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Fission Energy Announces Completion of MEGATEM Airborne Survey and Commences Drilling at Patterson Lake, Athabasca Basin.

FISSION ENERGY CORP. (“Fission” or “the Company”) is pleased to announce the completion of a 587 line-km MEGATEM Airborne survey and commencement of a 5,000 m drill program at its 100% owned Patterson Lake Uranium Project. The Patterson Lake Project comprises nine claims totalling 25,316 Ha, situated along the southwest margin of the Athabasca Basin.  It is located approximately 30 km south of the advanced UEX/AREVA Shea Creek uranium exploration project (Anne and Colette Uranium Deposits) and 50 km south of the former producing Cluff Lake Mine.

 

The 2008 drill program will follow-up encouraging results from alteration and geochemical anomalies identified during the 5-hole exploration drill program conducted during 2007 (See news release November 28, 2007). In addition, several new targets will be drill tested. The model of uranium mineralization envisioned at Patterson Lake is analogous to structurally controlled unconformity uranium mineralization associated with several of the known high grade uranium deposits in the Athabasca Basin.

 

In December 2007, a 587 line-km, 200 m spacing, MEGATEM airborne magnetic and EM survey was completed over the southern half of the project area by Fugro Airborne Surveys of Ottawa, Ontario. Results from this survey were compiled along with airborne magnetic and EM survey data collected from earlier surveys completed in 2006. Interpretation of the airborne magnetic and EM data helped to define new drill targets. Exploration will focus on targets associated with a large interpreted structure located along the flank of an electromagnetic anomaly known as the “Patterson Lake High”.

 

A 5,000 m drill contract has been signed with Peak Drilling Ltd. of Courtenay, BC.  A total of 15 to 22 holes are expected to be completed during the winter 2008 season.  Drill crews and personnel have mobilized to the Patterson Lake Property and drilling is now underway.  Upon completion of the program, each bore hole will be logged with a Mount Sopris 2PGA-1000 poly gamma probe. All drill core will be geologically logged, systematically sampled for geochemical and clay analysis and forwarded to the SRC Analytical Laboratories in Saskatoon for further analysis. In addition, samples will also be collected for short wave infra-red spectrometry (PIMA) analysis.  Results will be provided when available.

 

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. and Vice-President of Exploration for Fission Energy Corp., a qualified person.

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