VANCOUVER, April 28 /CNW/ - Athabasca Uranium Inc. ("Athabasca" or the
"Company") (TSXV: UAX) (OTCQX: ATURF) is pleased to announce that it
has entered into an agreement with an arm's-length vendor by which the
Company has the option to earn a 100% interest in the Hamilton Lake
Property in northeast Saskatchewan.
The 5,873-hectare Hamilton Lake Property is located on the eastern
margin of the uranium-rich Athabasca Basin, the most productive
uranium-producing region in the world. The Company will earn a 100%
interest in the Property by paying $25,000 and issuing 600,000 common
shares to the Vendor on Closing, and by filing $3,000,000 in qualified
exploration assessment credits either on the Property itself or on
Athabasca's other properties under option within its Webb River Project
area within four years. A 1% net smelter return royalty has also been
granted to the Vendor, which may be purchased by the Company for
$1,500,000. The Agreement is subject to regulatory approval.
The Property is contiguous with the Company's Webb River Project, and is
the third of three strategic acquisitions in the Athabasca Basin on
which the Company had negotiated an exclusive right of first offer, as
announced January 20, 2011. "The Hamilton Lake prospect, as part of
the overall Webb River Project, is an excellent addition to our
property portfolio in the Basin. The Z-TEM heli-borne survey conducted
this past winter season over Webb River and Hamilton Lake showed
indicators of uranium prospectivity on both properties, and our
upcoming resistivity ground survey should delineate targets for
drilling", commented Gil Schneider, Athabasca President & CEO.
Results of the Z-TEM (Z-Axis Tipper EM) airborne survey conducted over
the Project area strongly correlate with the Saskatchewan government's
EXTECH IV regional Mag/EM survey conducted in 2004. The center of the
property, which has a relatively low magnetic response, appears to be
strongly dilated to the northeast. An array of northeasterly trending
conductors was also identified by the Z-TEM, correlating strongly with
airborne and ground VLF-EM and magnetometer surveys carried out by
Sander Geophysics and Phantom Exploration Services in 1979-1980. Strong
magnetic features appear to be acting as controls for the northeasterly
trending conductors. Refinement of the Z-TEM data is expected to
produce viable exploration targets within the conductive array.
About Athabasca Uranium
Athabasca Uranium Inc. is a junior uranium exploration and development
company trading on the TSX Venture Exchange under the symbol UAX. The
Company's stated vision is to acquire and explore prospective
properties located in the uranium-rich Athabasca Basin in northeast
Saskatchewan, utilizing leading-edge technologies to become a
world-class uranium mining company. Additional information on
Athabasca Uranium, its properties and exploration activities is
available at the Company's website: www.athabascauranium.com.
ON BEHALF OF THE BOARD OF DIRECTORS
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.
For further information:
please contact the Company Toll-Free at: (866) 869-8072 or by e-mail at firstname.lastname@example.org