News Releases

Acquisition of Shares by Director Nov. 26, 2008

November 26, 2008

EDMONTON, ALBERTA -- November 26, 2008 -- Athabasca Minerals Inc. ("Athabasca" or the "Corporation") (TSX Venture: ABM) announces that Mr. Udomdej Kriangkum of Edmonton, Alberta, the President, Chief Executive Officer and a director of Athabasca Minerals Inc. has acquired control of 2,500,000 common shares of Athabasca ("Common Shares").

The acquisition is the result of a non-arm's length security purchase agreement among Athabasca, Aggregates Management Inc., Pitts Holdings Ltd., Hopkins Construction (Lacombe) Ltd., Shaun O'Connor-Parsons, Dale Nolan, DK Consulting Services Ltd., Udomdej Kriangkum and certain other vendors (collectively, the "Vendors"), pursuant to which Athabasca agreed to acquire Aggregates Management Inc., a private company, for an aggregate purchase price of $13,500,000 comprised of $8,400,000 cash, $600,000 in promissory notes and the issuance of 7,500,000 common shares of Athabasca issued at a deemed price of $0.60 per common share (the "Acquisition").

Mr. Kriangkum now beneficially owns, controls or has direction over, directly or indirectly, an aggregate of 6,054,750 Common Shares, representing 21.6% of the Corporation's outstanding voting securities.

Mr. Kriangkum acquired the Common Shares pursuant to the Acquisition, and may, depending on market and other conditions, increase or decrease his beneficial ownership, control or direction over Common Shares, through market transactions, private agreements, treasury issuances, exercise of convertible securities or otherwise.

The Acquisition is a "related party transaction" within the meaning of TSX Venture Policy 5.9 (which incorporates Multilateral Instrument 61-101) ("Policy 5.9") as certain of the Vendors are Related Parties. As a result, the Acquisition, was approved by a majority of the votes cast by holders of securities, excluding holders of securities whose votes cannot be included for the purposes of minority approval, as that term is defined in MI 61-101. 

About Athabasca Minerals:

Athabasca Minerals Inc. is a resource company engaged in the management, exploration and development of industrial minerals in Canada. The Corporation's aim is to find and develop local sources of industrial minerals essential to the economic development of specific high growth regions. The Corporation has substantial land holdings in the vicinity of Fort McMurray, Alberta and Peace River, Alberta. Independent from its mineral exploration activities, the Corporation 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.

For further information contact Udomdej Kriangkum, the President of Athabasca at (780) 465-5696 or Dean Stuart, Boardmarker Group, at (403) 517-2270.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release

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