the international independent information and advice bulletin for uranium resource investments
Fission Energy Corp. (Cdn$ 0.77)
H+L prices (12 months) : Cdn$ 0.89 – 0.34
Issued shares : 124.5 million
Fully diluted shares : 145.9 million
Market capitalization : Cdn$ 95.9 million
Next price target:  Cdn$ 1.50
Fission Energy sells portfolio of uranium exploration 
projects valued at approximately $ 70 million 
to Denison Mines
Fission Energy (“Fission”) has announced the signing of a Binding Letter of Intent (“Binding LOI”) pursuant to 
which Denison Mines (“Denison”) will acquire a portfolio of uranium exploration projects including Fission’s 
60% interest in the Waterbury Lake Uranium Project, as well as Fission’s exploration interests in all other 
properties in  the eastern part of the  Athabasca Basin, its two joint ventures in  Namibia plus its assets in 
Quebec and Nunavut.
Under the terms of the Binding LOI, Denison has agreed to offer shareholders of Fission  0.355 shares of 
Denison for each share of Fission held, conditional upon among other things, certain assets of Fission being 
spun out to a new company (“NewCo”) to be held pro rata by current Fission shareholders.
NewCo will include among others a 50% interest in the Patterson Lake South (“PLS”) Property, located in the 
western Athabasca Basin, which runs north to the former Cluff Lake Mine (greater than 60 million pounds of 
triuranium octoxide produced) and passes through the nearby  UEX-Areva Shear Creek discoveries 
(resources of about 88 million pounds of U3O8) located 50 km to the north, currently under active exploration 
and development.
INVESTMENT ALERT – January 2013                         www.fission-energy.comThe transaction values the assets at approximately $ 70 million  based on the closing  of Denison as of
January 15, 2013 (Cdn$ 1.46). Upon completion of the transaction in April 2013, shareholders of Fission will 
own approximately 11% of Denison.
Substantial benefits for shareholders of Fission are:
? A substantial value offered to the Company’s shareholders for the assets
? The opportunity for Fission shareholders to participate in the assets of Denison, which include several
advanced exploration properties plus an interest in the  McClean Lake Mill, as well as the highly 
prospective Western Athabasca exploration portfolio of NewCo
? NewCo to hold approximately $ 18 million in cash fully funded to continue future programs at PLS and 
? NewCo to continue forward under the leadership of the same successful management team that
developed Fission
? Further solidification of Denison as the consolidation of strategic assets in the Athabasca Basin to  the 
benefit of both sets of shareholders
Further details of the transaction will be included in the formal definitive agreement and management 
information circular to be filed with the regulatory authorities and mailed to Fission shareholders in 
accordance with applicable security laws.
The proposed transaction is expected to be completed in April 2013 or such later date as the parties may 
A special meeting of the shareholders of Fission will be held at a time yet to be determined to approve the 
proposed transaction.
Investment recommendation:
With Fission’s premier focus  being the Athabasca Basin, the most prolific and highest grade uranium 
resource in the world,  all of its assets, with the exemption of the 50/50 PLS joint venture with Alpha 
Minerals, will be acquired by Denison Mines.
With Fission valued at Cdn$ 61 million including Cdn$ 19 million to be applied to the prospective 50% 
PLS joint venture interest (50% Alpha Minerals market valuation)as on January 15
)  the $ 70 million 
offered by Denison for the Western Athabasca exploration portfolio excluding PLS, represents a 
substantial premium for Fission shareholders and resulted in a share price increase of 22%.
Since having featured the Company as a Special Situation in December 2012, the share price increased 
from Cdn$ 0.51 to Cdn$ 0.77, showing a profit of 51%.
Based on the 11% interest in Denison representing a market valuation of Cdn$ 65 million and expecting 
continuing positive exploration results from the PLS Project, we have increased our price objective from 
Cdn$ 1.00 to Cdn$ 1.50.