium Commence Drilling at Duddridge Lake Uranium Project

KELOWNA, BRITISH COLUMBIA, Jan 22 (MARKET WIRE) --
FISSION ENERGY CORP. ("Fission" or "the Company") (TSX VENTURE: FIS) and
its partner Great Bear Uranium Corp. are pleased to announce the
completion of the Phase I exploration program and the commencement of a
1,400m drilling program at their Duddridge Lake Uranium Project in
northern Saskatchewan. Fission is the operator of the project. Great Bear
Uranium Corp. can earn up to a 60% interest in the property by spending
$6 million (CDN) over 6 years.

The Duddridge Lake Project comprises eleven claims totaling approximately
36,274 hectares and is located about 80 km northwest of LaRonge,
Saskatchewan. The property is situated along the eastern margins of the
Wollaston basement domain, which is host to a number of significant
uranium occurrences in the eastern part of the Athabasca Basin,
Saskatchewan, including the 40+ million pound Millennium Deposit
discovered by Cameco Corporation.

A National Instrument 43-101 compliant resource calculation for the
Duddridge Lake uranium deposit identified an inferred mineral resource
(Fraser, 2007) totalling 227,880 tonnes at an average grade of 2.14 lbs
per tonne U3O8 (approx. 487,000 pounds).

The Joint Venture recently completed Phase I exploration activities as
follow-up work on the anomalies defined by an airborne VTEM survey flown
by GeoTech Ltd. of Aurora, Ont. in late 2006. A reconnaissance
orientation soil sample survey and mapping over the higher priority areas
of interest were completed in preparation for a winter drilling program.
A total of 61 soil samples were collected and sent to Loring Laboratories
Ltd. of Calgary, Alberta for a 30 element ICP analysis. Several anomalous
samples were returned including a high value of 119.9 ppm uranium.

A 10 hole drill program totaling 1,400m has been signed with White Bear
Mining Services of Edmonton, Alberta. The program is designed to confirm
existing mineralization, expand the known resource along strike and
identify potential new discoveries of mineralization. Collar locations
have been refined by integrating results from the Phase I exploration
activities. All holes will be drilled at an angle and surveyed at
completion for radioactivity with a Mount Sopris 2PGA-1000 poly-gamma
downhole probe. Drill core will be split and sent to SRC Analytical
Laboratories for analysis. Results will be provided 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. and Vice-President of Exploration 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".

This news release may contain forward-looking statements. Forward-looking
statements address future events and conditions and therefore involve
inherent risks and uncertainties. Actual results may differ materially
from those currently anticipated in such statements.

ON BEHALF OF THE BOARD

DAVID MILLER, President & COO

TSX Venture Exchange has not reviewed and
does not accept responsibility for the adequacy or accuracy of this news
release.

Contacts:
Fission Energy Corp.
Bob Hemmerling
Investors Relations
1-877-868-8140

Fission Energy Corp.
Craig Christy
Investors Relations
1-877-868-8140
Email: info@fission-energy.com
Website: www.fission-energy.com

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