Fission Energy Corp.: PLS JV Hits 34m of 4.92% U3O8 in Upper Zone of PLS13-038 Including 12.5m at 12.38%

Sun Mar 24, 2013 11:00pm EDT

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Fission Energy Corp.

March 24, 2013 - 11:00:00 PM

Fission Energy Corp.: PLS JV Hits 34m of 4.92% U3O8 in Upper Zone of PLS13-038
Including 12.5m at 12.38%

KELOWNA, BRITISH COLUMBIA--(Marketwire - March 24, 2013) - FISSION ENERGY
CORP. Fission Energy Corp. ("Fission" or "the Company), and its 50% Joint
Venture partner Alpha Minerals Inc., are pleased to report initial assay
results from the ongoing winter drill program on its Patterson Lake South
(PLS) Property. These assay results are from drill hole PLS13-038, the first
hole drilled on the R390E zone.

Composited drill hole mineralized intersections for PLS13-038 returned two
broad zones of uranium mineralization:

UPPER URANIUM ZONE = 34m (87.0m - 121.0m):



--  34.0m @ 4.92% U3O8; 
--  Including 12.5m @ 12.38% U3O8 
--  Highest assay in the interval: 35.1% U3O8 over 0.5m



LOWER URANIUM ZONE = 17.5m (126.5m - 144.0m)



--  17.5m @ 0.96% U3O8; 
--  Including 5.5m @ 2.07% U3O8



PLS13-038 (see news release Feb. 19, 2013) is part of the R390E zone 385m grid
east of the discovery hole PLS12-022 (see news release December 5, 2012)

Ross McElroy, President, COO, and Chief Geologist for Fission, commented, 

"We are extremely pleased with the recent assay results from PLS13-038. As was
the case with the assay results from R00E, we have once again confirmed the
existence of high-grade uranium mineralization within wide intersections at
shallow depth. That is, two uranium zones along a strike length of 400m. As
the winter program is still ongoing, we will continue to test and delineate
the structure of this uranium system."

Composited U3O8 mineralized intervals are summarized in Table 1 below. Samples
from the drill core are split in half on site. Most samples are standardized
at 0.5m down-hole intervals. One-half of the split sample is sent to the
laboratory for analysis and the other half remains on site for reference. The
results show that the uranium is concentrated primarily in two zones beginning
at relatively shallow depth in basement graphitic metapelitic lithology and
with continuous substantial widths. Uranium concentration is well developed
throughout the mineralized sections with assays being relatively consistent
throughout. In addition, there are several narrower intervals of low grade
uranium mineralization between 165.0m - 181.0m. Not all assay results have
been received for PLS13-038, but the outstanding intervals are not expected to
be anomalous. 



Table 1: Composited Mineralized Intervals (Down-hole measurements)          
----------------------------------------------------------------------------
Zone         Hole ID Grid Line   From (m)     To (m) Interval (m) U3O8 (wt%)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
R390E      PLS13-038      385E      73.50      74.50         1.00       0.08
                                    87.00     121.00        34.00       4.92
                                    94.50     107.00        12.50      12.38
                                   106.00     106.50         0.50      35.10
                                   126.50     144.00        17.50       0.96
                                   133.00     138.50         5.50       2.07
                                   165.00     168.00         3.00       0.09
                                   170.50     171.00         0.50       0.15
                                   174.00     181.00         7.00       0.15
----------------------------------------------------------------------------
Composite Parameters                                                        
1. Minimum Thickness: 0.50m                                                 
2. Grade Cut-Off: 0.05 U3O8 (wt%)                                           
3. Maximum Internal Dilution: 2.00m                                         



Hole PLS13-038 was collared as a vertical hole and was completed at a depth of
221.6m. The collar is located 385m grid east of discovery hole PLS12-022 (8.5m
@ 1.07% U3O8; see news release December 5, 2012). The relevant geological
features of the hole are as follows: At 48.8m depth, a thin (1.9m wide) cap of
probable Devonian Sandstone was encountered which overlies the semi-pelite
gneiss hanging wall that constrains an intercalated package of pelite
graphitic pelite gneiss. Occasional pegmatite injections were observed
throughout the pelite, graphitic pelite, and semi-pelite units. In general,
the strong mineralization is associated with flecks, blebs, clots, and veins
of pitchblende. Of note, wormhole style mineralization was observed for the
first time. Moderate to strong clay, chlorite, and hematite alteration were
observed throughout the mineralization.

Split core samples were submitted to SRC Geoanalytical Laboratories (an SCC
ISO/IEC 17025: 2005 Accredited Facility) of Saskatoon for assay analysis,
which includes a 63 element ICP-OES, uranium by fluorimetry (partial
digestion), and boron. Samples within mineralized intervals and any samples
which return greater than 500ppm U, are assayed for weight % U3O8, as well as
fire assayed for gold. Further assay results will be released when received.

Patterson Lake South Property 

The 31,039 hectare PLS project is a 50%/50% Joint Venture held by Fission
Energy Corp. and Alpha Minerals Inc (AMW). 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.

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 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  

FOR FURTHER INFORMATION PLEASE CONTACT: 
Fission Energy Corp.
Rich Matthews
Investor Relations
877-868-8140
ir@fission-energy.com
www.fission-energy.com




        

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