Athabasca's Susan Lake Operation Named Top Aggregates Supplier in Canada
July 8, 2009
Edmonton, Alberta - July 8, 2009 - Athabasca Minerals Inc. (the "Company" or "Athabasca" - TSX Venture: ABM) is pleased to announce that its Susan Lake Aggregate Operation has been named the top aggregates supplier in Canada.
The Company's 11.83 million tonnes of aggregates supplied from Susan Lake, located 85 Km north of Fort McMurray, was ranked number one by the Aggregates & Roadbuilding Magazine in its annual top 10 ranking of sand and gravel suppliers released in June. Susan Lake supplied nearly twice the volume of aggregates recorded by the number two ranked supplier, whose British Columbia quarry sold 6 million tonnes of aggregates in 2008.
In addition to naming Susan Lake the largest aggregates operation in Canada, the magazine's May/June edition features a cover story on the pit. A full version of the story and a complete list of the top ten aggregate operations in Canada can be viewed on the publication's web site at: www.rocktoroad.com
Widely recognized as an authority on the aggregates industry, the publication credited Susan Lake's top ranking in part to its "impressive customer list".
Management estimates a volume of 8 million tonnes for the fiscal year ending November 2009. Beginning March 1 and ending May 31, 2009, the volume of aggregates supplied during the second quarter was 1,146,542 tonnes. It should be noted that the aggregate operations are seasonal with peak aggregate delivery taking place in the 3rd and 4th quarters.
President Dom Kriangkum states, "The aggregate operations of Athabasca Minerals are getting national exposure as a successful business activity which in turn is attracting domestic and international interest. This interest is creating opportunities for future growth in the development and operation of additional aggregate projects in both Canada and the United States. We intend to continue to deliver aggregate for major oil sands and construction projects in the Wood Buffalo region, and use existing contracts to maintain cash flows."
There are also indications that the oil industry is rebounding from its freefall when petroleum prices plummeted to $35 per barrel in November 2008. The current price of crude is substantially higher, and management expects a number of oil sands projects will commence, and aggregates demand will increase.
In addition to its aggregate operations, the Company is finalizing its mineral exploration program focused on identifying and delineating salt, silica sand and gypsum deposits in the Wood Buffalo region. The Company has completed initial exploration for each of these minerals, and intends to develop potential deposits for production.
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.
Dom Kriangkum, President, CEO
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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.