Fission 50% / Korea Waterbury Uranium Limited Partnership 50% Earn-in

In January 2008, a consortium led by Korea Electric Power Corporation (KEPCO) (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. In addition, KEPCO subscribed for 1 million common shares of Fission at $1.00 per share. Fission retains an exclusive and irrevocable "back-in option" to reacquire a 10% interest in the Property for $6 million, and also holds a 2% NSR royalty.

Approximately $10 million has been spent on exploration to the end of 2009. A C$4 million budget has been approved for 2010.

The 40,256 hectare (~ 98,000 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.

In 2008, Hathor Exploration announced its Midwest NE uranium discovery (5.29% U3O8 over 11.9m), 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. Shortly thereafter, 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 the Discovery Bay Zone may be associated with the Roughrider Zone, or is a new parallel zone.

In 2009, Fission continued testing for the possible high grade extension of the Roughrider Zone on to the Company's property. In addition, geophysical surveys completed during the year identified several new high priority targets along an East-West structural corridor. A property wide high resolution airborne magnetic survey was completed to expand areas of interest over the entire project area, which exhibits excellent potential for hosting an undiscovered uranium deposit. Fission's technical team gained a greater understanding about the geometry of the Discovery Bay Zone and Roughrider Zone mineralization, and the exploration completed successfully extended the continuity of the Discovery Bay Zone to the west.

In January 2010, Fission commenced a 20 hole, 7,500m drill program budgeted at $2.68 million. On January 25th, the Company announced significant radioactivity in drill hole WAT-10- 063A, located in the Discovery Bay Zone, approximately 140m west of the Roughrider uranium discovery. A 29m wide zone of alteration (206.5m -235.5m) and elevated radioactivity, >300 cps with discrete levels of high radioactivity > 2500 cps were encountered. On February 8th, Fission announced it had completed three additional holes in close proximity to WAT-063A to further define the extent and geometric shape of this new zone, which has been named the "J-Zone". All three holes intersected significant anomalous radioactivity including a 4m interval (203.5m -207.5m) of high radioactivity in hole WAT-10-066. Assay results are pending and true thickness of the mineralization has yet to be determined. The Fission technical team is encouraged by the results to date which show the potential for classic Athabasca unconformity style mineralization. Drilling will continue through February to early 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
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Summer Drill Program - 2009		Surveys and Drill Hole Locations - 2009
Waterbury Lake Drilling update Map Sept. 2009		Discovery Bay and Roughrider June 24, 2009
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Waterbury Lake Photos		WAT10 - 063A
Discovery Bay, April 3, 2008		drill core with intervals of high radioactivity
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