News Releases

Applications for Frac Sand Mining Project submitted to Government of Alberta, National Instrument 43-101 Report Initiated

December 19, 2011

Edmonton, Alberta - December 19, 2011 - Athabasca Minerals Inc. (the "Corporation" or "Athabasca" - TSX Venture: ABM) is pleased to announce that it has been informed by the Government of Alberta that an Environmental Impact Assessment ("EIA") will not be required for the development of a pilot scale plant at the Corporation's Firebag "Frac Sand Project" on its "Firebag Property." Athabasca is further reviewing Alberta provincial requirements for planned development of its Frac Sand Project.

The Corporation has submitted two applications related to development of its Frac Sand Project. The first application covers a pilot scale plant with a frac sand production capacity of 45,000 tonnes per year. The second application is for the development of a silica processing plant with frac sand production capacity of 1,000,000 tonnes per year.

The Corporation has also initiated a National Instrument 43-101 report designed to evaluate a potential resource contained at the Corporation's Firebag Frac Sand Project. This report is being prepared by Mark Zdunczyk, CPG, an industrial minerals expert based in New York, and a qualified person under NI 43-101. Mr. Zdunczyk has completed and assisted numerous evaluations on aggregate and industrial mineral deposits including silica sand, with reports being used by major producers to enter potential new market areas. In Mr. Zdunczyk's 37 years of experience, he has completed these valuations in regions within North America, the Caribbean and the Middle East. As part of preparing this NI 43-101 report, Mr. Zdunczyk recently visited the Frac Sand Project.

Athabasca is awaiting the outcome of a regulatory review that will determine if production beyond 45,000 tonnes per year will trigger the requirement for an EIA.

The Frac Sand Project is located on the 12,800 hectare Firebag Property located approximately 100 km north of Fort McMurray, Alberta. To date, the Corporation has received independent test results demonstrating its Firebag Property silica sand meets API / ISO standards for use as frac sand. The Corporation received the Metallic and Industrial Mineral Leases on its Firebag Property from the Government of Alberta in August 2011.

About Athabasca Minerals Inc.

Athabasca Minerals Inc. is a resource company involved in the management, exploration and development of aggregate projects. 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 and Peace River, Alberta, for the purpose of locating and developing sources of industrial minerals and aggregates essential to high growth economic development.

For further information on Athabasca, please contact:

Boardmarker Group
Dean Stuart
T: 403-517-2270

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.

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.

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.

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