Mr. Ross McElroy reports

FISSION ENERGY CORP.: STEP-OUT HOLE INTERSECTS 22.5M WIDE MINERALIZATION AT PLS

Fission Energy Corp. and its joint venture partner Alpha Minerals Inc. have released drill and scintillometer results from their current core drilling program. PLS12-025 collared 10 metres north of hole PLS12-024 (see news release Nov. 12, 2012) intersected a 22.5 m wide interval of strong mineralization including a narrow band of off-scale (greater than 9,999 counts per second) radioactivity. In concluding the core drilling program for this season, all of the last four holes have identified significant mineralization at similar vertical depth below surface. In each case, the mineralization occurs at shallow depth in basement rocks.

An aggressive winter program, expected to begin in early 2013, is currently being planned to further expand the discovery, as it remains open in all dimensions. Drill plans will include continued step-out land-based holes in the area of these mineralized holes and step-out holes for targets to be drilled from the ice on Patterson Lake.

Ross McElroy, president, chief operating officer and chief geologist for Fission, commented:

"We've completed our core drilling program on PLS with results that display wide mineralization at shallow depth in our discovery hole and in all three subsequent step-out holes. Mineralization appears to be flat to gently dipping within steeply dipping basement graphitic metaseditments. These results provide plenty of impetus to plan an aggressive follow-up program this winter."

Key technical details (PLS12-025)

A thin, 2.83 m layer of sandstone is present immediately above the unconformity. Mineralization extends up into this horizon.

Hole PLS12-025 (line 010W), a vertical hole collared 10 m grid north of hole PLS12-024, intersected anomalous radioactivity in the bedrock over a 22.5 m interval (60.5 to 83.0 m), with two sections of stronger radioactivity (62.5 to 65.0 m and 70.5 to 81.5 m respectively). A narrow 0.05 m interval of off-scale radioactivity was measured at 64.68 m. Recovery throughout the mineralized interval averages 75 per cent with localized intervals as low as 56 per cent.

                                 HOLE SUMMARY

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

PLS12-022   57.5-78.5      21.0            <300->9999
            71.0-77.0       6.0            1800->9999
          116.5-117.5       1.0               308-323
          170.0-171.0       1.0               301-384
PLS12-023   60.0-61.0       1.0               315-400
            63.0-76.0      13.0             <300-3300
            91.0-91.5       0.5                   800
          105.5-106.0       0.5                   352
PLS12-024   59.0-83.0      24.0            <300->9999
            65.0-78.0      13.0            2100->9999
            91.0-93.0       2.0              305-1300
PLS12-025   60.5-83.0      22.5             330->9999
            62.0-65.5       3.5             800->9999
            70.5-81.5      11.0              850-7000

Hole                 Overburden               Basement             Total
ID                     interval               interval             depth
                             (m)                    (m)               (m)

PLS12-022                0-55.3            59.23-212.5             212.5
PLS12-023                0-53.8             60.6-197.2             197.2
PLS12-024               0-56.23            60.05-191.1             191.1
PLS12-025               0-59.54           62.37-160.63             160.6

This concludes a first phase, nine-hole, 1,631.86 m core drilling program. The pause in drilling will allow the joint venture to assess the geology in the context of the assays and geochemistry of the core samples. The analysis of the core samples is under way with the core from PLS12-025 still being prepared for sampling and shipping at this date.

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 down hole, core interval measurements and true thickness are yet to be determined.

All holes have been radiometrically surveyed with a Mount Sopris 2GHF-1000 Triple Gamma probe, which allows for accurate measurements in high-grade mineralized zones.

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 (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-per-cent/50-per-cent joint venture held by Fission Energy 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 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 company's website.

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, PGeol, president and chief operating officer for Fission Energy, a qualified person.

We seek Safe Harbor.