Athabasca enters into an option to lease existing gravel pit
April 13, 2007
EDMONTON, April 13 /CNW/ - Athabasca Minerals Inc. ("Athabasca") (TSX Venture: ABM) is pleased to announced that it has recently entered into an option with a private company (the "Option Agreement") to lease a previously permitted gravel deposited located on private lands in the Peace River area (the "Leased Lands"). Pursuant to the terms of the Option Agreement, Athabasca has an option for an exclusive lease to the Leased Lands to purchase, process and market all gravel within the Leased Lands on a royalty basis at a price per cubic yard as and when removed.
Management of Athabasca believes that the deposit contained on the Leased Lands has the potential to become a major source of sand and gravel for the Peace River area, and plans to test the site to prove out the quality and quantity of the deposit later this month.
The Town of Peace River is located approximately 486 km northwest of Edmonton, Alberta. It is the second largest center in northwest Alberta and functions as a service center for surrounding communities and northern Alberta. This town has the potential for significant growth given the recent activities of development in the Peace River Oil Sands combined with conventional oil and gas activities, pipeline corridors, forestry and agriculture.
Athabasca is a junior mineral exploration company that has a vision to become a major supplier of chemicals and construction materials to the oil sands industry. Athabasca holds Alberta Metallic and Industrial Minerals Permits on 710,023 hectares to the south, west and east of the city of Fort McMurray. Athabasca is focused on exploring and developing industrial minerals such as limestone, salt, gypsum, and silica sand that serve as raw materials for the chemicals and construction materials used in oil sands operations. In addition to developing these minerals resources, Athabasca will continue to explore and develop sand and gravel deposits in Northern Alberta, which are vital resources to the construction industry, especially in the oil sands industry where substantial amounts of sand and gravel are required for plant site construction, infrastructure and mine roads.
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.
For further information: Dom Kriangkum, P.Eng., the President and CEO of Athabasca at (780) 465-5696; or Michael Rousseau, a Consultant to Athabasca, at (403) 816-1947