Ms. Dawn Zhou reports

ABASCA RESOURCES ANNOUNCES NON-BROKERED FLOW-THROUGH PRIVATE PLACEMENT OF UP TO C$1.0 MILLION

Abasca Resources Inc. has arranged a non-brokered private placement of up to two million flow-through units of the company at a price of 50 cents per FT unit for gross proceeds to the company of up to $1-million.

Each FT unit will consist of one common share of the company to be issued as a flow-through share within the meaning of the Income Tax Act (Canada) and one-half of one common share purchase warrant. Each warrant will entitle the holder thereof to purchase one common share at a price of 60 cents for a period of 24 months following the closing date of the offering.

The gross proceeds received from the sale of the FT units will be used for exploration programs on the company's Key Lake South uranium project.

Finders' fees comprising cash and non-transferable warrants in connection with the offering will be paid, if applicable and subject to the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange. All securities issued and sold under the offering will be subject to a hold period expiring four months and one day from their date of issuance.

About Abasca Resources Inc.

Abasca is a mineral exploration company that is primarily engaged in the acquisition and evaluation of mineral exploration properties. The company owns the Key Lake South uranium project, a 23,977-hectare uranium exploration project located in the Athabasca basin region in Northern Saskatchewan, approximately 15 kilometres south of the former Key Lake mine and the current Key Lake mill.

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