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Athabasca Uranium to perform SEMM survey at Keefe Lake

May 10, 2012

TSXV: UAX
OTCQX:  ATURF

VANCOUVER, May 10, 2012 /PRNewswire/ – Athabasca Uranium Inc. (“Athabasca” or
the “Company”) is pleased to announce the engagement of SEMM Logging
Inc. to perform a state-of-the-art downhole geophysical survey at the
Company’s Keefe Lake Uranium Project. The proposed geophysical survey
will consist of a suite of logs, including triple receiver full-wave
sonic, spectral gamma, optical televiewer, dual induction, focused
resistivity and uranium content, and will provide data to assist the
Company in building a comprehensive sub-surface model of Keefe Lake.
The primary inspection hole is AU2012-08, which was drilled to a depth
of 552 meters.

Additionally, the Company has re-engaged the University of Saskatchewan
Seismology Department, under the direction of Zoltan Hajnal, PhD,
P.Geoph to further analyze and interpret all drill holes from the Keefe
Lake drill programs (November 2011 and April 2012) together with all
available surface geological and geophysical data from the immediate
region of boreholes, including data derived from the current SEMM
survey. The culmination of the interpretation will result in
comprehensive 3D modeling of the Keefe Lake Alteration Zone and
recommendations for the Company’s next phase of drilling.

SEMM’s sonic borehole survey will be of particular interest to the
Company’s seismic investigation, as it measures the response of
different rocks at depth to acoustic wave vibrations. The integration
of this data with the surface seismic data (which examines responses
over a larger area and in time) is highly effective at establishing
direct regional and depth detection of rock types, as well as providing
indications of alterations and fractures, associated with specific rock
types. The combinations of these properties are potential indicators of
mineralization.

On the commencement of the SEMM survey, Gil Schneider, President
commented, “The value of the surface seismic survey and subsequent
interpretation by Dr. Hajnal has exceeded all expectations.  With the
first drill hole at Keefe Lake, we encountered massive alteration and
uranium mineralization. Downhole geophysics should further enhance our
resolution and accordingly increase our chances of making an early
discovery.”

About S.E.M.M. Logging Inc.

SEMM Logging specializes in electric wireline logging and borehole
geophysics for numerous applications in the mining, oil & gas,
hydrogeological and geothermal industries, utilizing ISO 9001-certified
state-of-the-art technology. Headquartered in France with subsidiaries
throughout Africa and Canada, SEMM’s client list includes Goviex, BRGM,
MagIndustries, BHP Billiton and Tata Steel.

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 s
uch 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