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 the Limited Partnership Management Committee has agreed to increase the
current winter 2012 exploration program budget by 26% to $9.28 million to
support an expanded four drill, 32,630m drill program, up from the originally
planned 25,000m program with three drills. The additional drilling has been
primarily designed to supplement original plans for several high priority
regional targets, including the Summit Zone, the Oban Corridor (Oban, Oban
North and Chivas), and Murphy Lake, as detailed in
the Company's press release dated November 14, 2011. The expanded drill
program will enable Fission to further evaluate the potential of these areas
for hosting high grade uranium mineralization.
Expanded Winter 2012 Exploration Program Summary
The following summary highlights Fission's newly expanded Waterbury Lake
exploration program:
-- The Limited Partnership has increased the winter 2012 exploration budget by 26% to $9.28 million, up from $7.3 million. -- Utilizing four drill rigs, eighty-eight drill holes totalling an estimated 32,630m, an increase of nineteen drill holes, are now planned, up from sixty-nine drill holes totalling approximately 25,000m (See Table 1). TABLE 1: Waterbury Lake: Expanded Winter 2012 Drill Program ---------------------------------------------------------------------- Mineralized Areas Expanded Program Previous Program ---------------------------------------------------------------------- ---------------------------------------------------------------------- J Zone Deposit 49 drill holes 47 drill holes ---------------------------------------------------------------------- Summit Zone 11 drill holes 6 drill holes ---------------------------------------------------------------------- Talisker 2 drill holes 2 drill holes ---------------------------------------------------------------------- ---------------------------------------------------------------------- Regional Targets ---------------------------------------------------------------------- ---------------------------------------------------------------------- Oban 4 drill holes 3 drill holes ---------------------------------------------------------------------- Oban North 3 drill holes 3 drill holes ---------------------------------------------------------------------- Chivas 5 drill holes 3 drill holes ---------------------------------------------------------------------- Murphy Lake 14 drill holes 5 drill holes ---------------------------------------------------------------------- ---------------------------------------------------------------------- Total Drill Holes 88 drill holes 69 drill holes ---------------------------------------------------------------------- Total Length (Meters) 32,630 m 25,000 m ---------------------------------------------------------------------- J Zone -- Forty-nine of the eighty-eight drill holes or 56% of the planned drilling will occur at the J Zone high grade uranium deposit. This new total includes two new additional close-spaced holes. Summit Zone -- An additional five close-spaced drill holes to test for mineralization around known occurrences, increasing the total to eleven drill holes. Oban Corridor -- One additional drill hole to follow-up anomalous mineralization discovered last year has been added to the program. A total of four drill holes will now be completed at Oban. Two additional regional exploration drill holes are proposed at Chivas, for a total of five drill holes. Murphy Lake -- Planned regional drilling at Murphy Lake has been increased by nine drill holes to fourteen holes in total.
Fission is
the Operator of the winter 2012 exploration program, which is expected to be
completed by mid-March. Results will be announced when available. A drill
location map, and regional map showing all exploration targets can be found
on the Company's website at http://www.fission-energy.com/s/WaterburyLake.asp.
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"
and on the OTCQX International electronic trading system in the United States
under the symbol "FSSIF".
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
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