Specializing in the strategic acquisition, exploration and development of uranium properties and is headquartered in Kelowna, British Columbia

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October 16, 2012
Fission Drills 16.5m Grading 1.07% U3O8 Including 1.5m of 8.24% U3O8 at J Zone
Fission Energy Corp. ("Fission or "the Company") and its Limited Partner, the Korea Waterbury Uranium Limited Partnership ("the Waterbury Consortium") are pleased to report the final results for the 2012 summer drill program at the J Zone, Waterbury Lake. Fifteen holes intersected mineralization returning assay grades >0.05% U3O8, which is the cut-off grade used in its NI 43-101 current resource estimate.

Holes WAT12-312, 316, and 319 completed on three separate lines within Area "B" returned the best assay results:
  • Hole WAT12-312 (Line 420W) intersected 16.5m (203.5m-220.0m) grading 1.07% U3O8, including 1.5m of 8.24% U3O8
  • Hole WAT12-316 (Line 315W) intersected 5.5m (201.0m-206.5m) grading 2.88% U3O8, including 1.0m of 14.82% U3O8
  • Hole WAT12-319 (Line 360W) intersected 5.0m (205.5m-210.5m) grading 0.99% U3O8, including 1.5m grading 2.35% U3O8
Ross McElroy, President, COO, and Chief Geologist for Fission, commented, "The central part of J Zone is showing very good potential with thick intersections and high grade uranium mineralization. In particular, results from Area B have consistently demonstrated strength in mineralized widths and grades at the unconformity and in the basement. These results have provided significant new data for updating the NI 43-101 current resource estimate."

J Zone: Summer 2012 Assay Highlights

Twenty-six drill holes totaling 8,316m were completed in the J Zone 2012 summer drill program, with fifteen holes intersecting uranium mineralization grading >0.05% U3O8 . The J Zone has been delineated over 667m strike length from the Rio Tinto property boundary (Line 120E), west to Hole WAT 12-281 on Line 540W. Continuity of mineralization with generally, wider intervals exhibiting stronger assay grades were intersected in J Zone Area "B" (Line 225W-435W). Table 1 summarizes the J Zone assay results. Select highlights from Area "B" include:

J Zone Area B (Line 225W-435W)

Hole WAT12-312 (Line 420W) 16.5m of 1.07% U3O8, including 1.5m of 8.24% U3O8 (unconformity)
Hole WAT12-316 (Line 315W) 5.5m of 2.88% U3O8, including 1.0m of 14.82% U3O8; 2.5m of 0.30% U3O8 (unconformity)
Hole WAT12-319 (Line 360W) 5.0m of 0.99% U3O8, including 1.5m of 2.35% U3O8 (unconformity)
Hole WAT12-325 (Line 285W) 3.0m of 0.79% U308, including 1.5m of 1.51% U3O8; and 4 separate 0.50m intervals of discrete mineralization up to 0.18% U3O8 (unconformity and basement)
Hole WAT 12-328 (Line 405W) 20.5m of 0.18% U3O8, including 2.50m of 0.74% U3O8 (unconformity and basement)

Table 1: J Zone Summer 2012 Assay Results
(>0.05% U3O8 cut-off)

ZoneHole IDGrid LineFrom
(m)To
(m)Interval (m)U3O8 (wt%)
J Zone WAT12-305 375W 206.50
214.50
224.00
225.50		 221.00
216.50
224.50
226.00		 14.50
2.00
0.50
0.50		 0.26
0.77
0.07
0.09
WAT12-306A 000W No significant mineralization
WAT12-307 405W 200.50
214.50
222.00		 210.50
219.00
222.50		 10.00
4.50
0.50		 0.10
0.06
0.94
WAT12-308A 405W No significant mineralization
WAT12-309 015W 208.50 210.00 1.50 1.43
WAT12-310 420W 208.50 219.50 11.00 0.13
WAT12-311 030W No significant mineralization
WAT12-312 420W 203.50
216.00 		220.00
217.50 		16.50
1.50 		1.07
8.24
WAT12-313B 030E 213.50
228.50		 215.50
229.50		 2.00
1.00		 0.18
0.13
WAT12-314 045E 215.50
229.00		 224.00
233.50		 8.50
4.50		 0.12
0.06
WAT12-316 315W 201.00
203.50
210.50		 206.50
204.50
213.00		 5.50
1.00
2.50		 2.88
14.82
0.30
WAT12-317 330W No significant mineralization
WAT12-318 060E 210.50
230.50
244.00
247.50		 212.00
231.00
244.50
248.50		 1.50
0.50
0.50
1.00		 0.30
0.06
0.05
0.06
WAT12-319 360W 205.50
207.50 		210.50
209.00 		5.00
1.50 		0.99
2.35
WAT12-320 075E 243.00
249.50
256.50		 245.50
250.50
259.50		 2.50
1.00
3.00		 0.09
0.09
0.06
WAT12-321 255W 252.00 252.50 0.50 0.10
WAT12-322 075W No significant mineralization
WAT12-323 240W No significant mineralization
WAT12-324 360W No significant mineralization
WAT12-325 285W 210.50
214.00
217.00
221.00
221.50
229.00		 211.00
214.50
217.50
224.00
223.00
229.50		 0.50
0.50
0.50
3.00
1.50
0.50		 0.12
0.13
0.06
0.79
1.51
0.18
WAT12-326 420W No significant mineralization
WAT12-327 315W 200.50
205.50 		210.50
208.00 		10.00
2.50 		0.20
0.54
WAT12-328 405W 200.00
205.50 		220.5
208.00 		20.50
2.50 		0.18
0.74
WAT12-329 375W No Significant Mineralization
WAT12-330 315W No significant mineralization


Updated summer 2012 J Zone drilling summary maps have been posted to Fission's corporate website and can be referenced at: http://www.fission-energy.com/s/WaterburyLake.asp.

Each drill hole is surveyed downhole for radioactivity with a Mount Sopris 2PGA-1000 Gamma/SP probe. Samples were submitted to SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited Facility) of Saskatoon for assay analysis, which included a 63 element ICP-OES, uranium by fluorimetry (partial digestion). Samples within mineralized intervals and any samples which return >500ppm U, are assayed for % U3O8.

Fission Energy and the Waterbury Consortium have budgeted C$30 million for exploration at Waterbury Lake over a three year period from 2010-2012. Planning is currently underway for a large scale winter 2013 program.

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" and on the OTCQX International electronic trading system in the United States under the symbol "FSSIF".

Korea Waterbury Uranium Limited Partnership ("Waterbury Consortium") is a consortium primarily comprised of Korean-based companies. The Consortium is led by Korea Electric Power (KEPCO). Other participating companies include: Korea Hydro & Nuclear Power, Korea Nuclear Fuel Co., Hanwha Corp. and Gravis Capital Corp., a private Canadian uranium investment company.

Fission Energy owns 60% and the Korea Waterbury Uranium Limited Partnership owns 40% of the Waterbury Lake Uranium Limited Partnership.

Korea Electric Power Corporation (KEPCO) is a Korean government-invested diversified energy company with over $83-billion (U.S.) in assets. The company is involved in the generation, transmission and distribution of electrical power from nuclear, hydro, coal, oil and LNG sources worldwide. Korea Electric Power provides electricity to almost all households in Korea and operates 20 nuclear power plants in the country with six more under development. The company has over 30,000 employees and is listed on the Korean Stock Exchange and the New York Stock Exchange. (www.kepco.co.kr)

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.
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