ATHABASCA URANIUM ACQUIRES WEBB RIVER PROPERTY OPTION

TSXV: UAX

US Symbol: ATURF

VANCOUVER, Sept. 15 /PRNewswire-FirstCall/ - Athabasca Uranium Inc. 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 Webb River Property in northeast Saskatchewan. The Property consists of a single 5,386 hectare disposition located on the eastern margin of the uranium-rich Athabasca basin, lying 29 kilometers southwest of the Company's McCarthy Property and contiguous to the Denison/JNR Resources Moore Lake Project.

The Company can earn a 100% interest in the Property by paying $50,000 and issuing 1,500,000 common shares to the Vendor upon receipt of regulatory approval, by making additional payments totalling $600,000 over the next 42 months and filing $2,500,000 in exploration expenditures on the Property within four years. A 1% net smelter return 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 Webb River Property is located on the eastern edge of the Athabasca Basin, the most productive uranium-producing region in the world. In winter 1980, Sander Geophysics conducted an 850-meter line airborne VLF-EM and magnetometer survey in an east-west direction with 200-meter line spacing. Later that year, 85 kilometers of ground VLF-EM was completed by Sander and another 678 kilometers were completed by Phantom Exploration Services. Both surveys were successful in delineating north-east trending conductors, which will be the focus of the Company's exploration program.

"Webb River is an excellent addition to our portfolio of properties, and conforms perfectly to our corporate strategy of acquisitions in the Basin on which we can employ our exploration partner's leading-edge uranium-finding technology. On trend and in the proximity of several recent U-308 discoveries, we look forward to ramping up this winter's exploration - with the McCarthy property just down the road already scheduled and permitted, we'll be expanding the program to include Webb River" commented Gil Schneider, UAX President & CEO.

About Athabasca Uranium

Athabasca Uranium Inc. is a uranium exploration and development company acquiring and exploring properties located in the uranium-rich Athabasca Basin in 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

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.