FISSION ENERGY CORP. (“Fission” or the “Company”) (TSX VENTURE: FIS) and its Joint Venture Partner, the KEPCO Consortium, are pleased to report that the previously announced summer drill program at its flagship 40,256 ha Waterbury Lake uranium exploration project is now underway. Primary focus will be to build on the success of the J-Zone unconformity high grade uranium discovery made earlier this year. The J-Zone currently comprises an area 90m X 50m wide as defined by 21 closely spaced drill holes, most of which were vertically drilled, and is open in all directions. The following summary outlines the current program:
– C $2.07 million budget approved by the Joint Venture in June.
– 13 drill holes totalling an estimated 4,000m, including several vertical
drill holes to be collared from a barge on the lake.
– Step-out drilling will continue along the mineralized trend towards the
Highland Zone (WAT10-092), 130m to the west. In addition, two holes are
planned to further test the J-Zone East (WAT10-094A), located 70m east
of the J-Zone.
– A marine acoustic seismic survey over the East-West Corridor between
Discovery Bay and Talisker will be completed.
– Mapping and prospecting unexplored parts of the Waterbury Lake Property
that exhibit high mineral potential will continue.
The program is expected to be completed by early September. Results will be announced when available. An updated map can be found on the Company’s website at http://www.fission-energy.com/s/WaterburyLake.asp.
The Waterbury Consortium has budgeted C $30 million for exploration at Waterbury Lake over the next three years.
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 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)
Korea Waterbury Uranium Limited Partnership (“KEPCO Consortium”) is a consortium primarily comprised of Korean-based companies. Led by Korea Electric Power, other participating companies include Korea Hydro & Nuclear Power, Korea Nuclear Fuel Co., Hanwha Corp. and Gravis Capital Corp., a private Canadian uranium investment company.
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.
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