Athabasca Nuclear Corporation Reports Assay Results

Athabasca Nuclear Corporation (TSX VENTURE:ASC) ("Athabasca Nuclear" or the
"Corporation") reports inaugural drill assay results from the Preston Uranium
Property (the "Property") being explored by the Western Athabasca Syndicate (the
"Syndicate"). Three out of fifteen existing targets received preliminary drill
testing this spring, including the Swoosh (7 holes), CHA (1 hole) and FSA (1
hole) targets. The drilling totaled 1902.7 meters over 9 holes.


Highlights:



--  Anomalous radioactivity discovered in the drilling is associated with EM
    conductors and gravity low anomalies which are the result of strong
    hematite, chlorite and clay alteration of the structurally disrupted
    lithologies; this is consistent with being in a mineralization halo and
    is common to many Athabasca Basin uranium deposits 
--  The best intercept to-date from the drill program returned 8.82 ppm U
    and 360 ppm Th over 0.5 meters in hole PN14003 at the Swoosh target. 
--  Th/U and Pb isotope ratios, and evidence for deformation/alteration
    suggest that most zones at the Swoosh target area have undergone uranium
    depletion and may have at one time hosted significant uranium
    mineralization; as such, directly adjacent targets should be
    investigated for places where the uranium could have been re-deposited 
--  Loss of circulation near the bottom of the FSA target drill hole
    occurred just prior to the geophysical target depth; blue clay
    encountered at the bottom of the hole is likely gouged, altered
    graphite, strongly anomalous in silver, and with a relatively high
    radiometric-sourced Pb isotopic signature that warrants further follow
    up  
--  The Syndicate's Technical Team considers these findings in the first
    drill program at Preston to be a breakthrough towards potentially
    identifying economic levels of uranium mineralization at shallow depths;
    further exploration work and drill campaign planning is underway 



Drill targets were chosen based on results from a combination of airborne
geophysical, geochemical and geological surveys carried out during 2013, which
were then further refined by ground HLEM and gravity geophysical surveys. 


The results from the drilling are very encouraging and confirm the presence of
widespread alteration, structural disruption and radioactivity that are
typically associated with uranium deposits in the Athabasca Basin. As well as
additional testing of the areas targeted with the 2014 drilling, the Syndicate
is also planning further work to better define drill targets at the other twelve
target areas defined by fieldwork to date. The majority of uranium targets on
the Property have not yet received any drill exploration.


Swoosh Target Assay Results:

Seven widely-spaced drill holes tested two targets (S3 and S6) within the
broader Swoosh area, which is defined by a 6-km long corridor defined by
coincident gravity, magnetic and EM geophysical surveys, and surficial
geochemical anomalies. Six holes were completed to depths of between 200 and 360
meters downhole, with one hole abandoned due to poor drilling conditions.
Overburden depth varies from 4 to 38 meters and immediately overlies basement
rock. The five holes completed on the S6 target area tested two distinct steep
NW-dipping conductor traces associated with a 650 meter by 350 meter gravity low
anomaly. Every hole encountered graphite within highly deformed metasediment,
orthogneiss and locally pegmatitic lithologies. Portable Infrared Mineral
Analyser (PIMA) results confirmed the presence of extensive chlorite and clay
alteration, as well as significant illite alteration in the northernmost hole
PN14001. This alteration and deformation could effectively explain the gravity
anomaly at S6 and further confirms the Swoosh area as being the focus of intense
hydrothermal alteration which is common to other Athabasca Basin uranium
deposits.


The best intercept out of 125 drill core samples collected from holes testing
the Swoosh area was from PN14003 which returned 0.5 meters of 8.82 ppm U and 360
ppm Th associated with mixed granodiorite and graphitic mylonite. Analyses of
the U to Th ratios, in light of the strong deformational history, suggests that
the S6 target has been subject to high degrees of uranium depletion and may have
at one time hosted significant uranium mineralization which could have been
re-deposited nearby. 


CHA Target Assay Results:

The CHA area is located approximately 19 km west from the Swoosh area. A single
initial hole, PN14008, drill tested an EM conductor near the hinge of a major
fold structure in an area of elevated uranium and radon geochemical anomalies.
This hole intersected gneiss and orthogneiss within broad zones of cataclastic
deformation. Fault gouge associated with disseminated graphite and strong
chlorite, epidote, talc and clay alteration may explain the airborne and HLEM
conductors at this zone. Like Swoosh, radioactivity from the first CHA hole is
thorium-rich, with the best assayed intercept returning 4.25 ppm U and 62 ppm Th
over 1.0 meter.


FSA Target Assay Results:

At the FSA area, located approximately 27 kilometers west of the Swoosh area, a
single drill hole, PN14009, tested an E-NE trending magnetic low coincident with
airborne EM and ground based HLEM conductors that are in part associated with
pronounced gravity anomalies. In addition to the geophysical anomalies, this
target has outcrop nearby that exhibits structural deformation and returned
anomalous uranium values from rock grab samples including one sample that
returned 45.7 ppm U. The single drill hole was collared in granodiorite gneiss
and then intersected mylonitic pelitic gneiss coincident with intense shearing
and chlorite, hematite, silica and clay alteration. The hole was abandoned at
150.3 meters after intersecting a bluish-grey clay-rich lithology at the contact
between the overlying orthogneiss and metasediments. The best intercept out of
16 samples returned 5.84 ppm U and 19.5 ppm Th over 1.0 meter. The clay-rich
unit returned highly anomalous silver values and a relatively high
radiometrically-sourced Pb isotopic signature that warrants further follow up
drilling.


Management cautions, mineralization present on proximal properties is not
necessarily indicative of mineralization on the Syndicate's Property.  


Qualified Person:

The technical information in this news release has been prepared in accordance
with the Canadian regulatory requirements set out in National Instrument 43-101
and reviewed and approved by Richard Kusmirski, P.Geo., M.Sc., Skyharbour's Head
Technical Advisor and a Director, as well as a Qualified Person. 


About Athabasca Nuclear Corporation 

Athabasca Nuclear Corporation (TSX VENTURE:ASC) is an exploration company based
in Calgary, Alberta which is focused on uranium exploration in the Athabasca
Basin of Saskatchewan, Canada. 


Signed, 

Ryan Kalt, Chief Executive Officer 

Forward-Looking Statements 

This news release contains 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.


Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
Athabasca Nuclear Corporation
Ryan Kalt, LL.M., M.B.A.
Chairman and Chief Executive Officer
403-410-3848
[e-mail]
www.AthabascaNuclear.com