Ateba Resources Inc.
CNSX : ATR

Ateba Resources Inc.

March 03, 2011 10:08 ET

Ateba Drills 6.72 g/t Gold Across 4.8 Metres

TORONTO, ONTARIO--(Marketwire - March 3, 2011) - Ateba Resources Inc. ("Ateba" or the "Company") (CNSX:ATR) announces today the results of its fall 2010 diamond drilling program completed on its Larder Group Property. The majority of the drilling from this program was designed to test the continuity of mineralization surrounding the historic Walsh Katrine Mine. An exploratory hole (AR-30) was drilled to the southeast of the mine area and intersected significant gold mineralization. The drill cores was shipped to Swastika Laboratories for analysis.

Bill Dickie, President and CEO of Ateba, commented "We are pleased with these results as they demonstrate continuity and show great opportunity; the width and continuity of the gold mineralization found in historic records as previously reported by Ateba in December, 2009 and January and June, 2010. Of note is hole AR-30, located about 600 metres from our other drill holes, which is in an area where there has been no historic drilling and represents a discovery of previously unknown mineralization The newly discovered zone is possibly associated with mineralization at the Walsh Mine area. In addition, mineralization in drill hole AR-30 is associated with a feldspar porphyry dike system which is similar to the geological setting found at nearby Queenston's Upper Beaver Mine. We will be conducting a follow-up ground magnetic survey and drilling on this target and other numerous porphyry dikes which have been identified on our Property."

Table of Significant Assays

Drill Hole Grade (g/t Au) Oz/t Au Int (m) From (m) To (m)
AR-12X 4.49 0.13 2.90 140.60 143.50
Including 12.10 0.35 0.90 140.60 141.50
And 1.66 0.05 2.20 114.30 116.50
And 10.83 0.32 0.50 177.25 177.75
AR-21 1.95 0.06 2.15 25.45 27.60
AR-23 12.53 0.37 1.50 82.50 84.00
Including 37.22 1.09 0.50 83.50 84.00
AR-30 6.72 0.20 4.85 251.00 255.85
Including 40.30 1.18 0.40 251.00 251.40

To view the, "Property Highlight Map," please visit the following link:

http://media3.marketwire.com/docs/map-ateba.pdf

The Company is currently drilling at the Copper King target which is directly adjacent to Queenston's Upper Beaver Property. The Copper King drilling is part of a 10,000 meter drill program which began in January.

The geology of the area around the Walsh Katrine Mine is characterized by syenites and feldspar porphyry dikes which have intruded mafic to intermediate volcanic rocks. Holes AR-12X and holes AR-16 through AR-29 were drilled into the syenite intrusive which hosts the mineralization at the Walsh Katrine Mine. Mineralization encountered in these holes indicates continuity of mineralization in the Walsh Katrine Mine area.

Hole AR-30 was collared in mafic volcanic rocks that host abundant sulphides at surface. The drill hole passed through a zone of bleached, altered and mineralized volcanic rocks adjacent to a potassium feldspar dike which is also altered and mineralized. The mineralization intersected by hole AR-30 indicates that the contacts of feldspar porphyry dikes in the area are favourable for hosting mineralization. Numerous feldspar porphyry dikes are mapped in the area to the east of the Walsh Katrine Mine and will be the focus of future drilling programs.

Technical information in this press release has been reviewed by Peter Mullens, Member of the Australian Institute of Mining and Metallurgy, who is a qualified person under the definitions established by National Instrument 43-101.

About Ateba Resources

Ateba Resources is a mineral exploration company that is focused on exploring for gold along the Larder - Cadillac Break. The Company's flagship project encompasses the highly prospective Walsh Katrine, Copper King and Kerr North gold properties that are now contiguous to Queenston's Upper Beaver Property. The project extends 15 km toward the Quebec border and is accessible year round by road. In addition, the Company also has a uranium property in Elliot Lake on which there is a historic uranium resource of 12 million pounds of U3O8. The property is contiguous to the Pele Mountain Eco Ridge property where significant assays for total rare earth oxides (TREO's) have been reported.

Note Regarding Forward-Looking Statements

This press release and other written or oral communication from Ateba Resources Inc. (the "Company") may include certain statements that may be considered "forward-looking statements" within the meaning of that phrase under Canadian securities laws. Statements other than historical facts that address possible future events, plans or developments are forward-looking statements. Such statements may be identified by the use of words such as "will", ""may", "expects", "estimate", "intend" or the use of the future or conditional tense. Certain material factors or assumptions were applied in drawing our conclusions and making those forward-looking statements. Forward-looking statements reflect management's current views with respect to possible future events and conditions and, by their nature, are based on management's beliefs and assumptions and subject to known and unknown risks and uncertainties, both general and specific to the Company. Although the Company believes the expectations expressed in such forward-looking statements are reasonable, such statements are not guarantees of future performance and actual results or developments may differ materially from those in our forward-looking statements. Readers are cautioned that risks may change or new risks may emerge. Additional information regarding the material factors and assumptions that were applied in making these forward looking statements as well as the various risks and uncertainties we face are described in greater detail in the "Risk Factors" section of our annual and interim Management's Discussion and Analysis of our financial results and other continuous disclosure documents and financial statements we file with the Canadian securities regulatory authorities which are available at www.sedar.com. The Company undertakes no obligation to update this forward-looking information except as required by applicable law.

Shares outstanding 48,882,579

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