cnw


/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES/


TSXV: UAX

US Symbol: ATURF


VANCOUVER, Feb. 23 /CNW/ - Athabasca Uranium Inc. ("Athabasca" or the "Company") is pleased to announce that it has arranged a private placement in
the capital of the Company (the "Offering") for aggregate gross proceeds of up to $2,500,000.


The Offering is comprised of up to 5,263,158 flow through units (the "FT Units") at a price of $0.38 per FT Unit and up to 1,428,572 units (the "NFT Units") at a price of $0.35 per NFT Unit. Each FT Unit will consist of one
common share in the capital of the Company which will be designated as
a flow-through share pursuant to the Income Tax Act (Canada) and one share purchase warrant (a "FT Warrant"). Each FT Warrant will entitle the holder to purchase one common
share in the capital of the Company (a "Share") at a price of $0.50 per Share for a period of one year from the
closing of the Offering. Each NFT Unit will consist of one Share and
one share purchase warrant (a "NFT Warrant"). Each NFT Warrant will entitle the holder to purchase one Share at a
price of $0.45 per Share for a period of two years from the closing of
the Offering.


The Company may pay finders' fees on the Offering within the maximum
amount permitted by the policies of the TSX Venture Exchange.


Closing of the Offering is subject to a number of conditions, including
receipt of all necessary corporate and regulatory approvals, including
the TSX Venture Exchange. All securities issued in connection with the
Offering will be subject to a statutory hold period of four months plus
a day from the date of issuance in accordance with applicable
securities legislation.


The proceeds from the Offering will be used to fund exploration programs
on the Company's prospective uranium properties located in the
Athabasca Basin region of northern Saskatchewan and for general working
capital and corporate purposes.


About Athabasca Uranium


Athabasca Uranium Inc. is a uranium exploration and development company
exploring an aggregate of over 31,000 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


ON BEHALF OF THE BOARD OF DIRECTORS










"Gil Schneider"





Gil Schneider, President & CEO




This news release does not constitute an offer to sell or a solicitation
of an offer to buy any of the securities in the United States. The
securities have not been and will not be registered under the United
States Securities Act of 1933, as amended (the "U.S. Securities Act")
or any state securities laws and may not be offered or sold within the
United States or to U.S. Persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption
from such registration is available.


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.




For further information: For information, please contact theCompany:
Toll-Free: (866) 869-8072 E-mail: thanas@athabascauranium.com