News Releases

Athabasca: 24% revenue increase generates first quarter profit

May 2, 2011

Edmonton, Alberta - May 2, 2011 - Athabasca Minerals Inc. (the "Corporation" or "Athabasca" - TSX Venture: ABM) is pleased to announce the filing of its financial results for the first quarter ending February 28th, 2011.

First quarter sales were $1,348,330, an increase of 24.1% or $262,196 over the prior year. The first quarter produced a net profit of $20,405 compared to a first quarter loss of ($147,269) in the prior year, an improvement of $167,674.

The first quarter revenue increase was supported by a 9.1% aggregate sales volume increase. Aggregate sales volume in the first quarter of 2011 was 879,613 tonnes compared to 806,388 tonnes in 2010.

First Quarter Results

  Q1 ending February 28, 2011 Q1 ending February 28, 2010
Revenue $1,348,330 $1,086,134
Loss before income taxes $(1,096) $(184,980)
Net income (loss) for period $20,405 $(147,269)
Earnings Per Share (basic and fully diluted) $0.00 $(0.01)

Dom Kriangkum, President & CEO stated, "The Corporation is pleased by improved first quarter sales volume and in realizing a profit during what is typically the slowest quarter of the year. Strong first quarter sales momentum continued through to the month of March 2011, as aggregate sales volume further improved by 18.9% compared to March 2010. After four months, the Corporation is ahead of the prior year's aggregate sales volume by 11.9%. On March 1, 2011 Athabasca announced a forecast demand for aggregates for fiscal year 2011 to be approximately 7.5 million tonnes. Based on year to date sales, and coupled with recent discussions with our major customers, the Corporation feels on track to achieve forecast demand."

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 oil sands operations.

About Athabasca Minerals Inc.

Athabasca 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:

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. 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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