CONICO LTD — Capital/Financing Update 2008

Jul 3, 2008

AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT

4[th] July 2008

Meteore Metals Limited-Acquisition

The directors of Fission Energy Limited (“Fission”) are pleased to announce that it has successfully acquired 100% of the issued capital of Meteore Metals Limited (ACN 097 759 325), the manager of a 50:50 Joint Venture with Barra Resources Limited (ASX:BAR) on the Mt Thirsty Nickel-CobaltManganese Project (“Mt Thirsty”).

Golder Associates Pty Ltd has estimated an Indicated and Inferred Resource of 20,970,000 tonnes grading 0.62% Nickel, 0.14% Cobalt and 1.01% Manganese. The total Indicated and Inferred Resource contains approximately 130,000 tonnes of nickel, 29,000 tonnes of cobalt and 210,000 tonnes of manganese.

The first payment of approximately A$2.9 million was made today with two further payments of A$1.44 million, due August 29[th] 2008 and A$1.44 million due 15[th] December 2008 to follow. Total consideration for the acquisition of Meteore is A$8.0 million, of which approximately A$6.1 million is payable in cash and the balance in fully paid ordinary shares in Fission.

The directors intend to provide an update on the Mt Thirsty exploration and development timetable in the next few weeks.

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Guy T. Le Page Director

The interpretations and conclusions reached in this report are based on current geological theory and the best evidence available to the authors at the time of writing. It is the nature of all scientific conclusions that they are founded on an assessment of probabilities and, however high these probabilities might be, they make no claim for complete certainty. Any economic decisions that might be taken on the basis of interpretations or conclusions contained in this report will therefore carry an element of risk.

The information in this announcement, insofar as it relates to Mineral Exploration and Mineral Resources is based on information compiled by Guy T Le Page, who is a member of the Australasian Institute of Mining and Metallurgy, and who has more than five years experience in the field of activity being reported on. Mr Le Page is a Director of the Company. Mr Le Page has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is undertaking to qualify as Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Le Page consents to the inclusion in the report of the matters based on their information in the form and context in which it appears.

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