March 7, 2011



VANCOUVER, March 7 /PRNewswire/ – Athabasca Uranium Inc. is pleased to announce
the completion of Phase One of its multi-phase exploration program on
its East Key Lake, McGregor Lake, Webb River and McCarthy Lake uranium
projects, located on the southeastern margin of the Athabasca Basin,

The heliborne Z-TEM (Z-Axis Tipper EM) survey, which was expanded to
examine the East Key Lake and McCarthy Lake Projects, covered 3,246
line kilometers and preliminary results confirm both magnetic features
and EM anomalies observed in previous ground and airborne surveys. The
Company has commissioned a comprehensive interpretation study that will
correlate historic information with the Z-TEM data with the intention
of honing conductive targets already identified on all projects.

The Z-TEM process is effective at identifying discrete vertical
conductive anomalies at depth. In general, conductive anomalies
existing within magnetic discontinuities are key exploration indicators
for altered sandstones and mineralized zones. In the Athabasca Basin,
the vast majority of uranium mines and exploration deposits–including
Denison’s Wheeler River Project, Fission’s Waterbury Lake Project,
Hathor’s Roughrider Zone and JNR/Denison’s Moore Lake Project–are
associated with subsurface graphitic conductors. 

Subsequent to a prioritization of targets, Athabasca intends to proceed
with Phase Two Magnetoteulleric (MT) and resistivity ground surveys to
further identify and refine targets. Following this, high priority
targets should be available for Phase Three testing by diamond
drilling. If deemed appropriate, the Company will also employ 2D
seismic surveys, utilized by Hathor at Roughrider and JNR/Denison at
Moore Lake, to increase the likelihood of drilling success. 

About Z-TEM

Geotech’s ZTEM system is an innovative airborne EM system which uses the
natural or passive fields of the Earth as the source of transmitted
energy. The Earth and Ionosphere, both conductive, act as a waveguide
to “transmit” the source energy great distances. Due to the manner in
which they propagate, these natural fields are planar and horizontal.
Any vertical field is caused by conductivity contrasts in the Earth.
The vertical EM field is referenced to the horizontal EM field as
measured by a set of horizontal base station coils. The proprietary
receiver design using the advantages of modern digital electronics and
signal processing delivers exceptionally low noise levels.

About Athabasca Uranium

Athabasca Uranium Inc. is a uranium exploration and development company
using leading-edge technology to explore an aggregate of over 80,000
acres strategically located in the uranium-rich Athabasca Basin region
of northeast Saskatchewan.  Additional information on Athabasca Uranium
and its exploration projects is available on the Company’s website at www.athabascauranium.com.


   “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: newswire

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