News Releases

Athabasca Announces Granting of Stock Options

October 6, 2010

Edmonton, Alberta - Athabasca Minerals Inc. ("Athabasca" or the "Company") announces that pursuant to the terms of its stock option plan, its Board of Directors has approved the granting of options to purchase an aggregate of 640,000 common shares at a price of $0.26 per share to certain of its directors, officers and employees. The options vests one-third on April 7, 2011, one-third on October 7, 2011 and one-third on April 7, 2012 and have a term of five years.

The Board of Directors has also approved the granting of options to purchase an aggregate of 250,000 common shares at a price of $0.26 and $0.40, respectively, to two consultants of the Corporation. The options granted to the consultants vest one-quarter on October 7, 2010, one-quarter on January 7, 2011, one-quarter on April 7, 2011, and one-quarter on July 7, 2011. The options granted with an exercise price of $0.26 per share have a term of two years and the options granted with an exercise price of $0.40 per share have a term of four years.

About Athabasca

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 Company also has industrial mineral land holdings in the vicinity of Fort McMurray and Peace River, Alberta. The Company'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 Please Contact or:

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

Boardmarker Group
Dean Stuart
T: 403 517-2270

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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.

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