Second Quarter Results 2008
May 30, 2008
Edmonton, Alberta - May 30, 2008 - Athabasca Minerals Inc. ("ABM" or the"Company") is pleased to announce its unaudited financial statements for its three and six month periods ending March 31, 2008.
During the six months ended March 31, 2008, the Company incurred a net loss of $1,078,063 (-$0.03 per share) compared to a net loss of $178,316 (-$0.01 per share) for the six months ended March 31, 2007. For the three months ended March 31, 2008 the net loss was $412,563 as compared to the net loss of $22,093 for the three months ended March 31, 2007.
During the second quarter, the Company announces the proposed acquisition of Aggregate Management Inc. (AMI). AMI is a private company with long term contracts to manage two major sand and gravel pits for the Alberta government located in the heart of the oil sands industry in the Fort McMurray region. For these services, AMI receives a management fee for each cubic metre of sand and gravel removed from the pits for the duration of the contracts. In addition to this proposed acquisition, the Company has completed a salt evaluation well northwest of Fort McMurray and completed an airborne survey program on lands located northwest of Fort McMurray. The Company is also conducting market research with a number of oil sands companies operating in the Fort McMurray area to determine the demand for chemicals derived from the use of salt. The Company's research is focused on determining the feasibility of a chemical production facility to supply the oil sands industry with a local supply of salt derived chemicals used in the bitumen extraction process on both mines and the subsurface thermal recovery schemes.
The complete financial statement for the three and six month periods ending March 31, 2008 and the Management Discussion and Analysis for the same period are available for viewing on SEDAR.
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 has substantial land holdings 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.
For further information, please contact E: email@example.com or Dean Stuart, Boardmarker Group, at (403) 517-2270 E: firstname.lastname@example.org or BTG Financial Inc. at Toll Free 1-877-717-0790 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.