TSXV: UAX
OTCQX: ATURF

VANCOUVER, March 15, 2012 /PRNewswire/ – Athabasca Uranium Inc. is pleased to
announce mobilization of its Keefe Lake drill camp and the completion
of the acquisition of a 100% ownership interest in the McCarthy Lake
Project.

Keefe Lake Drill Program

The Company is pleased to report the mobilization of crew and equipment
to its Keefe Lake drill camp in anticipation of resuming drilling for
its 2012 Phase 2 drilling program. The Company is following up its
successful 2011 drill program, in which alteration was encountered in
three of its five holes. A total of up to ten 350-meter holes (3,500
meters total) are planned, including drilling a minimum of one to two
holes at Volhoffer Lake (Keefe K-2) to test subsurface conductors.
Comprehensive interpretation of drill results from Phase 1 is ongoing
and should be available shortly.

On mobilizing the camp, UAX CEO Gil Schneider commented “With the
positive results from the program last winter, the company is extremely
excited about exploring the Keefe alteration zone. While all alteration
zones and deposits in the basin are unique, they do share
commonalities, such as silicification and base metal enrichment. The
Keefe alteration zone has both of these features as well as quartz
enrichment, which suggests that this zone has been subject to high
temperate hydrothermal activity.”

The Keefe Lake Phase 2 program is a continuation of last year’s drilling
and has been designed to test the limits of the alteration zone as well
as to drift on Hole AU4-01, which exhibited the most pronounced mineral
enrichment, silicification and gamma radiation readings.

McCarthy Lake Acquisition

The Company has completed the acquisition of the remaining 50% interest
in its McCarthy Lake Project, details of which were announced in the
Company’s news release dated February 28, 2012. Athabasca Uranium is
now the 100% owner (subject to a 2.5% NSR royalty) of the 4,082-hectare
Project, located in the Athabasca Basin region near the West Bear
uranium deposit. The Company is designing an exploration program for
McCarthy Lake which will likely include an IP resistivity survey and
drilling to test the RZ10 conductor array, also as announced in
February.

Regarding the completion of the McCarthy Lake transaction, UAX CEO Gil
Schneider commented “The recent resurgence of interest in the uranium
sector, a hot-button topic in the US political arena, has led to an
increased interest in exploration of the Athabasca Basin. The McCarthy
Lake Project represents a solid joint venture opportunity and the
Company is extremely active in this regard.”

Dr. Peter Born, PGeo, Athabasca Uranium’s qualified person, is
responsible for the geological content of this news release.

About Athabasca Uranium

Athabasca Uranium Inc. is a uranium exploration and development company
exploring an aggregate of over 60,000 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 may contain
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 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.