October 22, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — Athabasca Uranium, Inc. (TSX Venture: UAX) (OTC: ATURF) said it has entered into an agreement with an arm's-length vendor by which the company has the option to earn a 100% interest in the McGregor Lake Property in northeast Saskatchewan.

The property consists of five claims totaling 18,699 hectares located on the eastern margin of the uranium-rich Athabasca Basin, adjacent to the Denison/JNR Resources Moore Lake Project.

Under the deal, Athabasca can earn a 100% interest in the property by paying $60,000 and issuing 1.5 million common shares to the vendor upon receipt of regulatory approval, by making additional payments totalling $750,000 over the next 42 months and filing $3 million in exploration expenditures on the property within four years.

A 1% net smelter return has also been granted to the vendor, which may be purchased by Athabasca for $1.5 million.

Canada-based Athabasca is a uranium exploration and development company acquiring and exploring properties located in the uranium-rich Athabasca Basin in northeast Saskatchewan.

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