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Vancouver, Canada (SPX) Mar 09, 2011 Athabasca Uranium 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, Saskatchewan. 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.
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