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Last updated on April 16, 2014 at 17:34 EDT

Athabasca Uranium intersects strong alteration zone at Keefe Lake

November 24, 2011

TSXV: UAX
OTCQX:  ATURF

VANCOUVER, Nov. 24, 2011 /PRNewswire/ – Athabasca Uranium Inc. is pleased to
report that diamond drill hole AU4-1, part of a multi-hole winter
drilling program at its Keefe Lake Project in northeast Saskatchewan,
has intersected a large zone of strong and sustained alteration,
beginning at approximately 172 meters true depth. Hole AU4-1 has now
crossed 370 meters, at an 80-degree angle, bearing southeast towards a
subtle subsurface EM anomaly identified through Aerotem
interpretations. The main alteration zone is a 25-meter thick interval
of clay minerals at and below the unconformity; this overprints a
170+-meter multi-generational healed quartz stockwork, overprinting an
older mylonite. At depth, the basement mylonite contains granitic
pegmatite veins up to 50 centimeters thick. Select samples have been
sent for PIMA and geochemical analysis.

The Company considers these drilling results to date as highly
significant, as major uranium discoveries in the Athabasca Basin such
as McArthur River, Key Lake and Millennium were primarily the result of
drill-testing of strong alteration zones related to conductor features
and not the drill testing of specific graphitic conductor systems.
Strong alteration features as observed at Keefe Lake are the primary
guide to the discovery of uranium mineralization. For example, the Key
Lake and Millennium deposits, initially missed in first-pass conductor
system drilling, were discovered by step-out fenced holes drilled across alteration zones. Millennium was discovered by drilling off conductor
and deeper into a basement alteration system. McArthur River was found
by drilling along the strike-trend of a pronounced alteration system where conductors were largely absent.

Target AU4-1 was identified through an evaluation of a high-definition
2D seismic survey done by the University Of Saskatchewan Seismic
Department under the direction of Dr. Zoltan Hajnal, PhD (GeoPh), part
of the team that identified Hathor Exploration’s Roughrider Zone.
Aerotem interpretation at Keefe Lake was performed independently by
Condor Consulting and Living Sky Geophysics, David Bingham BSc, PGeo.

Athabasca President Gil Schneider commented: “The discovery of this
profound alteration is yet another exploration milestone achieved. We
intend to extend this program into 2012 to aggressively test this and
other high value targets.”

Dr. Peter Born, PGeo, Athabasca Uranium’s qualified person, is
responsible for the geological content of this news release.

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