NEWS

WIRES

OTHER

AlphaNorth Asset Management: News Release

AlphaNorth Asset Management ("AlphaNorth") announces it has acquired 2,500,000 units (the "Units") of Athabasca Uranium Inc. ("Athabasca") at a price of $0.20 per Unit through a private placement on December 23, 2010. Each Unit consists of one share (a "Share") and one warrant (a "Warrant"). Each Warrant will entitle the holder to acquire one purchase one Warrant at a price of CDN$0.30 for a 12 month period after the Closing Date. Immediately after the acquisition, AlphaNorth beneficially owns or controls 2,500,000 common shares and 2,500,000 warrants of Athabasca, collectively representing 18.2% of the issued and outstanding shares of Athabasca, assuming the exercise of all warrants held by AlphaNorth. AlphaNorth relied on the "accredited investor" exemption from the prospectus requirement in connection with the acquisition, contained in section 2.3 of National Instrument 45-106 - Prospectus and Registration Exemptions.

The common shares of Athabasca are listed on the TSX Venture Exchange and trades under the trading symbol "UAX". AlphaNorth acquired the securities for investment purposes. Depending on market conditions, AlphaNorth may in the future increase or decrease its investment in Athabasca Uranium.

An Early Warning Report respecting this acquisition has been filed on the System for Electronic Document Analysis and Review ("SEDAR") under Athabasca's profile and can be viewed at www.sedar.com.

ALPHANORTH ASSET MANAGEMENT

Steven Palmer, CEO

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 news release.