Ateba Resources Inc.

Ateba Resources Inc.

July 06, 2010 13:06 ET

Ateba Samples 15.28 g/t Gold on Walsh Katrine Gold Property, Initiates Channel Sampling Programme and Announces Private Placement

TORONTO, ONTARIO--(Marketwire - July 6, 2010) - Ateba Resources Inc. ("Ateba" or the "Company") (CNSX:ATR) is pleased to announce further results from its surface sampling programme on the 100% optioned Walsh Katrine Gold property, located about 30 km northeast of Kirkland Lake and approximately 11 km north-northwest of the Kerr-Addison Mine in Virginiatown.

Two grab samples, collected from newly trenched surface exposures of the vein system, assayed 4.80 g/t Au and 15.28 g/t Au. Like previous sampling, these latest results further confirm the presence of high-grade gold at surface.

Following a successful trenching programme that exposed several of the gold-bearing veins at surface and saw grab samples of up to 17.61 g/t Au, the Company is now beginning a channel sampling programme. In addition, Ateba is currently completing detailed geological mapping in the area of known gold mineralization in preparation for this summer's diamond drilling programme. The Company's current exploration programme is aimed at following up on showings reported from the early 1900s and from more recently described gold showings discovered in the 1980s and 1990s. Historic documents clearly show a minimum of four parallel, gold-bearing quartz veins on the Property, along with secondary structures that may also be gold-bearing.

"Our surface programme has produced excellent high-grade gold assays from grab samples that will allow us to better focus the planned channel sampling over the newly trenched surface exposures. This will in turn allow for better targeting in our upcoming diamond drilling programme," commented Bill Dickie, President and CEO. "Our Property is in an excellent geologic and geographic location; we have hired an experienced geologist with first-hand knowledge of the rock and target deposit type; and, our work to date, combined with historical data, gives me confidence in the gold potential of this Property. I look forward to our summer drilling programme and reporting on the results as we move this project forward."

Highlights from historic assays reported from the same area on the Property include:
Year Location Au (g/t) Au (oz/t) Width (m)  Length (m)
1910/23 vein 1 8.40 0.25 -- 305
including   15.70 0.46 0.4 --
including   17.50 0.51 1.1 --
1910/23 vein 2 17.80 0.52 -- 61
including   23.00 0.67 0.2 --
including   81.20 2.37 0.2 --
1910/23 vein 3 38.02 1.11 -- 56
including   38.10 1.11 0.4 --
including   191.90 5.60 0.2 --
1910/23 vein 4 5.24 0.15 -- 81
including   13.40 0.39 0.1 --
including   7.20 0.21 0.6 --
1996 Gagne** 4.80 0.14 1.5 --
**the Gagne showing was discovered circa 1996 and is about 600 m northwest of the original pitting which predate the shaft on the Property. Additional grab samples from this showing assayed up to 15.82 g/t Au (0.46 oz/t Au) and 17.30 g/t Au (0.51 oz/t Au).

A map and further information regarding the Walsh Katrine Gold property is available on the Company website:

Ateba is also pleased to announce that it intends to undertake a private placement offering (the "Offering") of up to 6 million flow-through and hard-dollar units ("FT Units" and "Units", respectively) at a price of CDN $0.08 per unit for total gross proceeds of up to $480,000. Each Unit shall consist of one common share of the Company (each, a "Common Share") and one Common Share purchase warrant (each, a "Warrant"), and each FT Unit shall consist of one flow through common share of Ateba and one Warrant. Each Warrant shall entitle the holder thereof to purchase one Common Share for a period of two (2) years from the date of closing of the Offering at a price of CDN $0.12 per Common Share, provided that if, at any time after the date of issuance of such Warrant, the Common Shares trade on a stock exchange at a price of $0.25 per Common Share or greater for a period of twenty (20) consecutive trading days, the Company may accelerate the expiry date of the Warrants by giving notice to the holders of Warrants, in which case the Warrants will expire on the 30th day after the date on which such notice is given by the Company.

The proceeds from the sale of the FT Units and Units will be used to explore the Canadian properties of the Company and other mineral properties in Canada. In addition, the proceeds from the sale of the Units will be used for general working capital purposes.

About Ateba Resources

In addition to the Walsh Katrine Gold Property, the Company also has a uranium property in Elliot Lake on which there is an historic uranium resource.

Scott Jobin-Bevans (Ph.D., P.Geo.), a Qualified Person under NI 43-101, has reviewed and verified the technical information disclosed in this press release.

For additional information on Ateba resources and its projects, please visit the Company's website at

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 The Company undertakes no obligation to update this forward-looking information except as required by applicable law.

Shares Outstanding: 29,860,026

The CNSX does not accept responsibility for the adequacy or accuracy of this press release.

Contact Information