FIS Fission Energy Corp.

Fission Energy ("Fission" or "the Company") (TSX VENTURE:FIS) announces that
WAT10-092A, an angled step-out hole located approximately 140m west of the
"J-Zone" hole WAT10-087, and WAT10-094A, a vertical step-out, located
approximately 75m east of the "J-Zone" near the property boundary, have both
intersected highly radioactive mineralization. A narrow 0.20m intercept of "off
scale" radioactivity (greater than 9,999 cps) was identified in hole WAT10-094A.
More importantly, these two drill holes have identified mineralization 300m
apart, on either side of the "J-Zone" from east to west.


Drill Hole Summary

Hole WAT-092A, an angled step-out to the west, was collared at 130 degrees
azimuth and -52 degrees dip to a total depth of 455.0m. The unconformity was
intersected at 252.16m. Intermittent zones of anomalous radioactivity (greater
than 300 CPS) beginning just above the unconformity were intersected between
251.0m to 307.5m, as shown below:




--  251.0m - 253.0m: up to 680 CPS 
--  263.0 - 265.5m: up to 3,005 CPS 
--  273.0 - 274.0m: up to 900 CPS 
--  280.5 - 281.0m: up to 1,200 CPS 
--  303.5 - 307.0m: up to 7,580 CPS 



Mineralization is associated with hematized and fractured intervals within a
pelitic gneiss, which was encountered from the unconformity to 334.2m. Basement
rocks found below this level to the bottom of the hole (455.0m) are comprised of
a quartz-feldspar gneiss. Further drilling will be required to define this
significant new discovery, which is located on the eastern flank of the
"Highland" resistivity low anomaly, defined by recent ground IP geophysics. The
new Highland discovery reaffirms Fission's belief that the 3 km long East-West
Corridor, extending west from the J-Zone, has significant potential for multiple
occurrences of high grade uranium mineralization.


Hole WAT-094A is a-vertical step-out drilled 75m east of "J-Zone" discovery hole
WAT10-063A (10.5m of 1.91% U308 including 1.0m grading 13.87%; see news release
dated February 11, 2010). Hole WAT10-094A is located approximately halfway
between the "J-Zone" and the "Roughrider Zone", which lies 140m to the east.
This drill hole was completed to a depth of 296.0m and the unconformity was
intersected at 201.1m. Below the unconformity, significant anomalous
radioactivity within a strongly clay altered pelitic gneiss was identified over
6m from 208.0m-214.0m, with a 2.5m interval (209.0m-211.5m) exhibiting highly
radioactive mineralization, ranging from 1,476 cps to greater than 9,999 cps,
and including a 0.20m intercept of "off-scale" radioactivity. A second, 2m wide
radioactive zone was intersected from 222.5m - 224.5m, with peaks up to 6000
cps.


Fission is highly encouraged by these latest two widely separated step-out
holes, which have intersected mineralization almost 300m apart. While the
J-Zone's current east-west mineralized strike length is approximately 80m and
40m wide, north-south, the potential for extending the strike length, in
addition to delineating mineralization at the new Highland discovery further to
the west, have clearly been demonstrated. 


Two new maps updating the J-Zone, the WAT10-094A, the vertical step-out to the
east and the new Highland Zone discovery, and a regional map of Waterbury Lake
have been posted to the website. In addition, an updated 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. 


Fission's winter 2010 drill program at Waterbury Lake is expected to conclude by
the end of March. Additional results and assays are pending. A summer program is
being planned. Further details will be provided when available.


All holes were radiometrically surveyed with a Mount Sopris 2GHF Triple Gamma
probe. 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.


Split core samples from the mineralized section of core will be taken
continuously through the mineralized intervals and submitted to SRC
Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited Facility) of
Saskatoon for analysis, which includes U3O8 (wt %) and fire assay for gold,
platinum and palladium. All samples sent for analysis will include 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 Company also announces that the bought deal private placement originally
announced on March 9, 2010 has been increased by approximately $500,000. The
flow-through portion of the financing will increase from 2,110,000 to 2,640,000
flow-through shares at $0.95 per share; the remaining terms of the private
placement will stay the same.


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

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