CONICO LTD — Capital/Financing Update 2008

Apr 13, 2008

ACN 119 057 457

AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT EXPLORATION UPDATE – 14[th] April 2008

DRILLING COMMENCES AT GARFORD, TO FOLLOW AT WYNBRING

The Directors of Fission Energy Ltd (ASX Code: FIS) are pleased to announce that the first uranium drilling programme has commenced at Garford.

Fission has the right to explore for uranium on six granted exploration licences covering an 80km length of the Garford palaeochannel (Figure 1) situated on the Gawler Craton, 85km southwest of Coober Pedy. Although essentially unexplored for uranium, the Garford area is considered prospective for palaeochannel-hosted uranium mineralisation.

An airborne EM survey has confirmed that in excess of 80km of the Garford palaeochannel exists within Fission’s Garford tenements to depths of around 40m to 50m. A similar length of deeper linear EM conductors to maximum depths of 130m located partially beneath the Garford channel are interpreted to represent older buried palaeodrainages which are also considered prospective for uranium.

Initial drill testing at Garford will involve up to 3000m of reconnaissance aircore drilling along existing tracks and fence lines over the interpreted positions of the palaeochannels. All holes will be gamma probed and groundwater samples collected where possible for uranium and other pathfinder element analysis.

Wynbring

Upon completion of the Garford program drilling will resume at Wynbring (EL3306 Figure 1), located 80km to the south, and will follow up the encouraging uranium results obtained from drilling in December 2007.

At Wynbring reduced Tertiary basal fluviatile sands with strongly anomalous uranium assays (up to 1m @ 455ppm U3O8 (0.045%) in hole W058 from 57 to 58m) were intersected in the southern portion of the area overlying weathered granite basement. A 9km portion of the palaeochannel with potential reduced uranium enriched basal sands remains essentially untested.

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Greg H. Solomon Executive Chairman

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Level 40, Exchange Plaza, 2 The Esplanade, Perth, Western Australia 6000 Telephone: (08) 9282 5889 Facsimile: (08) 9282 5866 Website: www.fissionenergy.com.au

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Figure 1
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