Athabasca Completes All-Weather Road at Kearl Aggregate Operation, Initiates Aggregate Sales
Edmonton, Alberta - May 17th, 2011 - Athabasca Minerals Inc. ("Athabasca" or the "Corporation") (TSX Venture: ABM) is pleased to announce it has completed construction of an all-weather road linking the Kearl Aggregate Operation to a number of major oil sands operations surrounding the project area. The Corporation recently received approval from the Government of Alberta to open this additional aggregate operation, complementing the existing Susan Lake Aggregate Operation. The Kearl Aggregate Operation will be fully controlled by the Corporation, enabling the Corporation to benefit from full market value of all sales of aggregates, including processing and delivery.
This is a milestone development in the Corporation's growth strategy, which is focused on providing aggregates and essential industrial minerals to the oil sands and surrounding industries. Initially about 40 acres of land within the Kearl area are to be cleared and stripped, which should be completed during May. Sales from the Kearl Aggregate Operation can begin immediately thereafter.
Athabasca Minerals operates the Susan Lake and Poplar Creek aggregate operations which for the last fiscal year supplied 7.25 million tonnes of aggregates to oil sands companies located in Northern Alberta. The Corporation currently receives a per tonne fixed fee for managing Susan Lake and Poplar Creek.
On Behalf of the Management:
Dom Kriangkum, President & CEO
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:
CHF Investor Relations
Robin Cook, Senior Account Manager
T: 416-868-1079 x 228
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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.
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.