Athabasca Nuclear Corp. provided an update on the ongoing exploration activity at the Western Athabasca Syndicate's Preston Lake Property (the Property), where Athabasca Nuclear is the Operator. The program consists of ground gravity and electromagnetic (EM) surveys, as well as a RadonEx survey (ground and water) for final targeting in advance of first quarter - second quarter drilling.

MWH Geo-Surveys Ltd. has been contracted to complete the gravity survey over seven priority areas identified by the Syndicate's Technical Committee, based on the extensive 2013 summer/fall field work. The survey commenced in late November with approximately 50% of the planned stations having been completed to-date, including infill over several high-priority anomalies that have just been identified. Initial interpretation of the gravity data has successfully delineated gravity low anomalies associated with previously identified high-potential exploration corridors defined by structure, magnetic lows, conductors, favorable geology and geochemistry (elevated radon-in-water and lake sediment sample values).

The gravity survey is anticipated to be completed by the third week of January with the RadonEx survey starting around January 17, 2013. Drilling is expected to commence in March 2014.