Fission Energy Acquires an Additional 10% Limited Partnership Interest in the Limited Partnership Exploring the Waterbury Lake Property

KELOWNA, BRITISH COLUMBIA -- (Marketwire - April 19, 2011) - Fission Energy Corp. ("Fission" or "the Company") (TSX VENTURE: FIS) (OTCQX: FSSIF) is pleased to announce that it has exercised its "back-in option" to acquire an additional 10% limited partnership interest (the "Option Interest") in the Waterbury Lake Uranium Limited Partnership (the "Partnership") exploring the Waterbury Lake Property pursuant to the Limited Partnership Agreement between the Company and Korea Waterbury Uranium Limited Partnership dated August 16, 2010 (the "Agreement"). As a result, the Company now holds a 60% limited partnership interest in the Partnership. Fission acquired the Option Interest by paying C$6 million to the Korea Waterbury Uranium Limited Partnership in accordance with the terms of the Agreement.


Background

In January 2008, Fission entered into an earn-in agreement with a group led by Korea Electric Power Corporation under the newly created Korea Waterbury Uranium Limited Partnership (the "KEPCO Consortium"), for the joint development of the Waterbury Property. The Consortium was granted the exclusive right to earn up to a 50% interest in the project by incurring C$14 million in exploration expenditures over a three year period and by completing a private placement for 1,000,000 common shares of Fission Energy at a price of C$1.00 per share. Fission retained a 2% NSR royalty in the project, in addition to a "back-in provision" allowing the Company to reacquire a 10% interest for C$6 million. On August 16, 2010 the parties entered into the Agreement which now supersedes the original earn-in agreement.


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 Exchange under the symbol "FSSIF".


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. (www.kepco.co.kr)


KOREA WATERBURY URANIUM LIMITED PARTNERSHIP ("KEPCO Consortium") is a consortium primarily comprised of Korean-based companies. Led by Korea Electric Power, other participating companies include Korea Hydro & Nuclear Power, Korea Nuclear Fuel Co., Hanwha Corp. and Gravis Capital Corp., a private Canadian uranium investment company.


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 and drill program on the Waterbury Property. 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, except as required by law.


ON BEHALF OF THE BOARD

"Dev Randhawa"
Dev Randhawa, Chairman & CEO



The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.



Contact Information

Fission Energy Corp.
Bob Hemmerling
Investor Relations
TF: 877-868-8140
info@fission-energy.com
www.fission-energy.com