News Releases

Athabasca announces its audited financial results for the year end September 30, 2007

Edmonton, Alberta -- January 28, 2008 -- Athabasca Minerals Inc. ("Athabasca" or the "Company") (TSX Venture: ABM) is pleased to announce its financial results for the quarterly and annual period ended September 30, 2007. 

Highlights:

• Athabasca Minerals Inc. ("Athabasca") entered into a formal amalgamation agreement with Hali Capital Corporation ("Hali"), and continues under the name "Athabasca Minerals Inc." ("ABM"). Conditional approval for the listing of the common shares of ABM on the exchange was received on December 7, 2006 and the shares of ABM started to trade under the new trading symbol "ABM" on the Exchange on January 8, 2007.
• The Company announced the alignment of personnel into two management teams that reflect the two primary areas of Company activities: Aggregates Division and Minerals Division
• The Company announced the appointment of Mr. Allan Rowswell as Chief Financial Officer.
• The Company increased the permit land holdings to 710,023 hectares to the north, south and east of Fort McMurray.
• The Company provided services to a major gravel processing company in developing a Conservation and Reclamation Business Plan of a gravel pit for an oil sands company in the Fort McMurray area.
• The Company entered into an option to take over operation and marketing of a privately owned gravel pit in the Grimshaw area in northwest Alberta.
• The Company retained the services of additional geologists and assembled the remaining members of its exploration team to supplement prospecting activities of silica sand and diamonds.
• The Company signed a multi-year agreement with a private pit owner in the Grimshaw area to take over the pit operation and marketing in northwest Alberta.
• The Company received a technical report for the Grimshaw Gravel Pit that had been prepared by Don Peel, P.Geol, a qualified person under National Instrument 43-101.
• The Company opened an office in Ft. McMurray, Alberta.
• The Company initiated community consultations with First Nations that may be affected by the exploration program. The First Nations include the Fort McKay First Nation, the Chipewyan Prairie Dene First Nation, the Athabasca Chipewyan First Nation, and the Mikisew Cree First Nation. This process involved contacting Industry Relation Corporations (IRC's) funded by industry to represent the First Nations in consultations with industry.

Results of Operations

During the three months ended September 30, 2007 the Company had no operating revenue. The only revenue earned is from interest on deposit and short-term investments which totaled $15,171. 

For the year ended September 30, 2007 the operating revenue was $70,000 represented by the provision of consulting services to a major gravel processing company in developing a Conservation and Reclamation Business Plan for a gravel pit that is held under a lease by an oil sands company in the Fort McMurray area. 

Interest income for the year ended September 30, 2007 totaled $65,632 which compares to $18,227 for the period ended September 30, 2006. 

During the three months ended September 30, 2007, the Company had a net loss of $459,779 (-$0.03 per share) compared to a net loss of $127,387 (-$0.01 per share) for the three months ended June 30, 2007. The increase in loss was a result of increased expenses and no revenue earned in the period. 

For the year ended September 30, 2007 the Company incurred a net loss of $245,482 (-$0.02 per share) compared to the net loss of $19,193 ($0.00 per share) for the period ended September 30, 2006. 

The selected financial information set out below is based on and derived from the audited financial statements of the Company for the year ended September 30, 2007 and for the period from the date of incorporation of February 14, 2006 to September 30, 2006:  

About Athabasca

Athabasca Minerals Inc. is an innovative exploration company formed to explore for mineral resources other than oil, gas and oil sands in northeast Alberta. The company's aim is to find and develop local sources of the minerals essential to the economic development of the region (i.e. minerals used in oil sand processing, construction, and in the everyday requirements of community living). 

The company's permit holdings of 710,023 hectares in the vicinity of Fort McMurray, Alberta have exploration prospects for an assortment of industrial minerals including salt, silica sand, gypsum, limestone, and diamonds.

Independent from its mineral exploration activities, the company is also pursuing sand and gravel exploration and development projects throughout northern Alberta and establishing itself as a major sand and gravel supplier in Alberta. These activities include contract works, gravel pit management, new gravel pit development and the acquisition of other sand and gravel operations.


Detail information is available on SEDAR website (www.sedar.com).

Further Information

For further information, please contact Dom Kriangkum, P.Eng., President and CEO of Athabasca Minerals Inc. at (780) 465-5696. E: moc.slarenimacsabahta@ofni or Dean Stuart of Boardmarker Group at (403) 517-2270. E: ten.rekramdraob@naed

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 Athabasca. The forward-looking statements or information contained in this news release are made as of the date hereof and Athabasca 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.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States.

The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.