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Athabasca Uranium engages renowned USASK team to lead Keefe Lake phase 3 exploration

October 24, 2012

EXPERTS ARE RESPONSIBLE FOR NUMEROUS BASIN DISCOVERIES

TSXV: UAX
OTCQX:  ATURF

VANCOUVER, Oct. 24, 2012 /PRNewswire/ – Athabasca Uranium Inc. is pleased to
announce that it has engaged the renowned uranium exploration
geophysical team at the University of Saskatchewan (USASK) to conduct
Phase 3 interpretation and exploration at its flagship Keefe Lake
Project, effective immediately.

The USASK team, led by Dr. Zoltan Hajnal, PhD (GeoPh) will be analyzing
shear wave data in conjunction with other datasets, which is an
innovative approach to seismic interpretation in the Athabasca Basin. 
Dr. Hajnal commented “Several of the seismic profiles at Keefe Lake
show anomalous basement structures, comparable to features of known
prominent mineral deposits such as McArthur River and Shea Creek.  The
objective of the investigation is to detect indicators of
mineralization within these anomalous structural settings.”  The intent
of the analysis is to exploit both P and S waves of surface seismic
surveys to determine the above anomalous spatial petrophysical
properties of rocks within a larger area of interest.

Dr. Hajnal is a leading expert in the application of seismic methods in
uranium exploration and is credited, amongst many accomplishments, with
having analyzed seismic data at Rio Tinto’s Roughrider Project (former
Hathor Exploration), contributing to its discovery, and with providing
better definition of subsurface structures at MacArthur River, the
richest uranium mine in the world.  Gil Schneider, Athabasca Uranium
president commented “Having the USASK team’s attention is a major coup
for us – they have helped discover or have analyzed most of the
world-class deposits in the Basin, including MacArthur River, Shea
Creek, Key and Moore Lakes, and the Roughrider deposit, not to mention
their work on the Extech IV survey – and they’re now very excited about
our project.  Our Keefe Lake dataset apparently bears an uncanny
resemblance to that of MacArthur River – and with arguably the foremost
experts in uranium discovery now interested in it, we’re excited for
our future.  Dr. Hajnal will hopefully help prove our Keefe theories
out, and launch Athabasca Uranium to becoming a world-class uranium
company.”

The USASK Geophysics Team

The USASK Geophysics team is led by Dr. Hajnal, a Ph.D. in Geophysics
with a fifty-year history of studying and employing geophysics
world-wide.  His professional career in geophysical interpretation
began with Chevron Standard in 1963, and his recent implementation of
modern applied seismology in the Athabasca Basin has led to recognition
of the immense importance of spatial understanding of basement
structures, and their originating lithospheric processes in selection
of exploration area and subsequent drilling targets.  He and his USASK
laboratory are involved in the adaptation of more effective data
acquisition systems in the rugged environment of the basin and
development of data-specific signal enhancement software systems. Dr.
Hajnal has also recently led the geophysical team at Athabasca Uranium
to reanalyze the HD seismic and airborne AeroTem data for Keefe Lake.

On the engagement, Gil Schneider commented, “The work of the USASK
seismology team has been superb and is largely responsible for the
identification of the Keefe Lake Alteration Zone and our success in
drilling the numerous intersections of uranium mineralization.  This
new investigation, which will be a synthesis of a host of datasets,
should help unlock Keefe Lake and pave the way to discovery.”

Keefe Lake Phase 3

UAX has initiated a full scale interpretation of data from its work to
date at Keefe Lake, stimulated by the connection between the anomalous
uranium signatures in the KEF 12-08 borehole, the seismic signature of
a laterally traceable pegmatite dyke and favorable clay mineral
alterations within the unconformity zone.

Full Wave Sonic (FWS) logs, of KEF 12-08 and KEF 12-09, related geology,
PIMA (Portable Infrared Mineral Analyzer) and whole-rock geochemistry
will be correlated with the seismic data to develop a detailed
understanding of the Keefe Lake 3D structural Complex, assess major
structural and tectonic trends and generate propitious targets for the
Company’s upcoming winter drilling program. Optical Tele-viewer Images
(OTI) from both boreholes will also be utilized to determine variations
of dips and their azimuth with depths for all disturbances (fractures,
faults, schistosity, dykes etc.) and thus help to define the prominent
structural framework of the prospect area.  In addition, combined
analyses of sonic longitudinal and shear wave data, allows computation
of rock properties such as density, Poisson’s ratio, Lambda and Mu.
Anomalous variations of these parameters facilitate the recognition of
the location of alteration zones, and definition of fracture intervals,
which are primary indicators of mineralization.

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 contains 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