Drill Programs Highlights

WAT10-063A was collared at 188-degree azimuth and minus-75.5 dip to a total depth of 344.0 metres. It is strongly clay altered and locally strongly fractured in the lower 70 metres above the unconformity. Immediately below the unconformity, the basement rocks are intensely clay and hematite altered. An interval of moderate to strong clay alteration can be traced in the basement to 266.2 m. The first interval of elevated radioactivity measured from drill core is at 206.5 m (300 to 4,200 counts per second (cps)) and anomalous radioactivity continues throughout the drill core until 235.5 m. 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. Core recovery is generally 100 per cent, but narrow intervals of core loss within the altered zone occurs, notably 215.0 to 218.0 (87-per-cent recovery) and 221 to 224.0 m (72-per-cent recovery). The 29.0 m wide zone of alteration and elevated radioactivity can be described as greater than 300 cps, with discrete intervals of high radioactivity (greater than 2,500 cps). All intersections are down-hole, core interval measurements and true thickness is yet to be determined. These high radioactive zones include maximum readings of:

214.00 to 214.50 m: 4,200 cps;
226.00 to 226.50 m: 3,100 cps;
226.96 to 227.25 m: greater than 9,999 cps;
228.00 to 228.50 m: 3,400 cps;
229.50 to 230.10 m: 3,100 cps;
230.10 to 230.45 m: greater than 9,999 cps;
232.50 to 233.00 m: 2,700 cps;
233.00 to 233.50 m: 9,000 cps;
233.50 to 234.00 m: 5,200 cps;
234.50 to 235.00 m: 2,500 cps;
235.00 to 235.50 m: 3,900 cps.

WAT10-063A is the second hole of a series of drill holes planned for the Discovery Bay area, adjacent and to the west of Hathor Exploration Ltd.'s Roughrider high-grade uranium zone, within the previously described east-west-trending corridor. The mineralization within hole WAT10-063A lies approximately 140 m due west of Hathor's westernmost high-grade intersection within hole MWNE-129 which is reported to have intersected 5.0 m grading 15.65 per cent U3O8. Basement rocks within the altered and mineralized zone from 206.50 to 235.50 m include meta-pelites (locally graphitic), quartz-feldspar gneiss and quartz-feldspar granofels.

Three additional drill holes have since been completed in close proximity to WAT10-063A, to help define the extent and geometry of the new discovery, which has been named the J-Zone. All three holes have intersected significant anomalous radioactivity including a four-metre interval (203.5 m to 207.5 m) of high radioactivity, ranging from 500 counts per second (cps) to greater than 9,999 cps (off scale), in hole WAT10-066. The unconformity intersection in WAT10-066 represents a 15 m offset to the south from WAT10-063A.

Hole WAT-066 encountered intense clay alteration from 183.6 m to 207.62 m, with alteration persisting to 240.5 m down hole. Anomalous radioactivity was intersected from 203.0 m to 228.5 m. The degree of radioactivity within this interval is highly variable. A four m interval of high radioactivity was intersected from 203.5 m to 207.5 m ranging from 500 cps to greater than 9,999 cps. Of particular interest is a 1.1 m wide interval immediately below the unconformity from 204.2 to 205.3 m which measured greater than 9,999 cps. The hole was collared 95 m to the south of WAT10-063A and oriented at an azimuth and dip of 330 degrees/minus 80.7 degrees. The hole was completed to a depth of 320.0 m. The hole was designed to test the dip of the anomalous zone of radioactivity intersected in WAT10-063A. The unconformity was intersected at a depth of 204.3 m.

Hole WAT10-065A encountered strong clay alteration from 179.0 m to 202.0 m, increasing in intensity and associated with secondary hematite from 202.0 to 211.61 m. An interval of anomalous and highly variable radioactivity was encountered from 203.0 to 223.0 m, with the strongest radioactivity within a 1.5 m interval from 203.5 to 205.0 m, at the unconformity. Radiometric counts within this 1.5 m interval ranged from 1,120 cps to greater than 9,999 cps. Basement rocks comprise primarily pelitic gneiss with variable pegmatite-rich zones. Rocks show variable degrees of alteration down to 325.57 m. The hole was collared from the same set-up location as WAT10-066 and oriented at an azimuth and dip of 326 degrees/minus 78 degrees. The hole was completed to a depth of 334.0 m. Similar to hole WAT10-066, the hole was designed to test the dip of the anomalous zone of radioactivity intersected in WAT10-063A. The unconformity was intersected at a depth of 204.67 m. Hole WAT10-064D encountered moderate to strong clay alteration from 203.0 to 219.5 m. An interval of anomalous radioactivity is present from 211.5 to 222.5 m. The degree of radioactivity within this interval is variable with readings from less than 300 cps up to 2,000 cps. The strongest zone of radioactivity is within a 1.0 m wide interval from 211.5 to 212.5 m with readings up to 2,000 cps. Basement rocks from the unconformity to 302.2 m comprise variable pelitic and semi-pelitic granofels and gneiss with interspersed pegmatite-rich intervals. Below 302.2 m, the basement rock comprises quartz-feldspar gneiss. The hole was collared 32 m to the northeast of WAT10-063A and oriented at an azimuth and dip of 195 degrees/minus 73 degrees. It was completed to a depth of 341.0 m with the unconformity intersected at a down hole depth of 208.0 m. Holes WAT10-064D to WAT10-066 were radiometrically surveyed with a Mount Sopris 2PGA-1000 Gamma/SP probe. A Mount Sopris 2GHF Triple Gamma probe was mobilized to site and used for hole WAT10-066. The triple gamma probe uses both a Na-I scintillation crystal and a ZP1320 High-Flux Geiger-Mueller tube pair, which allows better resolution in strongly radiometric intervals. Drill core samples from the mineralized section of core will be submitted to SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025:2005 accredited facility) of Saskatoon for analysis, which includes a 63-element ICP-OES, uranium by fluorimetry (partial digestion) and boron. Chemical results will be released when received. All holes will be radiometrically surveyed with a Mount Sopris 2PGA-1000 Gamma/SP probe.

The three drill holes, WAT10-071, 072C, and 073 have all intersected highly radioactive mineralization at the unconformity, including "off-scale" (cps > 9,999) radioactivity. Drill hole WAT10-073, intersected a 16m wide interval of highly radioactive mineralization, including several intercepts totalling 2.16m of "off-scale" hand scintillometer readings (198.0m- 214.0m). This hole is located 15m to the west of hole WAT10-070B (13.5m interval from 196.5m -- 210.0m of highly radioactive mineralization at the unconformity, including several intercepts totalling 7.5m of "off scale" radioactivity). In addition, hole WAT10-071, located 10m south of hole WAT10-070B, intersected 5.15m of highly radioactive mineralization (199.35m-205.0m), including two intercepts totalling 4.26m of "off-scale" radioactivity. Finally, hole WAT10-072C, located 10m north of hole WAT10-070B, intersected 3.50m of highly radioactive mineralization (197.0m-200.5m), including a 0.65m intercept of "off scale" radioactivity.

WAT10-070B, a vertical 15m step-out to the west of the high-grade mineralization encountered in the WAT10-063A, intersected a 17.0m interval at the unconformity (194.5m-211.5m) grading 3.99% U308, including 7.0m at 7.48% U308. The maximum grade identified within the 7.0m intercept was 0.50m of 20.6% U308. In addition, hole WAT10-068, which has extended mineralization approximately 35m to the north of hole WAT10-066, intersected 2.50m (209.5m-212.0m) of 2.78% U308, including 1.50m grading 4.56% U308. The additional five vertical oriented step-out drill holes, WAT10-074, 075, 076A, 077, and 079, have extended the J-Zone's strike length to at least 55m (east-west) and 35m wide (north-south). Four of the five have intersected highly radioactive mineralization at the unconformity, including "off-scale" (cps > 9,999) radioactivity.

           • Hole WAT10-077 intersected 10.0m of highly radioactive mineralization (203.0m-213.0m), including three              intercepts totalling 1.90m of "off scale" radioactivity. This hole is located as a 15m step-out to the west of              WAT10-073.

           • Hole WAT10-079 intersected 7.5m of highly radioactive mineralization (197.0m-204.5), including 1.60m of            "off-scale" radioactivity. This hole is located 10m north of WAT10-077.

           • Hole WAT10-074 intersected a 3.5m wide interval of highly radioactive mineralization (197.0m-200.5m),
           including a 0.65m intercept of "off-scale" hand scintillometer readings. This hole is located 10m north of
           WAT10-073.

           • Hole WAT10-075 intersected 2.0m of highly radioactive mineralization (199.5m -201.5m), including a 0.40m
           intercept of "off-scale" radioactivity. This hole is located 10m south of WAT10-073.

           • Hole WAT10-076A located 15m to the SW of WAT10-077 intersected moderate to strong hematite and chlorite
           clay alteration (190.5m-202.0m) around the unconformity (201.1m), but no anomalous radioactivity was
           encountered.

WAT10-071, a 10m vertical step-out south of the high grade mineralization encountered in hole WAT10-070B, intersected 6m of 14.70% U308 at the unconformity (199m-205m). This interval includes 4m grading 21.20% U308, with a maximum grade of 50.6% across 0.50m. These intervals represent some of the best overall composite assays received to date for the J-Zone. In addition, hole WAT10-072C, a vertical step-out located 10m to the north of hole WAT10-070B intersected 5m of 1.18% U308 at the unconformity (196.5m-201.5m), including 1.50m grading 3.04% U308.

There are five vertical oriented step-out drill holes: WAT10-073, 074, 075, 076A, and 077. Four of the five holes encountered mineralization at the unconformity with hole WAT10-073 intersecting 18.0m grading 1.32% U308 (197.0m-215.0m), including two intercepts of 2m at 3.35% U308 (198.5m-200.5m) and 3.23% U308 (208.0m-210.0m), and one intercept grading 2.49% U308 over 1.50m (212.0m-213.5m). In addition, hole WAT10-074 intersected 14.00m grading 0.80% U3O8 (195.0m-209.0m), including 5.5m at 0.97% U3O8 (197.5m-203.0m), and hole WAT10-075 intersected 3.50m grading 1.19% U3O8 (198.5m-202m), including 1.0m at 3.43% U3O8 (200.5m-201.5m). Hole WAT10-077 intersected 8.50m grading 1.92% U308 (204.0m-212.5m), including 4m at 3.56% U308 (206.5m-210.5m).

In addition, there are three more vertical oriented step-out drill holes: WAT10-079, 081 and 083B, located to the west, along strike of discovery hole WAT10-063A. All three holes encountered mineralization at the unconformity with hole WAT10-083B intersecting 7.5m grading 3.83% U308 (194.50m-202.0m), including 6m at 4.74% U308 (195.50m-201.5m) and 0.5m at 10.70% U308 (196.0m-196.50m). In addition, hole WAT10-079 intersected 7.50m grading 1.89% U308 (197.0m-204.5m), including 2m at 6.42% U3O8 (198.0m-200.0m), and hole WAT10-081 intersected 6.5m grading 2.16% U308 (198.0m-204.5m), including 3m at 4.52% U3O8 (201.5m-204.5m). Most significantly, these assay results confirm the continuity of high grade uranium mineralization over exceptional widths, trending laterally to the west of discovery hole WAT10-063A.

There are six more remaining J-Zone holes (WAT10-085, 087, 089, 091, 093 and 096), two J-Zone East holes (WAT10-094A and 095) and drill hole WAT10-92A at Highland. At the J-Zone, vertical drill hole WAT10-091, which extended mineralization approximately 10m to the south of hole WAT10-071, intersected 3.50m (200.0m-203.5m) grading 21.58% U308 at the unconformity, including 2.50m at 30.15% U308, while hole WAT10-087 intersected 6.50m (193.5m-200m) grading 2.77% U308, including 1.0m at 15.61% U308. In addition, hole WAT10-085 intersected 9.0m grading 0.96% U3O8 (195.5m-204.5m), including 2.0m at 3.24% U3O8 (195.5m-197.5m), and hole WAT10-089 intersected 1.5m grading 0.67% U3O8 (196.0m-197.5m). Hole WAT10-093 intersected 2.0m grading 1.12% U3O8 (194.5m-196.5m) and hole WAT10-096 intersected 1.5m grading 0.07% U3O8 (212.0m-213.5m). In regard to J-Zone East, hole WAT10-094A intersected 3.0m grading 1.46% U3O8 (208.5m-211.5m) and 1.0m grading 1.19% U3O8 (223.0m-224.0m). In case of Highland, hole WAT10-092A intersected 1.5m grading 0.08% U3O8 (251.0m-252.5m), 3.5m grading 0.14% U3O8 (263.0m-266.5m), 3.50m grading 0.28% U3O8 (303.5m-307.0m), including 0.5m grading 1.31% U3O8 (306.5m-307.0m).

The first vertical step-out drill hole (WAT10-098A) of the 2010 Summer Drill Program has identified "off-scale" radioactivity. Hole WAT10-098A, collared 10m north of Hole WAT 10-83B, identified three intercepts totalling 4.5m of "off-scale" (cps >9,999) radioactivity within a 10m intersection of highly radioactive mineralization at the unconformity. This hole extends the J-Zone to the north of the previously known mineralization delineated during the winter 2010 drilling program, and further demonstrates the continuity and strength of the unconformity mineralization. Of particular significance is the intensity of alteration and exceptional width of mineralization in hole 098A, which were found to be greater than in hole 083B.

Hole WAT10-098A encountered moderate to very strong clay alteration from 168.5m to 238m, with the most intense alteration associated with mineralization at or near the unconformity (200.0m). A broad interval of continuously anomalous and variable radioactivity was intersected from 192.5m - 206.0m, with the strongest radioactivity within a 10m interval from 192.5-202.5m. Within this interval three separate intercepts recorded >9999 cps for a combined width of 4.5m of "off-scale" radioactivity.

The altered sandstone is strongly limonitic throughout, with hematite and chlorite clay prevalent from 186.7m to the unconformity. Strong limonite and hematite clay alteration continued in the basement to 204m, transitional to chloritic clay from 204m to 238m. A deeper interval of moderate to strongly altered basement was intersected from 264 to 289m associated with a graphitic faulted interval. The basement rocks consist of pelitic rocks throughout. WAT10-098A was drilled from a barge set-up collared 10m north of hole WAT10-083B and completed to a depth of 299.0m.

Hole WAT10-099 encountered moderate to very strong clay alteration from 160m to 231m, with the most intense alteration associated with mineralization at or near the unconformity (196.3). A broad interval of continuously anomalous and variable radioactivity was intersected from 191.5m - 202.0m, with the strongest radioactivity within a 5m interval from 195.0m-200.0m. Within this interval three separate intercepts recorded >9999 cps for a combined width of 0.9m of "off-scale" radioactivity.

The altered sandstone is strongly limonitic throughout, with hematite and chlorite clay prevalent from 186.0m to the unconformity. Strong limonite and hematite clay alteration continued in the basement to 200m, transitional to chloritic clay from 200m to 231m. A deeper interval of moderate to strongly altered basement was intersected from 269 to 296m associated with a graphitic faulted interval. The basement rocks consist of pelitic rocks throughout. WAT10-099 was drilled from a barge set-up collared 10m north of hole WAT10-079 and completed to a depth of 305m.

Hole WAT10-097 an angle hole collared from shore and oriented to the southeast, primarily designed to intersect the northern contact of the favourable pelitic basement lithology corridor and structures believed to be important controls of the J-Zone mineralization. The unconformity was intersected approximately 40m to the north of WAT10-083B at a depth of 242.6m. Weak to moderate limonite +/- hematite clay alteration is pervasive from 215m to 272m. Immediately below the unconformity, the basement rocks consisted of a quartz-feldspar granofel. The pelitic rock contact was intersected at 266m and this lithologic package continued to the end of hole (293.0m). This places the hanging wall pelitic sequence further to the north than expected resulting in a wider prospective lithologic corridor than previously modeled. No mineralization was encountered.

The hole was collared at an azimuth of 151° and a dip of -57°.

The hole WAT10-103, a vertical step-out drill hole at its Waterbury Lake project in the Athabasca Basin, has expanded and widened the J-Zone uranium discovery at its western margin. Hole WAT10-103 was collared 10m south of hole WAT 10-093, and more importantly, intersected a much wider 17m (191m-208m) of variable radioactive mineralization at the unconformity, including 2.24m (193.26m-195.5m) of "off-scale" (cps >9,999) radioactivity. To date, two vertical step-out holes targeting the J-Zone, WAT10-098A and WAT10-099 have extended the mineralized boundary to the north of the previously known mineralization delineated during the winter 2010 drilling program, while hole WAT10-103 has now further extended mineralization on trend to the west.

J-East Zone

The J-East Zone, located east of the main J-Zone discovery, near Fission's property boundary, continues to develop as a new area of interest. Two drill holes, WAT10-100 and WAT10-102 were completed. Hole WAT10-102, drilled 90m to the east of the J-Zone, identified a 17m wide intersection of moderately to locally strong radioactivity in strongly hematite/limonite altered pelitic basement rocks (220.0m to 237.0m). Hole WAT10-100 intersected a 10.5m zone of weak anomalous radioactivity in the basement rocks (292.5m-303m) within weak graphitic and moderately altered pelite. The mineralization found in the basement rocks at J-East Zone correlates with known mineralization found beyond Fission's property boundary. This finding suggests further potential for basement type mineralization at the J-Zone East, in contrast to the main J-Zone discovery, which continues to demonstrate mineralization focused at the unconformity.

Structural and Geologic Drilling

WAT10-101B, a follow-up angled hole to WAT10-097, was drilled for structural and geologic information purposes. Its primary purpose is to help define the geology and fault structures, to the north of the J-Zone and at the western extent of known mineralization within the prospective 3km long East-West Corridor. Given that the mineralization at the J-Zone encountered appears to be almost flat-lying, drill intercepts from the vertically collared drill hole WAT10-103 reported herein are approximately true thickness. The geometry of the mineralization at J-East is not yet established and thus true thickness may differ from downhole thickness.

Hole WAT10-103 (J-Zone)

WAT10-103 encountered moderate to very strong clay alteration from 175m to 222m, with the most intense alteration associated with mineralization at and near the unconformity (197.0m). A broad interval of continuously anomalous and variable radioactivity was intersected from 191.0m -- 208.0m, including a 2.24m wide interval (193.26-195.5m) of >9,999 cps "off-scale" radioactivity. A lower zone of anomalous radioactivity was intersected from 228 to 229.5m with radioactivity up to 4,200 cps.
The sandstone has variable pervasive and fracture controlled limonitic alteration throughout and strong hematite and chlorite clay alteration is prevalent from 175.0m to the unconformity. Strong hematite clay alteration continued in the basement to 207.7m, transitional to chloritic clay from 207.7m to 222m. Less intense chloritic alteration persists to 262.4m. The basement rocks consist of pelitic rocks throughout. WAT10-103 was drilled from a barge set-up collared 10m south of hole WAT10-093 and completed to a depth of 275m.

Hole WAT10-102 (J-East Zone)

WAT10-102 encountered a broad interval of continuously anomalous and variable radioactivity and mineralization in pelitic basement rocks below the unconformity (198.7m) from 220.0m -- 237.0m, with readings up to 6,700 cps. This 17m wide interval is characterized by very strong hematite alteration from 220-224.5m, abruptly changing to strong chloritic alteration from 224.5-237.0m.
Moderate to locally strong limonite +/- hematite alteration is present in the sandstone from 168.8 -- to the unconformity. A strong bleached zone is present from the unconformity to 211.7m, grading to chloritic alteration which persists to 247m. The basement rocks consist of pelitic rocks down to 287.8m. From 287.8m to EOH (323.0m) the basement rocks consist of mixed pelitic and semipelitic gneiss, with minor amounts of Quartz-Feldspar Gneiss.
WAT10-103 was drilled from a barge set-up collared 45m northeast of hole WAT10-094A and completed to a depth of 323m.

Hole WAT10-100 (J-East Zone)

WAT10-100 encountered a broad zone of weakly anomalous radioactivity from 292.0--302.5m within strongly chlorite clay altered and faulted graphitic pelitic basement rocks below the unconformity (200.0m).
Moderate to locally strong limonite clay alteration is present in the sandstone from 195.4 -- to the unconformity. Moderate to strong clay alteration persists in the basement to 232m. A lower interval of moderate to locally strong chlorite alteration is present from 273.4m -- 327.5m. The basement rocks consist of pelitic rocks from the unconformity to 350.0m (EOH).
WAT10-100 was drilled from a barge set-up collared 30m northeast of hole WAT10-094A and completed to a depth of 350m.

Hole WAT10-101B (Structural and Geologic Information) is an angle hole collared from shore and oriented to the southeast, primarily designed to intersect the northern hanging wall contact of the favourable pelitic basement lithology corridor and structures believed to be important controls of the J-Zone mineralization near the known western extent of the J-Zone. The unconformity was intersected approximately 50m to the north of WAT10-093 at a depth of 238.62m.

Moderate to very strong limonite +/- hematite clay alteration was encountered in the sandstone from 218.2m to the unconformity. Moderate to strong clay alteration continued in the basement rocks below the unconformity to 242m. Immediately below the unconformity, the basement rocks consisted of a Quartz-Feldspar Granofel. The pelitic rock hanging wall contact was intersected at 260.56m and this lithologic package continued to 349.1m, below which a Quartz-Feldspar gneiss encountered to the end of hole (365.0m). This places the hanging wall pelitic sequence further to the north than expected resulting in a wider prospective lithologic corridor than previously modeled (similar to the results of hole WAT10-097 as highlighted in news release dated August 9th). No mineralization was encountered. The hole was collared at an azimuth of 150° and a dip of -57°.