News Releases

Athabasca Earns Record $0.107 Earnings Per Share in 2011

March 28, 2012

Edmonton, Alberta - March 28, 2012 - Athabasca Minerals Inc. (the "Corporation" or "Athabasca" - TSX Venture: ABM) is pleased to announce the filing of its financial results for the fourth quarter and year ended November 30, 2011.

Net income for fiscal 2011 was $2,895,688 compared to $1,681,808 earned in the prior year, representing a 72.2% growth in profits during 2011, and an increase of $1,213,880. Sales during the year improved to $12,179,997, a 9.5% increase over fiscal 2010 sales of $11,120,433.

Basic net income per share was $0.107 in 2011 compared to $0.060 in 2010, an improvement of 78.3%.

The Corporation surpassed its 2011 estimate of 7,500,000 tonnes of aggregate sales by 258,612 tonnes, or 3.4%. Annual aggregate sales volume in 2011 surpassed 2010 by 6.9% on volume of 7,758,612 tonnes sold compared to 7,255,732 tonnes sold in 2010.

"We are very pleased by the sustained strong sales and profitability delivered during the fourth quarter and throughout the year" stated Dom Kriangkum, President and CEO. "Significant shareholder value was created during fiscal 2011, with aggregate demand remaining brisk at year end."

Year End Results

 Year ended
November 30, 2011
Year ended
November 30, 2010
Revenue$12,179,997$11,120,433
Income before income taxes$3,980,839$2,440,597
Net income for year$2,895,688$1,681,808
Net income per share- Basic$0.107$0.060
Net income per share- Fully diluted$0.106$0.060

Fourth Quarter Results

 Q4 ended
November 30, 2011
Q4 ended
November 30, 2010
Revenue$4,713,129$4,711,823
Income before income taxes$1,763,815$1,749,364
Net income for period$1,415,600$1,309,855
Net income per share- Basic$0.052$0.047
Net income per share- Fully diluted$0.051$0.047

The complete financial statements for Athabasca for the year ended November 30, 2011 and Management's Discussion & Analysis for the same period are available for viewing on SEDAR at www.sedar.com

About Athabasca Minerals:
Athabasca Minerals Inc. is a resource company involved in the management, exploration and development of aggregate projects in Canada. These activities include contracts works, 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. Its Firebag property north of Fort McMurray contains silica sand resources that have been independently tested and have been found to comply favorably with specifications and technical standards used in the fracking industry. The Corporation's aim is to find and develop local sources of industrial minerals and aggregates essential to high growth economic development.

For Further Information Please Contact: info@athabascaminerals.com

Boardmarker Group

Dean Stuart
T: 403-517-2270
dean@boardmarker.net

The securities of Athabasca have not been, nor will be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.

Neither the TSX Venture nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture) accepts responsibility for the adequacy or accuracy of this release.

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