News Releases

Athabasca: $0.06 Earnings Per Share Resulting from Sales Growth and Increased Profits

March 7, 2011

Edmonton, Alberta - March 7, 2011 - 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 ending November 30th, 2010.

Net income for the year ended November 30, 2010 was $1,681,808 a rise of $348,485 or 26.1% over the prior year. The improved profitability resulted from strong sales growth, reaching $11,120,433 for the year, a 14.5% increase over fiscal 2009.

Fiscal year earnings rose to $0.06 per share in 2010 compared to $0.05 in 2009, an improvement of 20% on the year.

The Corporation recognized improved aggregate sales volume during each comparative quarter during 2010. Full year aggregate sales volume in 2010 surpassed the prior year by 10.1% on volume of 7,255,732 tonnes compared to 6,589,828 tonnes in 2009.

Year End Results

  Year ending November 30, 2010 Year ending November 30, 2009
Revenue $ 11,120,433 $9,710,008
Income before income taxes $2,440,597 $1,950,086
Net income for period $1,681,808 $1,333,323
Per Share (basic and fully diluted) $0.06 $0.05

Fourth Quarter Results

  Q4 ending November 30, 2010 Q4 ending November 30, 2009
Revenue $4,711,823 $3,988,032
Income before income taxes $1,749,364 $1,156,262
Net income for period $1,309,855 $820,854
Per Share (basic and fully diluted) $0.05 $0.03

Athabasca continues to be the leader in the delivery of aggregates to the oil sands industry in Northern Alberta, and is entering a growth period in its identification and development of additional aggregate projects near major infrastructure projects. These projects include significant oil sands operations. Upon commencement of operation and delivery of aggregates, the Company will disclose any contracts entered into.

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 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, 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.

For further information on Athabasca, please contact:

Dom Kriangkum, P. Eng
President & CEO
T: 780-465-5696

CHF Investor Relations
Robin Cook, Senior Account Manager
T: 416-868-1079 x 228

Boardmarker Group
Dean Stuart
T: 403-517-2270

Should you wish to receive the Corporation's news via email, please email and specify "Athabasca Minerals news" in the subject line.

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. Forwardlooking 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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