Ateba Resources Inc.
CNSX : ATR

Ateba Resources Inc.

December 14, 2010 07:30 ET

Ateba Signs Agreement for the Optioning of 28 Claims, 249 Units Located in McVittie, Katrine, and Ossian Townships, Larder Lake, Ontario and Announces Private Placement Details

TORONTO, ONTARIO--(Marketwire - Dec. 14, 2010) - Ateba Resources Inc. ("Ateba") (CNSX:ATR) has signed an Agreement with Ashley Gold Mines Ltd. for the optioning of 28 claims, or 249 units or about 3,984 hectares (9,960 acres) located in McVittie, Katrine, and Ossian Townships.

The claims host the historic "Kerr North" GOLD showing which had reported assays of .14oz/2.25 feet (4.80 g/t Au over 0.74 m) in a drill hole and .53oz/35 feet (18.17 g/t Au over 11.48 m) in a trench from channel sampling. No work was conducted on the property from 1939 until 2008 when a grid and limited geophysics were completed. Drill ready targets were defined at that time.

The claims also host the historic "Misema" (Copper King) COPPER/GOLD showing which had multiple high grade copper veins with some gold values. No work has been completed since 1960's when a 200 ft deep shaft was constructed. Large grid, mag/vlf, Max-min and IP programs were completed in 2008. Drill ready targets hosting multiple IP anomalies were identified.

Multiple gold occurrences exist within the new property boundaries between the Kerr North and Copper King showings. There has been limited exploration on these showings to date and represent excellent potential for gold mineralization.

To view Ateba's new land position please click here.

William Dickie announced the signing today stating "With the finalization of an Option Agreement on the new claims Ateba will have property, which when combined with the Walsh Katrine option, spans 15 kilometers along strike from the northeastern boundary of Queenston Mining's Upper Beaver Property through McVittie, Katrine and Ossian townships towards the Quebec border with Ontario. This is a highly prospective area and the signing of a final definitive agreement on these new Ashley claims will put us on the map as a significant property holder on the Larder/Cadillac gold camp."

Ateba also announced today that it will be completing a private placement of up to $2 million, raised in units and flow through units. The units will consist of one common share and one half warrant at a price of $0.13 per unit. The flow through units will consist of one flow through common share and one half warrant at a price of $0.17 per unit. Each whole warrant entitles the holder to purchase one common share at a price of $0.25 for a period of two years, provided that the Company can accelerate the expiry of the warrant if the shares of Ateba trade at or in excess of $0.40 for a period of 20 consecutive days.

Ateba also announces that its Board of Directors has granted 500,000 common share options to certain service providers; 200,000 at $0.15 and 300,000 at $0.30, both with a term of 5 years.

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 35,918,860

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