Fission Energy Corp. - Waterbury Lake, SK

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15:59 on 02-08-2010
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Fission 50% / Korea Waterbury Uranium Limited Partnership 50% Earn-in

A group led by Korea Electric Power Corporation (NYSE-KEP), entered into an agreement for the joint development of the Waterbury Lake Property. The Consortium can earn up to a 50% interest in the project by incurring exploration expenditures totaling C$14,000,000 over 3 years. The C$5.5 million budget for 2007-2008 has been completed. A C$4 million budget has been approved for 2009.

The 41,280 hectare (~102,000 acres) Waterbury Lake Property virtually surrounds the AREVA/Denison Midwest Uranium Deposit (41 million lbs U3O8 at an average grade of about 5.5% U3O8), and the Midwest "A" discovery within the east-central part of Saskatchewan's Athabasca Basin. This structural trend continues on to Fission's northeast claim area

Recent attention to this area has focused on the Hathor Exploration's Midwest NE uranium discovery (5.29% U3O8 over 11.9m) in 2008, now known as the "Roughrider Zone".

Hathor's property is "sandwiched" between two of Fission's claims, immediately northeast of the AREVA/Denison Midwest Property. The Midwest Deposits and the Roughrider Zone all appear to be part of the same structural trend. Hathor currently has an extensive drill program underway for the 2009 winter season.

In 2008, Fission completed a first phase 8,237m drill program, which tested this structural trend near the Roughrider Zone. The program was successful in identifying a significant basement hosted anomaly, which has been named the "Discovery Bay Zone". It remains open to the west and southwest. Fission believes this new zone may be associated with the Roughrider Zone, or is a new parallel zone.

On January 14th, Fission began a 6,500m drill program comprising 12-15 NQ diameter core holes. Drilling began from the lake ice to allow for better targeting control for delineating the Discovery Bay Zone. The drill program progressed to the west and southwest to test for continuation of the Discovery Bay Zone and other areas of interest identified by the systematic compilation of geophysical data, including integration of the current gravity survey. The most encouraging new areas tested are known as Talisker and Disco Bay. They are located approximately 1000m and 500m west of Discovery Bay, respectively, and exhibit excellent potential for unconformity style uranium mineralization.

Fission Energy will continue to remain active at Waterbury Lake. SJ Geophysics Ltd. has been contracted to complete a 3D Induced Polarization/Resistivity and Magnetics survey on a minimum of 3 grids on the western and southern areas of the property. Planning is also underway for a summer drill program to test targets that are generated by the on-going geophysics programs as well as follow-up target areas tested by the 2009 winter program completed in March.

Waterbury Lake Claim Maps		Winter Drill Program - 2010
Waterbury Lake Claim Location Map April 15, 2009		Waterbury Lake Winter Drill Location Map Jan. 2010
View All Maps		View All Maps

Summer Drill Program - 2009		Surveys and Drill Hole Locations - 2009
Waterbury Lake Drilling update Map Sept. 2009		Discovery Bay and Roughrider June 24, 2009
View All Maps		View All Maps

Waterbury Lake Photos		WAT10 - 063A
Discovery Bay, April 3, 2008		drill core with intervals of high radioactivity
View All Photos		View

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