Fission Energy Corp.: Drill Rig Mobilized at PLS High Grade Boulder Field Project

KELOWNA, BRITISH COLUMBIA -- (Marketwire) -- 02/27/12 -- Fission Energy Corp. ('Fission or 'the Company') (TSX VENTURE: FIS)(OTCQX: FSSIF) and its 50% Joint Venture (JV) partner, ESO Uranium Corp., are pleased to announce that a 14 hole, 2,100m drill program will commence shortly at the PLS Property, located in the southwest part of Saskatchewan's Athabasca Basin. This program is a continuation of last year's efforts to locate the bedrock source area of the high-grade uranium boulder field discovery, which is believed to occur below the unconformity in a basement hosted system. Drilling will test a number of geophysical targets identified by an on-going ground Time Domain Electromagnetic (TDEM) and a DC-Resistivity survey being conducted on the Patterson Lake conductor corridor located immediately adjacent and to the east-northeast of the high-grade uranium boulder field, which has yielded boulder assays as high as 39.6% U3O8 and 31.4% U3O8 (see press releases dated December 14, 2011 and July 27, 2011) since its discovery during the summer 2011 exploration season. It is believed the up-ice direction of the boulder field parallels the greater than 6km strike length of multiple bedrock EM conductors found within the Patterson Lake Corridor and that this area represents a highly prospective source location of the uraniferous boulders. Hardrock Diamond Drilling Ltd. of Penticton, British Columbia, has been contracted to complete the drill program.

Each drill hole is surveyed downhole for radioactivity with a Mount Sopris 2PGA-1000 Gamma/SP probe. Samples have been submitted to SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025:2005 Accredited Facility) of Saskatoon for analysis, which include a 63 element ICP-OES, uranium by fluorimetry (partial digestion). Results will be provided when available.

The JV further reports that a property scale airborne VTEM magnetic and electromagnetic survey is now 100% complete.

Fission is Operator of the PLS exploration project, which is a 50%/50% Joint Venture held with ESO Uranium Corp. ('ESO'). PLS is accessible by road with primary access from all weather Highway 955, which runs north to the former Cluff Lake mine, (greater than 60M lbs of U3O8 produced), and passes through the nearby UEX-Areva Shea Creek discoveries located 50km to the north, currently under active exploration and development.

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.

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.

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'.

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.

Contacts:

Fission Energy Corp.

Bob Hemmerling

Investor Relations

TF: 877-868-8140
info@fission-energy.com
www.fission-energy.com