News Releases

Purchase of Aggregates Properties in the Peace River Area

October 2, 2007

Edmonton, Alberta - October 2, 2007 - Athabasca Minerals Inc. (TSX Venture: ABM) (the "Company") is pleased to announce that it has completed the purchase of two properties in the Grimshaw area of the Peace River region, Alberta. Each property is approximately 160 acres in size and is located within and underlain by the "Grimshaw Gravels", a pre-glacial sand and gravel deposit. Pre-glacial deposits are known to contain high quality aggregates. These deposits have the potential to become a major source of aggregates for projects in the Peace River region.

One property is adjacent to the land Athabasca already has under lease. The other property is approximately half a mile away.

The Company will initiate a testing program to confirm the potential for sand and gravel on the two new properties. It will be carried out in the 4th quarter of 2007. The quantity of sand and gravel in the leased land has already been established to contain approximately 10 million tonnes, and test results show that it contains high quality gravel suitable for concrete, asphalt, and road base aggregates. A technical report discussing the Grimshaw Gravel project is available on SEDAR.

Due to the proximity of these properties to the community of Warrensville, the leased land will be referred to as the "Warrensville Gravel Pit".

If a significant quantity of sand and gravel is found in the two properties, the pits have the potential to become major sources of sand and gravel in the Peace River region. Recently, an Alberta company, Energy Alberta Corporation selected Peace River as the site of a proposed power plant. Located near Cardinal Lake, the site is approximately 10-15 kilometres from the Warrensville Gravel Pits.

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's permit holdings of 710,023 hectares in the vicinity of Fort McMurray, Alberta have exploration prospects for 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.

Further Information:

For further information, please contact Dom Kriangkum, P. Eng., President and CEO of Athabasca Minerals Inc. at (780) 465-5696.

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