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.
