News Releases

Athabasca Minerals Inc. Completes Acquisition of Aggregates Management Inc. Nov. 20, 2008

November 20, 2008

CALGARY, ALBERTA - November 20, 2008 - Athabasca Minerals Inc. ("Athabasca" or the "Corporation") (TSX Venture: ABM) today announced that it has received shareholder approval for its previously announced acquisition (the "Acquisition") of all of the issued and outstanding shares of Aggregates Management Inc. ("AMI"). Athabasca expects to complete the Acquisition this week.

Athabasca also announces that as a result of the Acquisition it intends to change its financial year end from September 30 to November 30. Following this change, the new financial year end for Athabasca will be November 30, and the next financial year end will be November 30, 2008.

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.

For further information contact Udomdej Kriangkum, the President of Athabasca at (780) 465-5696 or Dean Stuart, Boardmarker Group, at (403) 517-2270.

Completion of the Acquisition is subject to a number of conditions, including but not limited to, TSX Venture acceptance.

Investors are cautioned that, except as disclosed in the Information Circular of Athabasca to be prepared in connection with the Acquisition, any information released or received with respect to the Acquisition may not be accurate or complete and should not be relied upon. Trading in the securities of Athabasca should be considered highly speculative.

The securities of Athabasca being offered have not been, nor will be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.

Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. Neither Athabasca nor AMI will update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by Athabasca and AMI.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the Acquisition and has neither approved nor disapproved the contents of this press release.