CALGARY, ALBERTA--(Marketwired - March 10, 2014) - Athabasca Nuclear Corporation (TSX VENTURE:ASC) ("Athabasca Nuclear" or "Corporation") reports that Barry Chappell has resigned from its board of directors effective March 7, 2014 to pursue other interests. Athabasca Nuclear expresses its appreciation for his past involvement with the Corporation and extends well-wishes for his go-forward ventures.
Athabasca Nuclear further reports that the Corporation intends to issue 600,000 common share options to its board of directors at an exercise price of $0.15 valid for a five-year term.
About Athabasca Nuclear Corporation
Athabasca Nuclear Corporation (TSX VENTURE:ASC) is a junior uranium exploration company focused on the exploration and advancement of its significant uranium portfolio in Saskatchewan including the Preston Lake, Patterson Lake East, Botham Lake, Parry Lake, Martin River, Karras River and Spring uranium projects. For more information on each of these projects, please visit www.AthabascaNuclear.com.
Athabasca Nuclear is the Operator of the Western Athabasca Syndicate, a group exploration effort of a 287,130 hectare (709,513 acre) package of uranium properties which is the largest land position along the highly prospective margin of the Western Athabasca Basin controlled by a single group (the "Preston Lake Project"). Under the terms of the agreement, each of the member companies have an option to earn 25% of the five uranium properties comprising the Western Athabasca Syndicate Partnership by making a series of cash payments, share payments and incurring their pro-rata amount of the total $6,000,000 in exploration expenditures over the two-year earn-in term of the agreement. The properties were acquired for their proximity to the Patterson Lake South discovery and interpreted favorable geology for the occurrence of Patterson Lake South-style uranium mineralization. The bulk of the syndicate land package is bisected by all-weather Highway 955 which runs north through the Patterson Lake South discovery to the former Cluff Lake uranium mine.
Ryan Kalt, Chief Executive Officer (Interim)
This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently expected or forecast in such statements.
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