Athabasca Minerals Inc.

Athabasca Minerals Inc.

January 25, 2010 08:30 ET

Athabasca Announces December and Fiscal Year 2009 Aggregate Delivery Figures

EDMONTON, ALBERTA--(Marketwire - Jan. 25, 2010) - Athabasca Minerals Inc. ("Athabasca" or the "Corporation") (TSX VENTURE:ABM) today announced delivery numbers for aggregates during the month of December 2009 and for the fiscal year ending November 30, 2009. The Corporation manages the Susan Lake and Poplar Creek aggregate operations located in the Wood Buffalo region of northern Alberta, and is the primary supplier of sand and gravel to Canada's oil sands industry.

For the month of December 2009, the Corporation delivered 319,991 tonnes of aggregate. This represents a 3.5% increase over December 2008, and a 37% increase over December 2007. It should be noted that the first two quarters of the Corporation's fiscal year are traditionally the slowest quarters, with activity increasing in the third and fourth fiscal quarters.

On February 19, 2009, the Company announced an estimated aggregate delivery of 6.3 million tonnes from Susan Lake. On June 2, 2009, the Corporation announced that it had received an additional order of 1.7 million tonne from a contractor supplying a major oil sands project 30 km east of the Susan Lake aggregate operation. This order increased the forecasted demand for the fiscal year end 2009 to 8 million tonnes.

Due to a revision in the project's construction schedule, the majority of the material ordered for the project was deferred to the Spring of 2010, so the forecasted 8 million tonnes was not delivered by the end of the fiscal year. The material ordered for the project has been processed, stockpiled and is ready for delivery.

For the fiscal period ending November 30, 2009, the Corporation delivered a total of 6,589,827 tonnes from Susan Lake and 214,180 tonnes from Poplar Creek, for a total of 6,804,007 tonnes.

President Dom Kriangkum stated, "We are pleased we exceeded our original targeted delivery number of 6.3 million tonnes from Susan Lake, and look forward to future delivery of the balance of the 1.7 million tonne order in fiscal year 2010 as the project re-starts. We anticipate that the 6,589,827 tonnes of aggregates removed from Susan Lake will establish us as one of the largest aggregate operations in Canada. Our mandate is to continue providing aggregate for oil sands projects and other infrastructure projects in the Wood Buffalo region."

During the past week, a number of companies announced they are moving ahead with planned oil sands projects, culminating with a January 21 announcement that Canadian Natural Resources Ltd expects to go ahead with two oil sands projects later this year. Total and ConocoPhillips have approved a four-fold expansion of its Surmont operation, and Husky Energy has announced it will proceed with its Sunrise project. "These announcements by major players in the oil sands are paramount to our continued success," said Kriangkum. "We are also continuing our evaluation of other potential aggregate and industrial mineral deposits, which will meet the demand of growing industries."

About Athabasca Minerals Inc.

Athabasca Minerals Inc. is a resource company involved in the management, exploration and development of aggregate projects in Canada. These activities include contracts works, aggregate pit management, new aggregate development and acquisitions of sand and gravel operations. The Corporation also has industrial mineral land holdings in the vicinity of Fort McMurray and Peace River, Alberta. The Corporation's aim is to find and develop local sources of industrial minerals essential to the economic development of specific high growth regions.

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This news release contains forward-looking statements that involve risks and uncertainties. Forward-looking statements or information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by the Corporation. The forward-looking statements or information contained in this news release are made as of the date hereof and the Corporation does not undertake any obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

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

Contact Information

  • CHF Investor Relations
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    416-868-1079 x 251
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