Fission Energy Corp. : Fission Increases Waterbury Lake Winter 2012 Exploration Budget By 26% To $9.28 Million

Fission Energy Corp. ("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 .

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. ()

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"
_______________________________
Ross McElroy, President & COO

Investor Relations
Bob Hemmerling
TF: 877-868-8140
[e-mail]

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.