Exploration Activities and Additional Lands Acquired
February 28, 2008
Edmonton, Alberta -- February 28, 2008 -- Athabasca Minerals Inc. (TSX Venture: ABM) (the "Company") is pleased to announce it has completed a number of exploration programs in the Fort McMurray area and the acquisition of additional lands in the Fort McMurray region. The Company continues to make progress in the defining of potential industrial mineral deposits in the Fort McMurray Oil Sands region.
The Company has acquired an additional 109,213 hectares (ha) of lands located north of the city of Fort McMurray. These lands include the McIvor Property consisting of 73,728 ha and the Red Clay Property consisting of 35,485 ha. The total land area under Company option in the Fort McMurray region is 819,236 ha.
Salt Exploration Program
A salt evaluation well located approximately 45 km northwest of Fort McMurray was completed in December 2007.
The Company's Dover 6-8-92-12 site, near the McKay River, was drilled to a depth of 490 metres to evaluate the thickness and quality of the salt present within the Devonian aged Prairie Evaporite Formation. A total of 320 metres of core was recovered from the well.
The entire Prairie Evaporite Formation was cored in addition to significant limestone units above and a dolomite interval below. The well penetrated a cumulative thickness of 120 metres of salt. The core has been slabbed (cut into two halves) and has been photographed to begin a visual evaluation. An independent Calgary laboratory is now conducting chemical analysis of selected salt samples.
Additionally, the Company is currently conducting market research with a number of oil sands companies operating in the Fort McMurray area to determine demand for chemicals derived using salt. The well site is situated in the heart of the oil sands development. Salt is required in the production of chemicals used by oil sands companies. The Company's research is focused on determining the feasibility of a chemical production facility that can supply the oil sands industry with a local supply of chemicals used in the bitumen extraction process in both the mines and the subsurface thermal recovery schemes.
Silica Sand Exploration Program
In December 2007, site preparation for the Company's silica sand exploration program in the Birch Mountains was completed. A number of sites were prepared for a portable drill to be flown into the area to obtain samples for the program.
Diamond Exploration Program
An airborne magnetic survey of 18 townships (approximately 165,900 hectares or 410,000 acres) has also been completed at three locations around Fort McMurray in search of kimberlite deposits that may potentially contain diamonds.
A twin-engine Piper swept the approximately 1,700 square km (650 square mile) of permit lands held by the Company. An independent consultant is now analyzing the data for drill targets.
The airborne survey program was initiated in October 2007 with a survey of an eight square township block in the McIvor River area (Birch Mountains) approximately 120km northwest of Fort McMurray. The McIvor River survey followed the promising results obtained from the area's kimberlite indicator minerals stream sediment sampling program completed in June 2007. This program was led by Ms. Sherri Hodder, M.Sc., P.Geo, an independent geological consultant.
Recent airborne magnetic surveys were completed over another 10 townships at the Ells River and Clearwater River properties approximately 50 km northwest and 50 km east of Fort McMurray, respectively. The Ells River property is located 10 km from the recently discovered Legend kimberlite pipe.
Mr. Darrell Cotterrill, P.Geol, is identified as the Company's qualified person under NI 43-101 for this news release.
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 819,236 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. Additional information can viewed on the Company web site at: www.athabascaminerals.com.
For further information, please contact Dom Kriangkum, P.Eng., President and CEO of Athabasca Minerals Inc. at (780) 465-5696. E: firstname.lastname@example.org or Dean Stuart of Boardmarker Group at (403) 517-2270. E: email@example.com
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.