Fission Energy Corp.: Discovery Hole Hits "Off-Scale" Near Surface at PLS

KELOWNA, BRITISH COLUMBIA -- (Marketwire) -- 11/05/12 -- FISSION ENERGY CORP. ("Fission" or "the Company") (TSX VENTURE: FIS)(OTCQX: FSSIF), and its Joint Venture partner Alpha Minerals Inc (formerly ESO Uranium Corp), report that core drilling on the PLS project has intersected a 6.0 m wide interval of high grade mineralization with massive visible pitchblende in veins (up to 21cm wide), blebs and flecks.

This high grade mineralization occurs at shallow depth in basement rocks in drill hole PLS12-022 which is still in progress. The strongly radioactive interval occurs within a broader 21.0m interval of moderate radioactivity witch breaches the unconformity and extends downward into the Archean basement.

Ross McElroy, President, COO, and Chief Geologist for Fission, commented, "We believe that PLS is entering a very exciting stage in an underexplored region on the margin of the Athabasca Basin. The latest results to date provide confirmation of the project's potential to host a significant high-grade uranium deposit. We are particularly excited by the size and scope of this discovery."

Technical Details:

--  Hole PLS12-022, a vertical hole collared 10m north of Hole PLS12-016
    intersected anomalous radioactivity in the bedrock over a 21m interval
    (57.5 - 78.5m), with a 6.0m wide interval of continuous strong
    radioactivity (71.0 - 77.0m).
--  The unconformity with the Archean basement and probable Devonian
    sandstone was encountered at 59.53m depth.
--  The 4.24m intersection of Devonian sandstone included a 1.73 m
    intersection with 1400 cps radioactivity lying unconformably on the
    Archean basement.
--  Elevated radioactivity continues in the upper basement drill core to
    78.5m.
--  A second weakly radioactive interval has been intersected at 166m to
    177m depth as drilling continues.
--  Discovery hole PLS12-022 is located approximately 3.8 km northeast of
    the high grade boulder field, where assays returned values up to 39.6%
    U3O8 (see news release July 27, 2011)

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. The degree of radioactivity within this interval is highly variable and associated with visible pitchblende mineralization. Core recovery is generally very good between 91.9 - 100%. The 21.0m wide zone of alteration and elevated radioactivity can be described as greater than 300 cps, with discrete intervals of high radioactivity (greater than 9999 cps). All intersections are down-hole, core interval measurements and true thickness is yet to be determined.

An ongoing field program is in progress. This includes 8-holes, 1600m of core drilling following up geophysics and geologic targets, including the prospective PL-3B conductor, as well as 12-holes, 1440m of dual rotary (DR) drilling evaluating overburden near the boulder field. (see news release October 25, 2012).

All holes will be radiometrically surveyed with a Mount Sopris 2GHF-1000 Triple Gamma probe, which allows for accurate measurements in high grade mineralized zones. This probe will be used if high grade mineralization is encountered in subsequent drill holes.

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. All samples sent for analysis will include a 63 element ICP-OES, uranium by fluorimetry and boron. Assay results will be released when received.

Further updates will be provided.

Patterson Lake South Property

The 31,039 hectare PLS project is a 50%/50% Joint Venture held by Fission Energy Corp. and Alpha Minerals Inc (AMW). Fission is the Operator. 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. An updated map highlighting the core and dual rotary drilling programs planned for PLS can be found on the Company's website at http://www.fission-energy.com/s/pattersonlakesouth.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".

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.

Contacts:

Fission Energy Corp.

Rich Matthews

Investor Relations

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