KELOWNA, BRITISH COLUMBIA -- (Marketwire) -- 06/25/12 -- FISSION ENERGY CORP. (TSX VENTURE:FIS)(OTCQX:FSSIF) ("Fission" or the "Company") and its Limited Partner, the Korea Waterbury Uranium Limited Partnership ("the Waterbury Consortium"), are pleased to announce that a $3.11 million Summer 2012 Exploration Program, including 21 drill holes totalling 7,350m with two drills, at its flagship 40,256 ha Waterbury Lake uranium project, located in the eastern part of the Athabasca Basin, is underway. The primary focus of this summer's program will be to continue delineating the J Zone deposit's high-grade unconformity and basement mineralization. All 21, drill holes, to be collared from land-based locations, have been identified along many areas across the J Zone as the Joint Venture continues its efforts to delineate and laterally expand the deposit. Bryson Drilling Ltd. of Archerwill, SK, has been contracted to complete the drill program.
The following summary outlines Fission's Summer 2012 Exploration Program:
-- C $3.11 million budget approved by the Limited Partnership. -- Utilizing two drill rigs, twenty-one (21) drill holes totalling an estimated 7,350m are planned with the objective of delineating and expanding known areas of mineralization, both laterally and on strike. Fifteen holes will target locations from the eastern part of the J Zone to the central main area of the deposit, between Line 75E and Line 420 W, to extend mineralization where geologic confidence is high. Drill locations have been established to the north of the J Zone boundary, accessible from land based sites. The remaining six holes will test for mineralized extensions along strike to the west between Lines 630W and 780W. -- Ground Geophysical work, including a DC Resistivity Survey to identify areas of high conductivity, will be carried out at Murphy Lake, located in the northwest part of the Waterbury Lake Property. Analysis of previously completed airborne geophysical surveys appears to have identified a separate feature to the west of the Murphy Lake system, which represents a compelling target within this prospective area. Line cutting totalling 18.2 line-km and the 17 line-km DC Resistivity Survey will focus on this feature.
Fission is the Operator of the program, which is expected to be completed by late August. Results will be announced when available. Updated maps highlighting the summer 2012 J Zone drilling and geophysical programs planned at Murphy Lake can be found on the Company's website at http://www.fission-energy.com/s/WaterburyLake.asp.
Fission Energy and the Waterbury Consortium have budgeted C$30 million for exploration at Waterbury Lake over a three year period from 2010-2012.
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".
Korea Waterbury Uranium Limited Partnership ("Waterbury Consortium") is a consortium primarily comprised of Korean-based companies. The Consortium is led by Korea Electric Power (KEPCO). Other participating companies include: Korea Hydro & Nuclear Power, Korea Nuclear Fuel Co., Hanwha Corp. and Gravis Capital Corp., a private Canadian uranium investment company.
Fission Energy owns 60% and the Korea Waterbury Uranium Limited Partnership owns 40% of the Waterbury Lake Uranium Limited Partnership.
Korea Electric Power Corporation (KEPCO) is a Korean government-invested diversified energy company with over $83-billion (U.S.) in assets. The company is involved in the generation, transmission and distribution of electrical power from nuclear, hydro, coal, oil and LNG sources worldwide. Korea Electric Power provides electricity to almost all households in Korea and operates 20 nuclear power plants in the country with six more under development. The company has over 30,000 employees and is listed on the Korean Stock Exchange and the New York Stock Exchange. (www.kepco.co.kr)
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
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Fission Energy Corp.
Source: Marketwire (June 25, 2012 - 7:30 AM EDT)