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Fission Energy/Tribune Uranium Joint Venture Initiates Athabasca North Shore Exploration Program

Fission Energy Corp. (TSX-FIS.V) and Tribune Uranium Corp. (TSX-TCB.V) are pleased to announce that their Joint Venture has initiated a ground reconnaissance exploration program at their North Shore Property, located immediately north of Lake Athabasca, in northeastern Alberta.  In addition, the Joint Venture will complete a targeted airborne radiometric survey.  It is anticipated that drilling of selected targets will commence in late 2007 and continue into early 2008.

 

The North Shore Property comprises 113,250 hectares (~280,000 acres) along the northwestern margin of the Athabasca Basin. It is located approximately 10 kilometers west of the Maurice Bay Uranium Deposit owned by Cameco Corp. At Maurice Bay, uranium mineralization is reported to be structurally controlled within basement rocks and at the sub-Athabasca unconformity.

 

Historical exploration at the North Shore Property, which included prospecting, geologic mapping, ground and airborne geophysics, and drill testing lithogechemical anomalies and alteration zones, resulted in the identification of over 200 uranium occurrences and showings. The property has potential for unconformity, sub-unconformity and Beaverlodge-type mineralization.

 

In late 2006, Terraquest Ltd. completed an 8,040 line-km Magnetic – VLF survey over the property.  The survey was undertaken to identify possible basement structures and potential new areas of interest for uranium exploration. The following areas of interest have been targeted for the current exploration program.

 

1)    Greywillow Point/Fallingsand Point is located immediately southwest of the Maurice Bay Uranium Deposit. A significant portion of the area is interpreted to be underlain by shallow (<50 m) thicknesses of Athabasca Basin stratigraphy.  Historical exploration completed by Uranerz during the 1970s and 1980s  included nearly 200 drill holes within an area measuring 9 by 1.5 km, as follow-up to ~200 boulders that assayed between 0.006 to 0.95% U3O8.  The drilling intersected significant alteration, but failed to identify the source of the uranium. Approximately 4 kilometers to the northwest of this location, Fission discovered a boulder that assayed 1.39% U3O8 during the 2006 prospecting program conducted on the property.  The subsequent 2006/7 airborne survey identified numerous magnetic discontinuities and XDS-VLF data are suggestive of faults that warrant follow-up exploration.

 

2)    Fiddler Point is located immediately north of Lake Athabasca. The area is underlain by basement gneisses and intrusive rocks and the terrain exhibits significant erosion. The exploration targets in the area are sub-unconformity style uranium mineralization.  The 2006/7 airborne survey identified several magnetic discontinuities and XDS-VLF data, which are indicative of faults in the area.  In addition, prior exploration identified numerous radiometric anomalies that ranged from 1,000 to 10,000 cps, and uranium occurrences in outcrop that ranged from 0.01 to 0.058% U3O8.

 

3)   Area A is located northeast of Fort Chipewyan. It is underlain by sheared and faulted basement gneisses proximal to the regional Charles Lake Shear Zone. Exploration work completed by Fission during 2006 identified a zone of basement hosted uranium mineralization, associated with intense brecciation and alteration up to 20 m across with a strike length exceeding 100m. The anomalous zone runs parallel to sub-parallel with a major fault structure trending through the region. The lithology underlying Area A is granitic to gneissic/brecciated gneiss consisting of plagioclase pegmatites, granites and monzonites.  Dirty quartzite is also found.  Graphite and pitchblende are observed in varying amounts from trace to several percent.  Intense hematite alteration exists throughout most of the zone with occurrences of autunite common. Surface radiometric surveys returned up to 13,000 cps and uranium values up to 0.521% U3O8.  During 2006/7surface mapping/prospecting, a Max-Min Geophysical Survey and an IP Resistivity Survey were completed.

 

Fission Energy Corp is the operator of the exploration program.

 

Tribune Uranium Corp. has the option to earn a 60% interest in the North Shore Property from Fission Energy Corp. by making certain cash payments, and expending $10 million on exploration over 5-years.  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 Jody Dahrouge, P.Geol., of Dahrouge Geological Consulting Ltd., Edmonton, Alta, a qualified person.

 

Tribune Uranium Corp. is a Canadian exploration company committed to the strategic acquisition of drill ready uranium projects.  The Company headquarters are in Vancouver, BC and shares are traded on the TSX Venture Exchange (TCB) and the Frankfurt Exchange (S8QA).

ON BEHALF OF THE BOARD

"Ross McElroy"
Ross McElroy, President & COO

FISSION URANIUM 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 URANIUM CORP. Common Shares are listed on the TSX Venture Exchange under the symbol "FCU".

This press release contains "forward-looking information" that is based on Fission Uranium Corp's current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, statements with respect to Fission Uranium Corp'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 Uranium Corp'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 Uranium Corp. disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.

Investor Relations
Rich Matthews
TF: 877-868-8140
ir@fissionuranium.com
www.fissionuranium.com