FIS Fission Energy Corp.

FISSION ENERGY CORP. (TSX VENTURE: FIS) ("Fission" or the "Company") is pleased to update its Waterbury Lake Project winter drill program. On January 25th, the Company reported significant anomalous radioactivity for hole WAT10-063A, the 2nd hole of a planned 20 hole program. Three additional drill holes have since been completed in close proximity to WAT10-063A, to help define the extent and geometry of the new discovery, which has been named the "J-Zone". All three holes have intersected significant anomalous radioactivity including a 4m interval (203.5m to 207.5m) of high radioactivity, ranging from 500 cps to greater than 9999 cps (off scale), in hole WAT10-066. The unconformity intersection in WAT10-066 represents a 15m off-set to the south from WAT10-063A.

The J-Zone, which remains open at depth and along strike, may represent a new and significant unconformity style uranium occurrence located within the prospective East-West structural Corridor. The East-West Corridor continues west from the J-Zone for approximately 3 km within Fission's Waterbury Lake Property. Evaluation of the East-West Corridor is ongoing, where a number of new high priority targets have been identified. Fission's technical team believes there is significant potential for multiple occurrences of high-grade uranium mineralization within this 3 km long corridor (See news release dated December 7, 2009).

A map of the J-Zone and table summarizing the Drill Core Hand-Held Scintilometer Readings can be found on the Company's website at http://www.fission-energy.com/s/WaterburyLake.asp. Drilling is ongoing.

Drill Hole Summary

Hole WAT-066 encountered intense clay alteration from 183.6m to 207.62m, with alteration persisting to 240.5 m down hole. Anomalous radioactivity was intersected from 203.0m to 228.5m. The degree of radioactivity within this interval is highly variable. A 4m interval of high radioactivity was intersected from 203.5m to 207.5m ranging from 500 cps to greater than 9999 cps. Of particular interest is a 1.1m wide interval immediately below the unconformity from 204.2 to 205.3m which measured greater than 9999 cps.

The hole was collared 95m to the south of WAT10-063A and oriented at an azimuth and dip of 330 degrees / -80.7 degrees. The hole was completed to a depth of 320.0m. The hole was designed to test the dip of the anomalous zone of radioactivity intersected in WAT10-063A. The unconformity was intersected at a depth of 204.3m.

Hole WAT10-065A encountered strong clay alteration from 179.0m to 202.0m, increasing in intensity and associated with secondary hematite from 202.0 to 211.61m. An interval of anomalous and highly variable radioactivity was encountered from 203.0 to 223.0m, with the strongest radioactivity within a 1.5m interval from 203.5 to 205.0m, at the unconformity. Radiometric counts within this 1.5m interval ranged from 1120 cps to greater than 9999 cps. Basement rocks comprise primarily pelitic gneiss with variable pegmatite-rich zones. Rocks show variable degrees of alteration down to 325.57m.

The hole was collared from the same set-up location as WAT10-066 and oriented at an azimuth and dip of 326 degrees / -78 degrees. The hole was completed to a depth of 334.0m. Similar to hole WAT10-066, the hole was designed to test the dip of the anomalous zone of radioactivity intersected in WAT10-063A. The unconformity was intersected at a depth of 204.67m.

Hole WAT10-064D encountered moderate to strong clay alteration from 203.0 to 219.5m. An interval of anomalous radioactivity is present from 211.5 to 222.5m. The degree of radioactivity within this interval is variable with readings from less than 300 cps up to 2000 cps. The strongest zone of radioactivity is within a 1.0m wide interval from 211.5 to 212.5m with readings up to 2000 cps. Basement rocks from the unconformity to 302.2m are comprised of variable pelitic and semi-pelitic granofels and gneiss with interspersed pegmatite-rich intervals. Below 302.2m, the basement rock is comprised of quartz-feldspar gneiss.

The hole was collared 32m to the NE of WAT10-063A and oriented at an azimuth and dip of 195 degrees / -73 degrees. It was completed to a depth of 341.0m with the unconformity intersected at a downhole depth of 208.0m.

Holes WAT10-064D to WAT10-066 were radiometrically surveyed with a Mount Sopris 2PGA-1000 Gamma/SP probe. A Mount Sopris 2GHF Triple Gamma probe was mobilized to site and used for hole WAT10-066. The triple gamma probe uses both a Na-I scintillation crystal and a ZP1320 High-Flux Geiger-Mueller tube pair, which allows better resolution in strongly radiometric intervals.

Natural gamma radiation in drill core that is reported in this news release was measured in counts per second (cps) using a hand held Exploranium GR-110G total count gamma-ray scintillometer. The reader is cautioned that scintillometer readings are not directly or uniformly related to uranium grades of the rock sample measured, and should be used only as a preliminary indication of the presence of radioactive materials. All intersections are down-hole, core interval measurements and true thickness is yet to be determined.

Drill core samples from the mineralized section of core will be submitted to SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited Facility) of Saskatoon for analysis, which includes a 63 element ICP-OES, uranium by fluorimetry (partial digestion) and boron. Chemical results will be released when received. Further updates will be provided.

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. President and COO for Fission Energy Corp., a qualified person.

FISSION ENERGY 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 ENERGY CORP. Common Shares are listed on the TSX Venture Exchange under the symbol "FIS".

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

ON BEHALF OF THE BOARD

Ross McElroy, President & COO

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contacts: Fission Energy Corp. Bob Hemmerling Investor Relations TF: 877-868-8140 info@fission-energy.com www.fission-energy.com