Fusion Resources Limited - Quarterly report to the Australian Securities Exchange for the period ending 30 September 2008

    PERTH, Western Australia, Oct. 30 /CNW/ - Fusion Resources Limited
("Fusion" or "the Company") (ASX: FSN, TSX: FNS) is pleased to present its
quarterly report for the period ending 30 September 2008, during which time
the Company has continued to advance its uranium projects located in northwest
Queensland. Highlights during the quarter included:

    -   Assay results returned from reverse circulation ("RC") drilling at
        the Duke Batman Prospect continue to intersect multiple stacked high-
        grade mineralised horizons, including:

           -  FVN131:  34m @ 1,720ppm (0.172%) U(3)O(8)
           -  FVN112:  14m @ 2,130ppm (0.213%) U(3)O(8)
           -  FVN133:  11m @ 1,110ppm (0.111%) U(3)O(8)
           -  FVN123:  10m @ 953ppm (0.095%) U(3)O(8)

    -   In addition, assay results returned from diamond drilling at Duke
        Batman have confirmed style and continuity of uranium mineralisation,
        and include:

           -  FVD002a  46.4m @ 630ppm (0.063%) U(3)O(8)
           -  FVD005:  14.2m @ 1,980ppm (0.198%) U(3)O(8)
           -  FVD001:  8.7m @ 1,974ppm (0.197%) U(3)O(8)
           -  FVD004:  8.35m @ 1,881ppm (0.188%) U(3)O(8)

    -   Assay results returned from diamond drilling at the Honey Pot
        Prospect have confirmed style and continuity of uranium
        mineralisation, and include:

           -  FVD006a: 14.0m @ 689ppm (0.069%) U(3)O(8)
           -  FVD007: 8.6m @ 884ppm (0.088%) U(3)O(8)

    -   These diamond drilling results at Duke Batman and Honey Pot have
        added valuable geological and specific gravity data for the Company's
        initial resource calculation.

    -   The Company is currently finalising a uranium mineral resource
        estimate in accordance with JORC and NI 43-101 for both the Duke
        Batman and Honey Pot Prospects, following the receipt of all RC and
        diamond results from initial resource drilling.

    -   Assay results returned from exploratory RC drilling undertaken at the
        new Sunshine and Bohra Prospects have identified potential for
        further uranium mineralisation at these Prospects.

    -   The Company appointed Mr. Michael Raven as Director.

    -   At the end of the quarter the Company had cash reserves of
        $14.8 million and is well placed to conduct its current activities
        and to pursue new business development opportunities in the resources
        and energy sectors, both domestic and overseas.


    The information in this report that relates to Exploration Results is
based on information compiled by Mr. Robert Waugh, who is a Member of The
Australasian Institute of Mining and Metallurgy ("AusIMM") and a Member of the
Australian Institute of Geoscientists ("AIG"). Mr. Waugh is a full-time
employee of Fusion. Mr. Waugh has sufficient experience 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'.
    Information of a scientific or technical nature in this report was
prepared under the supervision of Mr. Robert Waugh, Exploration Manager of
Fusion, who is a Member of AusIMM and AIG and a full-time employee of Fusion.
Mr. Waugh has sufficient experience to qualify as a "Qualified Person" under
National Instrument 43-101 - "Standards of Disclosure for Mineral Projects"
("NI 43-101"). Mr. Waugh is responsible for the verification and quality
assurance of Fusion's exploration data and analytical results from the
Valhalla North Project. The Qualified Person has verified the data disclosed
in this report, including sampling, analytical and test data underlying the
information and opinions contained in this report. Sample preparation and
sample analysis was conducted by ALS laboratory in Brisbane by XRF pressed
    Mr. Waugh consents to the inclusion in the report of the matters based on
his information in the form and context in which it appears.
    For further information regarding the Valhalla North Project, including a
description of Fusion's quality assurance program, quality control measures,
the geology, samples collected and testing procedures in respect of the
Valhalla North Project please refer to the technical report prepared in
accordance with NI 43-101 entitled "Technical Report on its Valhalla North
Project in Queensland Australia for Fusion Resources Limited" dated May 12,
2008, which is available under the Company's profile at www.sedar.com.
    This report contains forward-looking statements. These forward-looking
statements reflect management's current beliefs based on information currently
available to management and are based on what management believes to be
reasonable assumptions. A number of factors could cause actual results,
performance, or achievements to differ materially from the results expressed
or implied in the forward looking statements. Such factors include, among
others, future prices of uranium, the actual results of current and future
exploration activities, risks inherent in resource estimates, plant and/or
equipment failure, availability of financing, and obtaining Governmental
and/or Native Title approvals and the fact that the Queensland State
Government currently prohibits the mining of uranium.
    The full text of the Company's "Quarterly Report to the Australian
Securities Exchange for the Period Ending 30 June 2008" is available from the
Company's website at www.fusionresources.com.au and under the Company's
profile at www.sedar.com.

For further information:

For further information: David Berrie, Managing Director, Telephone: +61
8 9322 6322, Facsimile: +61 8 9322 6558

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