Athabasca Minerals Inc.
TSX VENTURE : ABM

Athabasca Minerals Inc.

May 16, 2008 15:23 ET

Athabasca Minerals Inc.: Grant of Options

EDMONTON, ALBERTA--(Marketwire - May 16, 2008) - Athabasca Minerals Inc. (TSX VENTURE:ABM) (the "Company") is pleased to announce the Company has granted 100,000 options at an exercise price of $0.40 to an executive officer. These options are exercisable for a period of five (5) years and are subject to regulatory approval.

About Athabasca Minerals:

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 has substantial land holdings in the vicinity of Fort McMurray, Alberta. The exploration prospects host 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. 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 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.

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

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