TSXV: UAX
US Symbol: ATURF
VANCOUVER,
May 7, 2013 /CNW/ - Athabasca
Uranium Inc. ("Athabasca" or the "Company") is pleased to
announce that it has entered into an agreement by which the Company
has the option to purchase a 100% interest in the Fisher
River Property in northeast Saskatchewan.
Comprised of two contiguous claims on the
eastern margin of the uranium-rich Athabasca Basin, the 10,157 hectare Fisher
River Property lies 3 kilometers north of the Company's Keefe Lake
Project, and is contiguous with the southern portion of its
McCarthy Lake Project. It is also contiguous with claims held by
Denison Mines and Pitchstone
Exploration. The primary target on the property is the Fisher River
Zone, which is comprised of three related EM anomalies, lying
within a magnetic discontinuity, defined through interpretation of
a GEOTEM airborne survey completed in 2006 by Denison. The most
prominent of the anomalies is interpreted as a strong subsurface,
northeast trending conductor covering an extent of approximately
4.5 kilometers. Conductive targets near or at the unconformity and
associated with faulting (appearing as a break in the magnetic
response) are typically the mainstay of uranium exploration in the
Athabasca Basin. Of
particular interest, the Fisher River Zone appears to be crosscut
by a series of northwest lineaments, which is significant as
secondary faulting greatly improves a target's quality - deposits
such as Shea Creek and McArthur River are unequivocally associated with
cross-faulting. Unconformity depths at Fisher are shallow,
estimated to be between 125-170 meters.
The Company will pay an initial $10,000 and issue 3,000,000 common shares to the
Vendor on regulatory approval. To exercise the option to
purchase 100% of Fisher River, the
Company must make an additional cash payment of $500,000 on or before the fourth anniversary of
the Agreement. A 1% net smelter return royalty has been
granted to the Vendor, of which one-half may be purchased by the
Company for $1,000,000. The
Agreement is subject to regulatory approval.
Regarding the acquisition, Gil Schneider, CEO commented, "Given the rarity
of quality ground remaining in the Basin, the Company was very
eager to acquire this premium property. Fisher River lies strategically between two of
the Company's primary exploration sites and its investigation can
be easily facilitated as part of any work at Keefe or McCarthy
Lakes. With this acquisition, Athabasca now controls over 70,000 hectares of
premium, shallow target claims in the most prolific
uranium-producing region in the world."
Exploration Update
The Company is also pleased to report the
completion of comprehensive modelling of the Keefe Lake Project by
the University of Saskatchewan (USASK)
geophysical team under the direction of noted geoscientist Dr.
Zoltan Hajnal, PhD (Geoph). The
Company is currently reviewing the model, which incorporated Full
Wave Sonic (FWS) logs of Holes KEF 12-08 and KEF 12-09, related
geology, PIMA (Portable Infrared Mineral Analyzer) and whole-rock
geochemistry, and was then correlated with seismic data to develop
a detailed understanding of the Keefe Lake 3D structural complex,
assess major structural and tectonic trends and generate targets
for the Company's upcoming Keefe Phase 3 drill program.
About the USASK model, Gil Schneider, CEO stated "We are now armed with
possibly the most scientific data ever compiled for exploration in
the Basin, developed by arguably the foremost proven (Roughrider,
Shea Creek, P2-McArthur Deposits)
geosciences team working in uranium today. We are extremely
excited about launching our Phase 3 program."
About Athabasca Uranium
Athabasca Uranium Inc. is a uranium exploration
and development company exploring an aggregate of over 70,000
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 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.