Athabasca Potash Inc.

Athabasca Potash Inc.

September 16, 2008 16:22 ET

Athabasca Potash Inc. Announces Potash Equivalent Grades on Four Recent Wells

SASKATOON, SASKATCHEWAN--(Marketwire - Sept. 16, 2008) - Athabasca Potash Inc. ("Athabasca" or the "Company") (TSX:API) is pleased to announce the results of the down hole wire line geophysical logs assembled and compiled from the four potash test wells recently drilled at its wholly-owned Burr Project.

Equivalent grades of potash mineralization and insoluble content intersected were estimated using down hole wire line geophysical logs from the four recently completed potash test wells in the Lower Patience Lake ("LPL") Sub-Member. Results are subject to confirmation by chemical analysis.(1)

List of Equivalent Grade Intersections by 2008 Potash Test Wells of the
Lower Patience Lake Sub-Member

Thickness of Equivalent Equivalent
From To Intersection K2O Insolubles
Well (m) (m) (m) (wt%) (wt%)

Burr 16-36 939.4 943.6 4.2 22.8 6.3
Burr 16-32 945.5 949.7 4.2 24.9 8.0
Burr 04-23 940.3 945.3 5.0 24.3 7.6
Burr 01-34 930.6 935.3 4.7 25.2 5.0


Geophysical logs are a commonly used analytical tool in potash exploration and production. With improvements in technology and data processing in recent years, the equivalent potash grade estimates determined through geophysical logs have proven to be very consistent with those achieved through chemical assay. The geophysical log estimates set out above were calibrated to chemical assay in the nearby holes drilled in 2007. All of the test wells were drilled vertically and the intersections are considered to be close to true thickness.

"We are very pleased with the equivalent grade results which will provide support to the upcoming resource update" said Dawn Zhou, President and CEO.

Additional information regarding the recent drill results, including information regarding the location and spacing of the test wells, is available in the Company's press release dated September 10, 2008 at or .

As disclosed in the Company's press release dated September 10, 2008, detailed results from the four recently completed test wells will be included in an updated resource estimate prepared by AMEC Americas Limited, expected to be available in the coming weeks. The updated resource estimate will include results from the four potash test wells described above, the five potash test wells completed in 2007 (disclosed in the Company's press release dated February 19, 2008 at or and five historical potash test wells, which collectively constitute all drilling on the Burr Project to date. A new National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI43-101") compliant technical report will be available no later than 45 days after the resource update is released.

The drilling program at the Burr Project has been supervised and the results disclosed above have been prepared and approved by Bradley V.A. Fettis, P.Eng., Athabasca's Qualified Person under NI 43-101. The Burr Project drilling programs utilize an extensive QAQC (quality assurance and quality control) protocol for assaying and core sample handling. Samples from the main potash zones are being kept for further study at the Saskatchewan Research Council laboratory (SRC) in Saskatoon, Saskatchewan.

(1) Schlumberger of Canada ( conducted the geophysical down hole wire line logging for the four potash test wells. Gamma ray, neutron, density, and photoelectric logs are used to calculate the equivalent potash grade and clay content of the four wells. Dr. Don Gendzwill, Ph.D., P.Eng., P.Geo., is the geophysicist who conducted the analysis. The confirmation of chemical assay will only be available once all 2008 planned wells are drilled, detailed geological logging of the cores from all wells completed, and chemical analysis conducted by SRC in Saskatoon. The chemical analysis expected will include K2O, MgO and water insolubles.

About Athabasca

Athabasca Potash Inc. was founded with a goal of establishing itself as a pre-eminent Canadian public company engaged solely in potash exploration and development, and to provide its shareholders with a unique investment opportunity focused entirely on potash.

Caution Regarding Forward-Looking Statements

Certain of the statements made and information contained herein is "forward-looking information" within the meaning of certain securities laws. This includes statements concerning Athabasca's plans at its mineral properties, which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Athabasca, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Forward-looking information is subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, exploration risks, lack of historic drill hole documentation, challenges or impairments to title, access to certain potash mineralization must be negotiated, permit requirements, governmental regulations, environmental risks and competition in attracting and retaining personnel. In addition, forward-looking information is based on various assumptions. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, Athabasca undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.

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