Athabasca Minerals Inc.
TSX VENTURE : ABM

Athabasca Minerals Inc.

April 29, 2009 14:26 ET

Athabasca Minerals Inc.: First Quarter Results

EDMONTON, ALBERTA--(Marketwire - April 29, 2009) - Athabasca Minerals Inc. (the "Company" or "Athabasca") (TSX VENTURE:ABM) is pleased to announce the filing of its first quarter financial results for the period ending February 28, 2009.

During the first quarter 2009, the Company generated revenue in the amount of $1,016,822, compared to $nil for the previous year's quarter ending March 31, 2008. The increase in revenue is attributed to the acquisition of Aggregates Management Inc. ("AMI") on November 20, 2008. The Company had a loss of $269,288 for the first quarter, a decrease in loss of $143,275 from the previous year's comparable period. The Company is impacted by seasonality in the construction industry, and typically the first quarter is the slowest quarter of the year. Despite the first quarter being the slowest period, aggregate volumes removed from its aggregate operations at Susan Lake and Poplar Creek were up 45% from the previous year's period ending February 29, 2008.



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Period ending Period ending
February 28, 2009 March 31, 2008
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Revenue $ 1,016,822 $ nil
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Royalties $ 326,112 $ nil
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Operating expenses $ 417,930 $ nil
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Net income (loss) for period $ (269,288) $ (412,563)
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Per Share (basic and diluted) $ (0.01) $ (0.02)
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Total assets $ 17,681,925 $ 2,488,266
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Resource properties $ 2,604,390 $ 2,300,802
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Dom Kriangkum, President and CEO states, "The Company is extremely pleased to have added the management of aggregate operations at Susan Lake and Poplar Creek to its business profile, and looks forward to continued first class supply of aggregates to infrastructure and oil sands operations in Alberta. The Company has successfully streamlined its aggregate and mineral operations without any disruption to customers, and continues to identify and investigate additional aggregate management contracts and operations for potential synergies. We expect another highly productive year in 2009 and can accommodate additional aggregate requests as the spring and summer construction seasons commence."

The complete financial statements for Athabasca Minerals for the period ending February 28, 2009 and the Management Discussion and Analysis for the same period are available for viewing on SEDAR.

About Athabasca Minerals:

Athabasca Minerals Inc. is a resource company engaged in the management, exploration and development of aggregates and industrial minerals in Canada. The Company's aim is to find and develop local sources of aggregates and industrial minerals essential to the economic development of specific high growth regions. The Company has substantial land holdings in the vicinity of Fort McMurray, Alberta and Peace River, Alberta.

On Behalf of the Board

Dom Kriangkum, President, CEO

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

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