VANCOUVER, April 14 /CNW/ - Athabasca Uranium Inc. is pleased to
announce that it has received regulatory approval for, and subsequently
closed on the first phase of its option to acquire the Hodges Lake
Property, a 4,722-hectare property located on the eastern margin of the
uranium-rich Athabasca Basin region in northeast Saskatchewan.
As announced on March 30, 2011, the Company has the option to earn a
100% interest, subject to a 1% net smelter return royalty ("NSR")
in Hodges Lake by paying an initial $25,000 and issuing 600,000 common
shares to an arm's-length vendor and by filing $3,500,000 in qualified
exploration assessment credits within four years either on the Property
itself or on Athabasca's other properties under option within its
McGregor Lake Project area. The 1% NSR may be purchased by the Company
for $1,500,000. The Company has now made the initial payment of cash
and shares, fulfilling its first commitment under the Option agreement.
The Hodges Lake Property, the second of three strategic acquisitions in
the Athabasca Basin on which the Company has an exclusive right of
first offer, now becomes part of the Company's McGregor Lake Project
(the "Project"). The Project is adjacent to JNR/Denison's Moore Lake
project, and is approximately 3 miles from the Moore Lake u3o8 deposit
on which JNR/Denison is actively exploring with the intention of
defining a mineable resource.
Results of the Company's recent heliborne Z-TEM (Z-Axis Tipper EM)
survey conducted over the Project area (and which included Hodges Lake)
correlate strongly with a 2006 GEOTEM survey commissioned by
International Uranium Corp. In general, the southern extent of the now
24,000-hectare Project is dominated by a strongly magnetic
northeasterly striking feature. In the north, several conductors, each
several kilometers in length, were identified. Conductor E lies at the
northern edge of a magnetic feature and its northwesterly strike
crosscuts the predominantly northeasterly magnetic features. Two
conductors, F and G, correspond to the southern extent of the Moore
Lake Complex. Several other conductive anomalies also were noted.
Immediately following break-up at McGregor Lake, ground crews are
scheduled to commence ground-based magneto-telleuric surveys on the
Project to further define targets, which, upon further assessment, will
become part of the Company's upcoming drill program.
About Athabasca Uranium
Athabasca Uranium Inc. is a uranium exploration and development company
exploring an aggregate of over 31,000 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, 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.
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