Athabasca Receives Conditional Approval for Aggregate Operation near Wabasca, Alberta
April 22, 2010
Edmonton, Alberta - April 22nd, 2010 - Athabasca Minerals Inc. ("Athabasca" or the "Corporation") (TSX Venture: ABM) is pleased to announce it has received preliminary approval from the Government of Alberta to open an aggregate operation near the Hamlet of Wabasca, Alberta. This aggregate operation is strategically located near heavy petroleum producing projects and will be 100% owned by the Corporation. This project further complements the corporate strategy of developing additional aggregate operations near locations with a high demand for aggregates. The receipt of this Surface Material Lease (SML) is the second such permit received in 2010, and complements the Logan River Aggregate Operation located 160 km south of Fort McMurray, previously announced on February 22nd, 2010.
The 80 acre Pelican Hill Aggregate Operation, home to a number of oil and gas producing projects, is located approximately 70 km southeast of the Hamlet of Wabasca. The SML for this project has been approved by the Alberta Government, subject to the submission of a Conservation and Reclamation (C&R) Plan. This C&R Plan is expected to be completed in the second quarter of fiscal 2010, and it is anticipated that final approval will be secured prior to fiscal year 2011.
The Corporation has applied for a total of twenty four (24) Surface Material Exploration (SME) Permits, of which seven (7) were approved. Exploration work, designed to define potential aggregate resources for regional consumers, took place at five (5) locations. Based on the exploration work completed, a total of four (4) SML applications have been submitted to the Alberta Government, which include the Pelican Hill and Logan River Aggregate Operations. Upon receipt of additional SML's, the Corporation will continue to disclose new project locations.
On behalf of Management
About Athabasca Minerals Inc.
Athabasca Minerals Inc. is a resource company involved in the management, exploration and development of aggregate projects in Canada. These activities include contract work, aggregate pit management, new aggregate development and acquisitions of sand and gravel operations. The Corporation also has industrial mineral land holdings in the vicinity of Fort McMurray and Peace River, Alberta. The Corporation's aim is to find and develop local sources of industrial minerals essential to the economic development of specific high growth regions.
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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 the Corporation. The forward-looking statements or information contained in this news release are made as of the date hereof and the Corporation 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.