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Athabasca Uranium encounters additional uranium intervals at Keefe Lake

June 26, 2012

TSXV: UAX
OTCQX:  ATURF

VANCOUVER, June 26, 2012 /PRNewswire/ – Athabasca Uranium Inc. (“Athabasca” or
the “Company”) is pleased to provide an update on the Keefe Lake
Uranium Project in the Athabasca Basin, Saskatchewan. The Company has
received the results of the lithogeochemical and PIMA/clay alteration
samples and has conducted further analysis on Hole KEF-12-08, which was
drilled to a depth of 553 metres (374 metres beyond the unconformity),
as first reported on April 30, 2012. Basement alteration was found to
continue beyond the expected regolith alteration to the bottom of Hole
KEF-12-08, which was drilled to test the extent of alteration
encountered at the bottom of Hole AU4-01, which was drilled to a depth
of 402 metres in 2011.

Drill Hole KEF-12-08 confirmed the base metal enrichment (Lead, Cobalt,
Arsenic and Nickel) in the sandstone, which was encountered in Hole
AU4-01.  In addition to confirming the elevated uranium enrichment
(112ppm U* over 2 metres) at approximately 400 metres depth which was
encountered in Hole AU4-01, two other zones of anomalous uranium
mineralization were encountered at a greater depth.  These additional
intervals, listed below, are associated with hematite alteration and
fracturing of altered quartzofeldspathic gneiss.

     _________________________________________________________________
    |                           Keefe Lake Drilling 2011-2012         |
    |_________________________________________________________________|
    |                             | Depth  |Depth to|         |       |
    |                  Hole       |from (m)|  (m)   |Width (m)|U (ppm)|
    |_____________________________|________|________|_________|_______|
    |               KEF-12-08     |  470.9 |  471.5 |   0.54  |   116 |
    |_____________________________|________|________|_________|_______|
    |               KEF-12-08     |  546.9 |  547.9 |    0.5  |   175 |
    |_____________________________|________|________|_________|_______|
    |AU4-01 (previously announced)|   400  |   402  |      2  |   112 |
    |_____________________________|________|________|_________|_______|

Despite the great depths of the mineralized zones, the Company continues
to focus on an unconformity deposit model, believing that the deeper
mineralized zone is the “plumbing system” for a shallower deposit;
unconformity depths at Keefe Lake are typically at 170 metres.  In
addition, the discovery of base metal enrichment in the overlying
sandstone, and uranium enrichment at depth, as well as the high degree
of silicification (which has been repeatedly fractured and healed), is
significant in that it indicates that the Keefe Lake Alteration Zone
has been subject to multiple hydrothermal alteration events, typical of
Athabasca Basin deposits. The target area, which is coincident with a
magnetic low feature that extends for several kilometers to the
northeast and southwest, appears to extend beyond 325 metres into the
basement. All holes at Keefe Lake showed alteration that extended into
the basement.  The Company will examine petrographic thin sections of
core taken in the basement rocks in the area in order to determine the
qualitative mineralogical and alteration features of the basement
alteration zone.

The Company continues to combine a diverse suite of leading-edge
exploration techniques in order to provide direction for additional
exploration targets at Keefe Lake. The University Of Saskatchewan
Seismology Lab, under the direction of Dr. Zoltan Hajnal, is currently
processing data derived from the borehole geophysical survey performed
by SEMM Logging. Sonic data, examining the acoustical properties and
responses of geological layers, will be used to calibrate and refine
the 2D seismic dataset that was instrumental in identifying the high
value targets at Keefe Lake.

With regard to the results, UAX President Gil Schneider commented: “The
Company is extremely pleased with results to date: uranium grades
encountered and the size and scale of the alteration zone at Keefe is
remarkable, and are typical of those found in the outer envelopes of
major Basin deposits. Athabasca’s exploration team will further examine
all results with an eye to making a world class discovery.”

At Volhoffer Lake, assays determined that weakly radioactive samples
encountered at the unconformity were due to thorium mineralization. The
Company is evaluating data from the 2012 drilling program and picking
new drill targets at Volhoffer that lie along the northeast trending
conductor series.

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.

*2012 samples were analysed by SRC Geoanalytical Laboratories (an SCC
ISO/IEC 17025: 2005 Accredited Facility) of Saskatoon for analysis. 
The uranium content above is by ICP-MS (partial digestion).

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