News Releases

Private Placement First Tranche Closed Jan. 23, 2008

January 23, 2008

Edmonton, Alberta -- January 23, 2008 -- Athabasca Minerals Inc. ("ABM" or "Athabasca") (TSX Venture: ABM) is pleased to announce that it has closed the first tranche of its previously announced non-brokered private placement (the "Private Placement") for up to 1,875,000 units of Athabasca ("Units"), at a price of $0.40 per Unit. ABM has closed the first tranche of 506,250 Units raising a total amount of Cdn $ 202,500. No agent has been retained in connection with the Private Placement.

The closing date (the "Closing Date") will be on or before February 4, 2008. Each Unit will consist of one (1) common share ("Common Share") of ABM, and one (1) share purchase warrant ("Warrant"), with each Warrant exercisable at a price of $0.60 per Common Share, for a period of 24 months following the Closing Date, subject to accelerated expiry. If after the date that is four months from the date of closing, the volume weighted average price of the Athabasca Common Shares on the TSX Venture Exchange (the "TSXV") be at least $0.80 for any period of 20 consecutive trading days, Athabasca may provide notice to holders of the Athabasca Warrants that the Athabasca Warrants will expire 30 days following the accelerated expiry notice. 

Proceeds from this private placement will be used for general working capital. 

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.
T: (780) 465-5696
E: info@athabascaminerals.com

Dean Stuart
Boardmarker Group
T: 403 517 2270
E: dean@boardmarker.net

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.

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