Ateba Resources Inc.
CNSX : ATR

Ateba Resources Inc.

May 06, 2010 13:53 ET

Ateba Samples 17.09 g/t Gold on Walsh Katrine Gold Property

TORONTO, ONTARIO--(Marketwire - May 6, 2010) - Ateba Resources Inc. ("Ateba" or the "Company") (CNSX:ATR) is pleased to announce that it has completed the first phase of a surface sampling program on its 100% optioned Walsh Katrine Gold property in the Kirkland-Larder Lake Gold Mining Camp of north eastern Ontario. The Property is located about 30 km northeast of Kirkland Lake and approximately 11 km north-northwest of the Kerr-Addison Mine in Virginiatown. A map and further information regarding the Walsh Katrine Gold property is available on the Company website: www.atebaresources.ca.

The Company is following up on showings reported from the early 1900s and from more recently uncovered showings found in the 1990s. Documents from the early 1900s clearly show 4 quartz veins associated with a secondary structure.

"With this program of stripping, washing, sampling and assaying we have confirmed previously reported high-grade gold on the Property and are working toward a better understanding of the structures and gold-bearing vein sets," commented Bill Dickie, President and CEO."We intend to continue with surface stripping, sampling and mapping in preparation for a summer diamond drilling program."

A total of 37 samples were collected and delivered to Swastika Laboratories Ltd. for analysis. Highlights from the current program are as follows:

Sample Type Location Gold (g/t) Copper (ppm) Width (m)
Grab Trench #3 7.27 1950 --
Grab Trench #3 13.54 1810 --
Grab Trench #3 11.45 1117 --
Grab Trench #4 17.61 15 --
Grab Trench #5 6.99 711 --
Grab Waste Dump* 2.23 107 --
Channel #1 Trench #3 1.1 29 2.4
Channel #3 Trench #2 2.4 59 0.8

*the "Waste Dump" is a result of historical mining during the late 1920s.

The new trenches are numbered 1 through 5 as they proceed in a north-westerly direction from the old shaft area towards the pit previously referred to as the Gagne (now Trench #5). The distance from Trench #1 to Trench #5 is about 450 metres.

Highlights from historic assays reported from the same area 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).

About Ateba Resources

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

Technical information in this press release has been reviewed and approved by Scott Jobin-Bevans (Ph.D., P.Geo.), who is a qualified person under the definitions established by National Instrument 43-101.

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

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.

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