Athabasca Minerals Inc.
TSX VENTURE : ABM

Athabasca Minerals Inc.

August 29, 2007 19:17 ET

Athabasca Announces Its Unaudited Financial Results for the Period Ending June 30, 2007

EDMONTON, ALBERTA--(Marketwire - Aug. 29, 2007) - Athabasca Minerals Inc. ("Athabasca" or the "Company") (TSX VENTURE:ABM) is pleased to announce its unaudited financial results for the period ending June 30, 2007.


Three Months Nine Months
Ended Ended
June 30, 2007 June 30, 2007
(Unaudited)
Interim Statement of Earning and Deficit: $ $

Revenue 70,000 70,000
Expenses 145,948 356,664
Stock Based Compensation 60,500 121,000
Professional Fees 19,021 65,192
Licenses and Fees 1,630 42,921
Other Administrative 51,641 91,292
Consultants 12,305 34,888
Amortization 851 1,371
Loss from Operations (75,948) (286,664)
Other Income - Interest 18,061 50,461
Net Loss for the Period (57,887) (236,203)
Retained Earnings (Deficit)
- Beginning of Period 322,491 (19,193)
Retained Earnings - End of Period 195,104 195,104

Interim Statement of Cash Flow:

Operating Activities (83,433) (209,452)
Cash Paid to Suppliers and Employees (101,494) (259,529)
Interest Received 18,061 50,461
Interest Paid - (384)
Investing Activities (255,550) (408,180)
Purchase of Equipment (32,396) (33,406)
Mineral Properties (8,125) (12,075)
Exploration Costs (215,029) (362,699)
Financing Activities - 843,224
Proceeds from Hali Capital Corporation - 840,724
Common Shares Issued - 2,500
Increase (Decrease) in Cash for the Period (338,983) 125,714
Cash Resources - Beginning of the Period 2,015,152 1,550,455
Cash Resources - End of Period 1,676,169 1,676,169



(Unaudited) June 30, 2007 June 30, 2007

Interim Balance Sheet: $ $

Assets: 2,382,841 1,791,502
Current 1,813,628 1,629,098
Cash and Cash Equivalents 1,676,169 1,550,455
Goods and Services tax receivable 92,542 8,643
Prepaid Expenses 44,917 70,000
Equipment 31,204 1,229
Mineral Properties 538,009 161,175

Liabilities 211,603 93,707
Current 67,103 93,707
Account Payable 49,103 93,707
Accrued Liabilities 18,000 -
Future Income Taxes 144,500 -

Shareholders' Equity 2,171,238 1,697,795
Equity Instrument 1,838,674 1,700,528
Contributed Surplus 137,460 16,460
Retained Earnings (Deficit) 195,104 (19,193)

Liabilities and Shareholders' Equity: 2,382,841 1,791,502


RESULTS OF OPERATIONS

During this quarter, Athabasca provided services to a major gravel processing company in developing a Conservation and Reclamation Business Plan of a gravel pit for an oil sands company in the Fort McMurray area. To date, Athabasca invoiced the gravel company $70,000 for the work completed. As a result of this work, Athabasca anticipates it will be more involved in the project in the near future.

The other revenue earned is from interest on deposit and short-term investments. During the three months ended June 30, 2007, the Company has a net loss of $127,387 ($0.008 per share) and for the nine months ended June 30, 2007, the Company had net earnings of $214,297 ($0.013 per share). The net earnings for the nine months ended June 30, 2007 includes the recovery of future income taxes of $450,500 related to the portion of the exploration cost renounced that have not yet been expended.

Expenses of $145,948 were charged to operations during the three months period ended June 30, 2007 compared to the expenses of $42,758 for the three months ending March 31, 2007. The increase is attributed to the increase in other administrative expenses and the professional fees.

Operating activities, which include cash paid to suppliers and employees, interest received and interest paid used cash of $83,433 for the three months ended June 30, 2007 compared to a cash outflow of $93,814 for the three months ended March 31, 2007.

Total investing activities, including purchase of equipment, mineral permits and mineral exploration expenditures capitalized, were $255,550 for the three months ended June 30, 2007 compared to $101,705 for the previous three month period.

The $215,029 capitalized to exploration costs included $107,011 of consultants fees, $69,889 of equipment rentals and $40,189 of other costs. These costs are for the exploration program described in the overview of operations.

SUMMARY OF QUARTERLY RESULTS

The selected financial information set out below is based on and derived from the unaudited financial statements of the Company:



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2007 2007 2006
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Three months ended June 30, March 31, December 30,
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Revenue $ 70,000 Nil Nil
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Interest income $ 18,061 $ 20,665 $ 11,735
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Net earning/(loss) for the quarter ($ 127,387) $ 497,907 ($ 156,223)
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Basic and diluted gain/(loss)
per share ($ 0.008) $ 0.034 ($ 0.013)
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Total assets $2,382,841 $2,356,078 $1,695,040
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Mineral Properties $ 538,009 $ 312,795 $ 211,090
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About Athabasca

Athabasca Minerals Inc. is an innovative exploration company formed to explore for mineral resources other than oil, gas and oil sands in northeast Alberta. The company's aim is to find and develop local sources of the minerals essential to the economic development of the region (i.e. minerals used in oil sand processing, construction, and in the everyday requirements of community living).

The company's permit holdings of 710,023 hectares in the vicinity of Fort McMurray, Alberta have exploration prospects for an assortment of industrial minerals including salt, silica sand, gypsum, limestone, and diamonds.

Independent from its mineral exploration activities, the company is also pursuing sand and gravel exploration and development projects throughout northern Alberta and establishing itself as a major sand and gravel supplier in Alberta. These activities include contract works, gravel pit management, new gravel pit development and the acquisition of other sand and gravel operations.

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 Athabasca. The forward-looking statements or information contained in this news release are made as of the date hereof and Athabasca 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.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States.

The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.

Contact Information

  • Athabasca Minerals Inc.
    Dom Kriangkum, P.Eng.
    President and CEO
    (780) 465-5696