News Releases

Athabasca earns $0.03 per share in Third Quarter 2009

October 22, 2009

Edmonton, Alberta - October 22, 2009 - Athabasca Minerals Inc. (the "Company" or "Athabasca" - TSX Venture: ABM) is pleased to announce the filing of its third quarter financial results for the period ending August 31, 2009.

During the third quarter 2009, the Company generated revenue in the amount of $3,099,387, compared to $1,069 for the previous year's quarter ending September 30, 2008. The increase in revenue is attributed to the acquisition of Aggregates Management Inc. ("AMI") on November 20, 2008. The Company had net income of $763,266 for the third quarter, an increase of $1,046,747 from the previous year's comparable period loss of $283,481. Due to the seasonal nature of the operations, the Company's third and fourth quarters are historically the busiest with the first and second quarters being the slowest during the fiscal year.

President Dom Kriangkum states; "We are very pleased to see our aggregate operations meet the increasing demands of the oil sands industry. Our leadership in meeting aggregate demands for oil sands infrastructure is reflected in these profitable financial results, which we anticipate will continue in the 4th quarter. We are positioned to maintain delivery of sand and gravel required for numerous projects in the Fort McMurray region in 2009 and future years."

Three Month Results

  Period ending August 31, 2009 Period ending September 30, 2008
Revenue $ 3,099,387 $ 1,069
Royalties $ 994,076 $ nil
Operating expenses $ 423,467 $ nil
Net income (loss) for period $ 763,266 $(283,481)
Per Share (basic and diluted) $0.03 $(0.01)
Total assets $17,309,621 $2,619,024
Resource properties $2,835,725 $2,440,840

Nine Month Results
  Period ending August 31, 2009 Period ending September 30, 2008
Revenue $ 5,721,976 $ 1,069
Royalties $ 1,862,977 $ nil
Operating expenses $ 1,130,870 $ nil
Net income (loss) for period $ 512,469 $(1,017,235)
Per Share (basic and diluted) $0.02 $(0.05)

The complete financial statements for Athabasca for the nine month period ending August 31, 2009 and the Management Discussion and Analysis for the same period are available for viewing on SEDAR at

About Athabasca Minerals:

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 Company also has industrial mineral land holdings in the vicinity of Fort McMurray and Peace River, Alberta. The Company's aim is to find and develop local sources of industrial minerals essential to the economic development of specific high growth regions.

On Behalf of the Board
Dom Kriangkum, President, CEO

Further Information:

For further information, please contact or Dean Stuart, Boardmarker Group, at (403) 517-2270 E:

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

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.