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Fission Energy Corp. Intersects Significant Alteration at Patterson Lake, Athabasca Basin, Property

Fission Energy Corp. (TSX-FIS.V) (the “Company”) is pleased to announce that significant alteration has been identified by its winter/spring 2007 exploration drill program at its Patterson Lake property. The Patterson Lake property is located approximately 30 km south of the advanced UEX/AREVA Shea Creek uranium exploration project (Anne and Colette Uranium Deposits). It encompasses nine claims totalling 25,316 Ha, situated along the southwest margin of the Athabasca Basin.

 

The summer 2007 drill program was designed to test several conductive trends identified by airborne surveys completed over the property during the previous year. These surveys identified two northwest trending, subparallel conductors. The two conductors, which are up to 5 km in length, appear to represent the southerly, faulted extension of the 10-kilometre-long Anne Lake conductive trend, located north of the Patterson Lake Property boundary.  The Anne Lake conductive trend is the basis for the significant ongoing exploration program currently being conducted in the area by the UEX /AREVA Joint venture.

 

Fission Energy completed 5 drill holes totalling 1,406m. In addition, an Alpha-Track Radon Cup survey comprising nearly 2000 cups over 4 grids was completed. The 2007 drilling tested two conductors, and resulted in the discovery of significant alteration, geochemical anomalies, and structures commonly associated with unconformity type Uranium deposits in the Athabasca Basin.

 

Drill holes PL07-01, PL07-02 and PL07-03 targeted a resistivity anomaly associated with one of the conductors on the west side of Harrison Lake.  The three holes intersected the basement at depths of 104.75 m, 100.52 m and 102.72 m.  All three holes contained significant alteration including strong chloritization and hemetization within the basement.

 

Hole PL07-03 intersected an intensely choritized, graphitic unit at a depth of 234.3 m, which is interpreted as the source of the conductive anomaly.  The hole contained highly anomalous concentrations of pathfinder elements with values of Ni (580 ppm), U (21 ppm), V (989 ppm), Co (80 ppm), Mo (231 ppm), As (5.9 ppm), Pb (38 ppm) and B (363 ppm).  This geochemical anomaly continued to a depth of about 275 m, with elevated Pb concentrations continuing to the end of the hole (355.7 m).

 

PL07-01 and PL07-02 also returned anomalous pathfinder elements at and below the unconformity.  A 6.2 m interval of sandstone within PL07-02, contained highly anomalous concentrations with boron concentration (526 ppm).

 

Holes PL06-01 and PL07-4, located within 5 km to the southeast of Holes PL07-01 to 03, targeted a weak conductor and associated resistivity anomaly along the flanks of a magnetic high.  Although the Archean basement was intersected at depths of about 100-m within the western holes, both of the eastern holes were drilled to depths of approximately 300-m and failed to reach the unconformity.  Both holes passed through brecciated sandstone that was transitional to de-silicified sandstone.  Within these holes Hematite alteration is common within the sandstone column, along with druzzy quartz filled fractures.  Significant boron anomalies over 10′s of metres were intersected within the sandstone in both PL06-01 (531 ppm) and PL07-04 (463 ppm).

 

The difference between depths intersected from the west side of the property as compared to the east side, suggest the presence of a large structure trending in a general north-south direction. This structure appears to correlate with a feature known as the Patterson Lake High.  In addition, the geochemical anomalies observed within the 5 holes is indicative of extensive hydrothermal activity proximal to this feature, which is considered a highly favourable setting for hosting uranium mineralization.

 

The Company is very encouraged by these results and plans are underway for an expanded exploration program.  Fugro Airborne Surveys Corp. has been contracted to fly a 749 line-km MEGATEM Magnetic–EM Airborne Survey over the southern part of the Patterson Lake property during the first week of December.  This survey will provide enhanced magnetic and electromagnetic resolution to complement the current geophysical data. Additional drilling will target areas of known alteration, and possibly new conductors identified from the survey. This work is planned for the first quarter of 2008.

 

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