Additional Gravel Request Received
June 2, 2009
Edmonton, Alberta - June 2nd, 2009 - Athabasca Minerals Inc. (the "Company" or "Athabasca" - TSX Venture: ABM) is pleased to announce it has received an additional aggregate request for 1.7 million tonnes for the fiscal year ending November 30, 2009. This aggregate request was received from a contractor in the Fort McMurray area and will be used to build the infrastructure for a major oil sands project.
The major oil sands project is located approximately 85 km northeast of Fort McMurray, and is approximately 30 km from the Company's Susan Lake aggregate operation. The Company previously announced on February 19th, 2009 forecasted demand of 6.3 million tonnes of aggregate for the fiscal year ending November 30th, 2009. Additional orders from surrounding oil sands operations and infrastructure projects may be received as the year progresses.
The Susan Lake aggregate operation delivered 11.83 million tonnes of aggregate for the fiscal year ending November 30th, 2008. Due to the seasonality of the business operations of the Company, the majority of revenue is earned in the 3rd and 4th quarters. This is due to construction projects being initiated in the spring and summer seasons. Although the business generates the majority of its revenue during these periods, operations continue year round. The Company's aggregate consists of sand and gravel, which is used for a variety of projects in the Wood Buffalo region.
About Athabasca Minerals:
Athabasca Minerals Inc. is a resource company engaged in the management, exploration and development of industrial minerals in Canada. The Company's aim is to find and develop local sources of 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. Independent from its mineral exploration activities, the Company is also pursuing sand and gravel exploration and development projects throughout northern Alberta. These activities include contracts works, gravel pit management, new gravel development and acquisitions of sand and gravel operations.
On Behalf of the Board
Dom Kriangkum, President, CEO
For further information, please contact moc.slarenimacsabahta@ofni or Dean Stuart, Boardmarker Group, at (403) 517-2270 E: ten.rekramdraob@naed
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.