Mr. Ross McElroy of Fission reports

FISSION ENERGY CORP.: STEP-OUT DRILLING HITS MORE "OFF-SCALE" RADIOACTIVITY AT PLS

Fission Energy Corp. and its joint-venture partner, Alpha Minerals Inc., have released the results of the next two holes following the announcement of discovery hole PLS12-022 (see news release dated Nov. 5, 2012). Results include an intersection of a 13.0-metre-wide interval of strong mineralization, including intermittent intervals, totalling 2.14 m, of off-scale (greater than 9,999 counts per second) radioactivity in hole PLS12-024. These results come just one week after discovery hole PLS12-022 intersected a six m interval of high-grade mineralization (see news release dated Nov. 5, 2012).

This strong mineralization occurs at shallow depth in basement rocks. The strongly radioactive interval occurs within a broader 24.0 m interval of moderate radioactivity which extends above the Archean basement into the overlying sandstone and extends downward into the basement.

Ross McElroy, president, chief operating officer and chief geologist for Fission, commented: "The exceptional results from hole PLS12-024 is further evidence that the area has the potential to host a significant and shallow high-grade deposit. That we now have results of robust mineralization from multiple holes is extremely encouraging."

Key technical details:

• A thin layer of sandstone is present immediately above the unconformity in both holes. Mineralization extends up into this horizon.
• Hole PLS12-024 (line 010W), a vertical hole collared 10 m grid west of hole PLS12-022, intersected anomalous radioactivity in the bedrock over a 24.0 m interval (59.0 m to 93.0 m), with a 13 m wide zone of continuous strong radioactivity (65.0 m to 78.0 m), including several narrow intermittent intervals of off-scale radioactivity. Recovery is generally good at greater than 75 per cent, with narrow intervals with greater-than-50-per-cent core loss.
• Hole PLS12-023 (line 000W), a vertical hole collared 10 m grid north of hole PLS12-022, intersected anomalous radioactivity in the basement rock over a 13 m interval (63.0 m to 76.0 m). Recovery is between 60 per cent to 100 per cent of throughout.

                  HOLE SUMMARY                       
                                           CPS
Hole               From-to  Width          max
ID                   To (m)    (m)         peak

PLS12-022        57.5-78.5   21.0     Less than
                                         300 to
                                        greater
                                           than
                                          9,999
                 71.0-77.0    6.0      1,800 to
                                        greater
                                           than
                                          9,999
               116.5-117.5    1.0    308 to 323
               170.0-171.0    1.0    301 to 384                    
PLS12-023        60.0-61.0    1.0    315 to 400
                 63.0-76.0   13.0  300 to 3,300
                 91.0-91.5    0.5           800
               105.5-106.0    0.5           352
PLS12-024             83.0   24.0     Less than
                                         300 to
                                        greater
                                     than 9,999     
                 65.0-78.0   13.0      2,100 to
                                        greater
                                     than 9,999                            
                 91.0-93.0    2.0  305 to 1,300

Natural gamma radiation in drill core that is reported in this news release was measured in counts per second 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 the mineralized intervals is highly variable and associated with visible pitchblende mineralization. All intersections are downhole, core interval measurements and true thickness are yet to be determined.

A continuing field program is in progress. This includes nine holes for 1,600 metres of core drilling following up geophysics and geologic targets, including the prospective PL-3B conductor, as well as 12 holes for 1,440 m of dual rotary (DR) drilling evaluating overburden near the boulder field (see news release dated Oct. 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 triuranium octoxide (weight per cent) 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 and Alpha Minerals. 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 60 million pounds of U3O8 produced) and passes through the nearby UEX-Areva Shea Creek discoveries located 50 kilometres 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 Fission's website.

The technical information in this news release has been prepared in accordance with National Instrument 43-101 and reviewed on behalf of the company by Ross McElroy, PGeol, president and chief operating officer for Fission Energy, a qualified person.

We seek Safe Harbor.