CONICO LTD — Regulatory Filings 2008

Apr 1, 2008

ABN 49 119 057 457

==> picture [377 x 71] intentionally omitted <==

AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT EXPLORATION UPDATE – 2[nd] April 2008

WYNBRING URANIUM ASSAY RESULTS

• U3O8 chemical assays up to 5m @ 219ppm (including 1m @ 455 ppm) confirm uranium intersections from downhole gamma logging (December Quarterly Report)

• Follow up drilling commencing later this month

Fission Energy Limited (ASX: “FIS”) is pleased to report that uranium chemical assay results from the December 2007 air core drilling program at its Wynbring palaeochannel uranium project have been received. Wynbring is located 100km WNW of Tarcoola in South Australia in an adjacent palaeochannel 15km to the northwest of Toro Energy Ltd’s Warrior uranium deposit.

Uranium chemical assay results up to 455ppm U3O8 over 1m from 57 to 58m in Hole 58 together with low uranium/thorium ratios broadly support the equivalent U3O8 estimates based on downhole gamma logging which were reported in the December quarterly report. The results also confirm that the anomalous radioactivity associated with the reduced palaeochannel sands is principally due to uranium radioactive decay products rather than thorium. U3O8 chemical assays above 100ppm are tabulated in Table 1 together with average eU3O8 estimates for the same interval. In general the U3O8 chemical assays are higher than the equivalent U3O8 estimates from downhole gamma logging.

Due to the relatively small sample size collected for chemical analysis and difficult sample medium (ie. wet unconsolidated sands and clays) the chemical assays are unlikely to be truly representative of the insitu uranium grades. Chemical assaying of large diameter drill core and uranium equilibrium studies would be carried out on any potentially economic intersections encountered by future drilling as a check on the equivalent uranium assays from downhole logging.

As previously reported, the recent drilling has delineated a portion of a meandering sandy fluvial palaeochannel up to 1km in width within the Wynbring palaeovalley which trends in a broadly north –south direction through the project area (Figure 1). Reduced Tertiary basal fluviatile sands with strongly anomalous uranium contents were intersected in the southern portion of the tenement overlying weathered granite basement. The anomalism is clearly redox related, occurring in reduced sands immediately below the oxidised zone and below the water table, overlying granite basement.

The attached drill cross section (Figure 3) with the latest chemical assays and eU3O8 down hole gamma logs clearly shows the strongly anomalous uranium contents over a 3 to 6 metre thickness in reduced sands at the base of the palaeochannel.

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

ASX Announcement 2/04/2008

==> picture [146 x 28] intentionally omitted <==

Follow up drilling, due to commence later this month will target some of the 9 km of palaeochannel with potential reduced uranium enriched basal sands in the southern portion of the tenement which remains essentially untested. It is hoped that this drilling will enable Fission to locate even higher and potentially economic uranium grades and widths as its geological understanding of this palaeochannel environment is significantly improved by the next phase of drilling.

==> picture [184 x 32] intentionally omitted <==

Greg H. Solomon Executive Chairman

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 activities, is based on information compiled by Michael J. Glasson, who is a member of the Australian Institute of Geoscientists, and who has more than five years experience in the field of activity being reported on. Mr Glasson is an employee of the company and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Glasson consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.

It should not be assumed that the reported Exploration Results will result, with further exploration, in the definition of a Mineral Resource.

2

ASX Announcement 2/04/2008

==> picture [146 x 28] intentionally omitted <==

Table 1: Uranium Assay Results

(based on 100ppm U3O8 cut off and 1m sample interval)

Hole No	East	North	Depth	From	To	Th	U	U3O8	Interval	eU3O8 +
			metres	metres	metres	ppm	ppm	ppm	metres	ppm
W007	378842	6634004	63	46	47	2.5	101	118
W007				47	48	3.3	112	132
				46	48			125	2	92
W034	379545	6635010	66	26	27	25.4	144	170
W056	379067	6634395	60	48	49	3.1	120	141
W056				49	50	3.8	101	119
W056				50	51	4.8	111	131
				48	51			130	3	123
W057	379264	6634393	60	48	49	2.6	95	112
W057				49	50	2.3	304	358
W057				50	51	1.6	147	174
W057				51	52	3.1	300	354
				48	52			249	4	195
W058	379452	6634410	53	43	44	2.4	92	109
W058				44	45	3.4	220	260
W058				45	46	0.9	118	139
W058				46	47	4.0	384	452
W058				47	48	5.0	114	134
				43	48			219	5	100
W059	379482	6634871	54	43	44	5.8	86	101		164

• eU3O8 estimate from down hole gamma logging December 2007

3

ASX Announcement 2/04/2008

==> picture [146 x 28] intentionally omitted <==

==> picture [434 x 611] intentionally omitted <==

Figure 1: Drill Hole Locations (previously completed drilling) and Interpreted Fluvial

Channel Location

4

ASX Announcement 2/04/2008

==> picture [146 x 28] intentionally omitted <==

==> picture [463 x 653] intentionally omitted <==

Figure 2: Drill Hole Locations Enlargement (previously completed drilling)

5

ASX Announcement 2/04/2008

==> picture [155 x 29] intentionally omitted <==

==> picture [585 x 390] intentionally omitted <==

----- Start of picture text -----

A B
³ ³¹ 0
¹ 0 50 0 ³³ eU3O8
³ ³ ¹ 0 eU3O8 50 0 ³ ³ ¹ 0 eU3O8 50 0 ³³³³ eU3O8 ³³³³
³ C ³³ CC
³C C CC CC
?C C ?C?C CC
? C ?? CC
? C ?? ?C?C
? ? ?? ??
? ? ?? ??
? ? ?? ? 18 ?
? ?? ? 3926 ?
? ?? ? 33 ?
?? ? 12 ?
?? ? 2 ?
7
?? ? 9 ?
100 ?? ? 1324 ? 100
?? ? 3025 ?
?? "? 1933 "?
1 Basal Sand Unit ?? " 8933 "
1342186 ´ ?? "" 11965 ""
8 2 3 OX 1096 ´
25 6 260
2 1 139
139 Base of oxidised zone OX 17 28 ´ 45213438
OX 376 ´ 11256 5487
45m 141119 358174 10
131 354
65 72
19
Granite Basement 53m
Wynbring Downhole Stratigraphy
Q Quaternary Cover
MM Tp Tertiary Silcrete/Ferricrete
C"" C T4 Sandy/Gritty claysT3 Siltstones/Silty fg SandstonesT2 Paludal Claystones 60m
T1 Coarse Pebbly Sandstones 60m
P Permian? Mudstones
&& BR Basement Regolith
B Basement Granite/Gneiss
Plotted with MICROMINEResources SoftwarePerth, Australia Notes:Datum GDA94 Zone 53 XSCALE1:2000YSCALE 8/01/08REF No.DATE 1 of 1SHEETFILE EL 3306 Wynbring Project
Tel +61 8 9423 9000Fax +61 8 9423 9001www.micromine.com.au 1:3500 1 6634400100m Cross Section 6634400N
378900 379000 379100 379200 379300 379400 379500
W058
W057
W055 W056
378900 379000 379100 379200 379300 379400 379500
----- End of picture text -----

Figure 3: Cross Section A-B, 6634400N through palaeochannel (refer location Figure 2) showing U3O8 assays (ppm) on LH side of Fission drill holes and eU3O8 trace on RH side (full scale bar = 500ppm eU3O8). Purple = basement, solid brown = basal fluvial sand). OX marks base of oxidised zone.

6