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Keefe Phase 1 Analytics Show Significant Uranium Indicators in Sandstone & Anomalous Uranium in Basement – Keefe Phase 2 Drilling Continues

March 28, 2012

TSXV: UAX 
OTCQX:  ATURF

VANCOUVER, March 28, 2012 /PRNewswire/ – Athabasca Uranium Inc. is pleased to
report that it has received the analytical results of its 2011 diamond
drilling program at the Keefe Lake Uranium Project in the Athabasca
Basin region of Saskatchewan. Five holes (1,645 metres total) were
completed in Phase 1 drilling conducted in November and December 2011,
with two holes encountering significantly anomalous alteration and
another containing chloritic alteration at various intervals below the
unconformity, a common feature found in the host rocks containing
uranium mineralization.

As previously reported in a release dated November 24, 2011, Hole AU4-1
intersected a large zone of alteration that started in the sandstone
column, and continued well into the basement. In addition to the
visible alteration in the sandstone, elevated levels of uranium
indicator metals have been identified, which include: Cobalt (up to 12
times background), Arsenic (up to 3 times background), Lead (up to 5
times background) and Nickel (up to 9 times background).

Samples from basement lithologies within Hole AU4-1 revealed elevated
levels of uranium (up to 155 ppm U) within a sheared/fractured granitic
pegmatite.  The basement of Hole AU4-1 consists predominantly of
quartzite with minor intervals of arkosic quartzite, semipelitic gneiss
and amphibolite.

The goals for the current Phase 2 drilling are two-fold.  The first
priority is to intercept the boundary of the quartzite unit where it
meets the unconformity in order to test a possible paleo-topographic
high that may have provided a conduit for mineralizing fluids. 
Quartzite ridges have recently been identified as an important feature
for localizing uranium mineralization at the unconformity; including
the McArthur River mine and the Phoenix Zone.

The second priority will be to test additional high-priority targets
from the regional seismic survey and other subsurface conductors on the
property.

UAX President Gil Schneider commented: “We are extremely pleased with
the results from Keefe Phase 1 – we believe that the identification of
a quartzite lithology in addition to the uranium indicator metals in
the sandstone marks a significant milestone for the Keefe Lake
Project.  Our Phase 2 drilling, moving to its second hole at present,
will help to validate our theories for the Keefe area”.

Samples were analysed by SRC Geoanalytical Laboratories (an SCC ISO/IEC
17025: 2005 Accredited Facility) of Saskatoon for analysis, which
included a 16 element ICP-OES partial digestion, a 46 element ICP-OES
total digestion.  The uranium content above is uranium by fluorimetry
(partial digestion, ICP-OES).

Neil McCallum, P.Geo of Dahrouge Geological Consulting Ltd., a qualified
person, has reviewed and approved the disclosure of technical
information within 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

FORWARD LOOKING STATEMENTS: This press release may contain
forward-looking statements.  Forward-looking statements are statements
that are not historical facts and are generally, but not always,
identified by the words “expects”, “plans”, “anticipates”, “believes”,
“intends”, “estimates”, “projects”, “potential” and similar
expressions, or that events or conditions “will”, “would”, “may”,
“could” or “should” occur.  Although the Company believes the
expectations expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of future
performance and actual results may differ materially from those in
forward looking statements.  Forward-looking statements are based on
the beliefs, estimates and opinions of the Company’s management on the
date such statements were made.  The Company expressly disclaims any
intention or obligation to update or revise any forward-looking
statements whether as a result of new information, future events or
otherwise.

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