FISSION ENERGY CORP. ("Fission" or the "Company") (TSX VENTURE:FIS) and its joint venture partner, the KEPCO Consortium, announce the completion of the first phase of its 2008 exploration program on the northeast claim of the Waterbury Lake Uranium Project, located in the eastern part of Saskatchewan's Athabasca Basin. The northeast claim borders Hathor Exploration's Midwest Northeast Roughrider uranium discovery, where recently announced mineralized intervals (MWNE-08-26 and MWNE-08-30) were identified within 30m and 40m respectively of Fission's property boundary in an area known as Discovery Bay.

Between May and August, Fission completed soil sampling, ground and airborne geophysical surveys, and a 19 hole drill program (8,237m). Fourteen holes focused primarily in the Discovery Bay area, adjacent, and to the west of Hathor's Roughrider Zone uranium discovery, while 5 holes tested regional geophysical targets. The program was successful in identifying a significant basement hosted anomaly, which has been named the "Discovery Bay Zone". This zone of interest occurs within a broad east-west corridor which trends east towards the Roughrider Zone. The Discovery Bay Zone remains open to the west and southwest. Fission believes the Discovery Bay Zone may be associated with the Roughrider Zone, or a new system that runs approximately parallel to it. The intense hydrothermal alteration, in addition to coincident anomalous geochemistry and radioactivity indicates that the potential for significant uranium mineralization on the Fission property is high.

To date, Fission has received complete analysis from 8 of the 19 drill holes (WAT08-014 to 020 inclusive, and 022C). All holes were radiometrically surveyed with a Mount Sopris 2PGA-1000 Gamma/SP probe. All drill core was geologically logged and systematically sampled for geochemical and clay analysis. One-half of the core was split and sent to SRC Analytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited Facility) of Saskatoon for analysis, which included a 63 element ICP-OES, with uranium by fluorimetry (partial digestion) and boron.

The Discovery Bay Zone occurs as a robust and continuous ENE-WSW oriented, relatively flat lying, basement-hosted system, characterised by moderate to intense hydrothermal clay alteration, faulting, anomalous radioactivity, the presence of uranium mineralization and a pronounced elevation of pathfinder elements (primarily U, Cu, Zn, Ni, Co, Mo) west of the Roughrider Zone. A total of 10 holes (holes WAT08-014, 016, 017, 019, 021, 022C, 023, 024C, 031 and 032) have traced the system over a 100m strike length. Anomalous intersections of radioactivity, uranium geochemistry, and alteration have been encountered in discrete intervals up to 24.0m wide (Hole WAT08-017C). All widths reported are downhole core width, as true width is yet to be determined. Table 1 summarizes the results of the anomalous down hole radioactivity and uranium geochemistry from these 10 holes. Pending assay results will be provided, when available.

Table 1 Discovery Bay Zone: Radioactivity & Uranium Geochemistry Results

Downhole Radioactivity Assay U partial (greater
Discovery (greater than 500 cps, than 20 ppm, greater than
Bay greater than 0.3m wide) 1.0m downhole width)
Zone ------------------------------ ------------------------------
Hole From To Width Avg Max From To Width U %
ID (m) (m) (m) (cps) (cps) (m) (m) (m) ppm U3O8
------------------------------------...
WAT08-014 215.4 217.0 1.6 1885 3767 287.0 289.0 2.0 195 0.02
284.5 286.7 2.2 1200 1837
------------------------------------...
WAT08-016 215.7 220.6 4.9 1241 2420 222.0 223.0 1.0 24 0.00
230.9 232.8 1.9 684 984
238.5 238.8 0.3 694 828
269.1 270.3 1.2 767 873
271.8 272.8 1.0 1182 1916 271.5 273.0 1.5 41 0.00
------------------------------------...
WAT08-017 270.6 273.0 2.4 890 1170
315.9 330.8 14.9 1432 5535 331.5 339.0 7.5 318 0.04
336.0 341.0 5.0 1452 4136 335.0 336.0 1.0 1640 0.19
------------------------------------...
WAT08-019 159.6 160.3 0.7 585 650 not geochemically anomalous
214.8 216.5 1.7 758 1215 uranium
246.0 246.9 0.9 536 580
------------------------------------...
WAT08-021 204.3 205.8 1.5 616 1093 analysis pending
326.2 334.3 8.1 1101 3092
339.9 340.4 0.5 822 1210
357.8 358.6 0.8 573 790
------------------------------------...
WAT08-022C 211.3 212.4 1.1 753 1045
291.3 293.0 1.7 937 1284
308.6 315.4 6.8 3452 7900 308.0 314.5 6.5 434 0.05
319.3 321.7 2.4 2715 6115 317.5 321.0 3.5 249 0.03
------------------------------------...
WAT08-023 214.8 217.3 2.5 778 1674 analysis pending
356.4 356.8 0.4 646 767
------------------------------------...
WAT08-024C 381.4 386.5 5.1 938 2763 analysis pending
408.2 410.2 2.0 1044 2314
------------------------------------...
WAT08-031 218.5 219.2 0.7 937 1163 analysis pending
222.4 224.5 2.1 546 910
306.9 310.0 3.1 1383 3128
------------------------------------...
WAT08-032 224.0 228.2 4.2 560 951 analysis pending
290.6 299.6 9.0 1414 5075
303.3 309.6 6.3 542 860
312.4 314.5 2.1 874 1141

The strongly altered and anomalously geochemical and radioactive zones in the Discovery Bay Zone occur within pelitic and semi-pelitic host rock, commonly with trace to 2% sulphides and occasionally graphitic. These zones tend to be extremely clay altered and are often very friable. Slickensides and fault gouge are common features. These drill holes show very pronounced anomalous concentrations of pathfinder elements either within or in close proximity to the basement hosted alteration and radioactive intervals. Table 2 provides a general picture of anomalous pathfinder geochemistry within the broader alteration halos.

Table 2 Discovery Bay Zone: Alteration Zone Pathfinder Geochemistry Results

Width
Hole ID From (m) To (m) (m) U ppm Co ppm Cu ppm
------------------------------------...
WAT08-014 287.00 302.50 15.5 48.32 51.11 48.83
------------------------------------...
WAT08-016 221.00 224.00 3.0 13.39 10.00 61.67
238.00 240.00 2.0 5.92 20.25 57.25
267.00 273.00 6.0 14.81 55.31 1536.06
------------------------------------...
WAT08-017 269.00 276.50 7.5 13.13 128.20 10.27
316.50 340.50 24.0 111.00 246.81 403.38
------------------------------------...
WAT08-019 267.00 271.00 4.0 4.52 16.63 121.00
------------------------------------...
WAT08-022C 275.00 280.00 5.0 4.30 96.80 35.20
289.50 306.50 17.0 9.96 343.68 89.85
308.00 314.50 6.5 434.04 427.08 35.54


Width
Hole ID From (m) To (m) (m) Mo ppm Ni ppm Pb ppm Zn ppm
------------------------------------...
WAT08-014 287.00 302.50 15.5 1.78 41.50 50.78 66.06
------------------------------------...
WAT08-016 221.00 224.00 3.0 3.00 115.17 65.50 49.33
238.00 240.00 2.0 1.00 91.25 6.25 34.00
267.00 273.00 6.0 5.06 83.08 57.83 30.17
------------------------------------...
WAT08-017 269.00 276.50 7.5 1.60 296.93 7.67 140.33
316.50 340.50 24.0 59.83 132.48 62.83 456.19
------------------------------------...
WAT08-019 267.00 271.00 4.0 7.63 23.13 53.38 172.63
------------------------------------...
WAT08-022C 275.00 280.00 5.0 2.10 114.40 4.80 20.20
289.50 306.50 17.0 15.06 200.44 59.26 4750.65
308.00 314.50 6.5 352.00 277.15 253.23 118.00

Individual assays within the intersections identified in Table 2 include Cu values up to 1.95% (hole 016), Zn up to 3.6% (hole 022C), Co up to 0.25% (hole 017), Mo up to 0.17% (hole 022C) and Pb up to 0.097% (hole 022C). Composited intervals include hole WAT08-022C, which intersected 17.0m at 0.47% Zn from 289.50 to 306.50m. Hole WAT08-016 intersected 1.5m at 0.80% Cu from 271.5 to 273.0m and hole WAT08-017 intersected 2.5m at 0.28% Cu from 334.5 to 337.0m. Elevated concentrations of these pathfinder elements are common in uranium deposits of the Athabasca Basin, particularly unconformity related deposits.

Four holes drilled adjacent to, and northeast of the Discovery Bay Zone did not encounter significant hydrothermal alteration or radioactivity.

Overall, the Joint Venture consortium is encouraged by the progress made to date. Plans to accelerate follow-up exploration that will include further testing of the Discovery Bay Zone during winter drilling on the lake, in addition to testing numerous additional targets are underway. Further details will be provided once a formal program has been approved by the Joint Venture partners.

The Waterbury Consortium has budgeted C$5.5 million for exploration in 2007-08. Fission Energy is the operator of the Waterbury Lake Project.

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 & COO for Fission Energy Corp., a qualified person.