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Last updated on April 16, 2014 at 21:24 EDT

Athabasca Uranium Commences Drill Program

October 27, 2011

TSXV: UAX
OTCQX:  ATURF

VANCOUVER, Oct. 27, 2011 /PRNewswire/ – Athabasca Uranium Inc. is pleased to
announce that the Company has commenced the diamond drill program on
its Keefe Lake uranium project in the southeast Athabasca Basin.
Construction of the 25-man base camp began last week and will be
completed immediately, with mobilization and operation of the diamond
drill expected to take place shortly. Athabasca contracted Elite
Drilling of Saskatoon to complete the 3000-meter NQ2 10-hole program.
Elite has over 20 years experience in the Basin and has performed
drilling services at the McArthur River Mine (Cameco) and at Shea Creek
(AREVA/UEX). Elite has also drilled extensively for JNR Resources and
as such has “local” experience in this quadrant of the Basin that
should translate into highly efficient, cost-effective drilling. The
Company will be performing down-hole gamma radiation surveys for each
of the holes as they are completed, and a satellite communication
system will allow for near real-time drilling results to be available
to the Company throughout the program. Prospective drill core will also
be subject to assay for mineralization.

“This is a watershed moment for us”, commented Gil Schneider, President
“as with drills turning Athabasca Uranium graduates to a full-blown
exploration company. We are extremely pleased with the exploration team
we’ve assembled, and have a high degree of confidence in our drill
targets, having employed the greatest level of exploration technology
available.  We hope to be able to provide our shareholders with
positive news in the near term”.

“Additionally, with the recent takeover bids of Hathor Exploration from
suitors Cameco and Rio Tinto, we’ve seen a resurgence of activity from
parties interested in potential joint ventures and equity participation
in our large portfolio of prospective properties.  With numerous
opportunities available, we’ve recently been entertaining proposals
that would allow for the swift exploration and development of all of
our projects. After a six-month lull, uranium is making a comeback -
and we’re well-positioned to capitalize on that.”

About Athabasca Uranium

Athabasca Uranium Inc. is a uranium exploration and development company
exploring an aggregate of over 60,000 hectares strategically located in
the uranium-rich Athabasca Basin region of northeast Saskatchewan.  The
Company’s stated vision is to explore the region using leading-edge
technology to become a world-class uranium mining company.  Additional
information on Athabasca Uranium and its vision is available on the
Company’s website at www.athabascauranium.com.

ON BEHALF OF THE BOARD OF DIRECTORS

   “Gil Schneider”

Gil Schneider, President & CEO

Neither the TSX Venture Exchange nor its Regulations Services Provider
(as that term is defined in policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.

SOURCE Athabasca Uranium Inc.


Source: PR Newswire