Athabasca Uranium appoints Maddison as director - Grants options

TSXV Trading Symbol: UAX

VANCOUVER, Aug. 4 /CNW/ - Athabasca Uranium Inc. ("UAX" or the "Company") is pleased to announce the appointment of Mr. H.K. (Ken) Maddison, FCA to its board of directors, effective immediately. The Company also announces the grant of incentive stock options to its directors, officers and consultants.

Mr. Maddison, a Chartered Accountant since 1966 and elected a Fellow of the Institute of Chartered Accountants of British Columbia in 1975, retired in 1997 after a lengthy career as a partner with KPMG Chartered Accountants. In public practice for over 30 years, he provided auditing, accounting and business advisory services to a wide range of clients in both the private and public sectors. Since 1997, he has been self-employed as a consultant providing various financial advisory services.

Mr. Maddison has served as a director and officer of numerous public companies, both in Canada and the United States, including as a director and Chief Financial Officer of Barkerville Gold Mines Ltd. (formerly International Wayside Gold Mines Ltd.) (1997-2006), as director and Chief Financial Officer of Golden Cariboo Resources Ltd. (2000-2006), as director and Chief Financial Officer of Lions Gate Energy Inc. (formerly Island Mountain Gold Mines Ltd.) (2000-2006), and as a director and Audit Committee Chairman for Northern Continental Resources from 2000 until its acquisition by Hathor Exploration Ltd. in late 2009.

Steven J. Bruk, UAX director commented: "We are extremely pleased with Ken Maddison's appointment - Ken brings decades of real-world business experience to Athabasca Uranium, including 9 years with a uranium exploration company in the Athabasca Basin. His addition will definitely help with our goal of creating value by leveraging solid business decisions and technology to meet our discovery objectives in the Basin".

Resignation of Director

Also effective immediately, Mr. Todd Hanas has resigned as a director of the Company. The board of directors acknowledges Mr. Hanas' contribution to the Company as its co-founder and former CEO.

Incentive Stock Options

Additionally, the Company announces that the Board of Directors has granted incentive stock options to purchase up to 900,000 common shares of the Company at a price of $0.25 per share for a period of five years to its directors, officers and consultants. The grant of stock options is subject to the approval of the TSX Venture Exchange.

About Athabasca Uranium

Athabasca Uranium Inc. is a uranium exploration and development company that holds an option to acquire a 50% interest in the Don McCarthy Property, a 7,584-hectare property 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

    "Steven Bruk"

    Steven Bruk
    Director
    

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.

For further information: D. Barry Lee, Director, Telephone: [phone], E-mail: [email protected]