Its project is located within 4km of over 62

million pounds of U3O8. Two of the three drill holes that were reported yesterday have high and off-scale scintillometer

readings. This includes hole -66 where a 4m long zone of strongly radioactive material was intersected at the unconformity.

All intercepts from the four radioactive holes drilled to date remain wide open in all directions.

Fission appears to be adding the third dimension to what may become a high grade uranium discovery (assays pending).

Hole -66 hosts a slightly deeper zone of elevated radioactivity in the basement rocks that appears to correlate well with the

extensive high radioactivity that was reported from hole -63 two weeks ago. These two holes seem to define a potential

zone stretching for 15m along a north-south direction - or what we would expect to be the width direction of a potential

zone. We view this continuity as a positive, even at this early stage of exploration. Presence of unconformity and basement

hosted radioactive units suggest the possibility of stacked uranium mineralization, although more work is required.

This $26 million market cap stock is up 161% since the first highly radioactive counts were reported two weeks ago, and

following a 25% correction yesterday after counts from holes -64, -65 and -66 were announced. These positive results

seemingly did not live up to investor expectations and we were a little surprised by this strong market reaction. While

radioactivity from these three holes doesn't appear to be as extensive as that found in hole -63, they aren't necessarily

reflective of upside potential. We believe that investors must be patient and give this drill program more time to run its

course for two reasons: 1) unconformity style uranium deposits are highly variable over short distances, and 2) drilling has

yet to extend along strike. Hathor's (HAT-V: C$1.77, BUY, C$4.00 target) Roughrider deposit serves as perfect example.

First off, variability must be overcome with a larger sample population. Roughrider uranium resources are subject to

extreme variability as 56% of its pounds are hosted within just 10% of the tonnes. Delineation of high grade lenses within

the deposit is the key to success. Individual intercepts are as high as 18% U3O8 over 13m but the deposit averages just

under 3% overall. Holes drilled a mere 7.5m apart have reported very different results. We emphasize the need for sufficient

drill hole population and adequate drill hole density is required when exploring for unconformity style deposits.

Secondly, the trend is your friend. We interpret the potential Fission mineralization to be the western extension of

Roughrider. The Fission holes lie 140m west of the 110m long Roughrider deposit, that lies 200m west of Hathor's hole -

170 (12.7% over 28m). This represents potential mineralization over a combined 450m of strike thus far. We also highlight

that this trend transverses the Waterbury JV property for up to 3km to the west of Fission's current drilling and this is

coincident with a resistivity low geophysical anomaly. While recent holes correlating well with each other in a N-S direction,

additions along width would likely be limited in extent - Roughrider can be as narrow as 30-40m in places. Drilling should

provide for a better chance of a meaningful expansion as drills begin systematic step outs along strike.

The press release provided elevated scintillometer readings that correspond with what appears to be the black uranium

mineral pitchblende. We caution investors not to link scintillometer readings directly to uranium grades, but only as an

indicator that radioactive minerals are present. Until assays confirm our suspicions, we can only speculate that elevated

radioactivity indicates the presence of U3O8. Until then we will continue to use the term "potential" - but we are optimistic.

(Table 1, Figure 1, Photo 1). Alteration

persists for over 57m including 24m of intense clay alteration above the unconformity. A wide zone was reported for

25.5m from 203.0 to 228.5m core depth, with high and off-scale counts located between 203.5 and 207.5m.

A zone of elevated radioactivity is

reported for 20m from 203.0 to 223.0m core depth, with high and off-scale counts located between 203.5 to 205m.

This radioactivity stretched from 211.5 to 222.5m core depth,

with a stronger 1m wide anomaly located at 211.5m depth.

Holes -64 to -

66 are sampled and likely on route to the lab as well. Hole -67 has been completed and was drilled from the same setup

at holes -65 and -66. Drilling of hole -68 is almost done. It is testing the zone along the same section, located just to

the north of holes -65 to -67. A total of 20 holes for 7,500m are planned.

to access our initial Fission Energy note from January 26, 2010.

Fission Energy Corporation February 9, 2010