News Releases

Athabasca earns $0.03 per share in Third Quarter

Edmonton, Alberta - November 1, 2010 - Athabasca Minerals Inc. (the "Company" or "Athabasca" - TSX Venture: ABM) is pleased to announce the filing of its third quarter financial results for the period ending August 31, 2010.

During the third quarter 2010, the Company generated revenue in the amount of $3,559,303, compared to $3,099,387 for the third quarter 2009, for an increase of 14.8%. The Company had net income of $819,938 for the third quarter, an increase of $56,753 from third quarter 2009 net income of $763,185. Included in Operating expenses were $573,907 in stripping costs during third quarter 2010 ($894,041 year to date). No stripping costs were expensed during third quarter 2009 ($35,758 prior year to date).

President Dom Kriangkum states; "We are very pleased to report increased operating revenues and profitability through serving Alberta's oil sands industry and area infrastructure. Named as Canada's biggest producing aggregate operation in 2008 and 2009, we are poised to retain that title through continued sales growth along with further profitability anticipated in the 4th quarter. In addition to revenue and profitability increases from our core aggregate operation, we are pleased with our progress in identifying potential mineral deposit opportunities for future development."

Three Month Results

Nine Month Results

The complete financial statements for Athabasca for the nine month period ending August 31, 2010 and the Management Discussion and Analysis for the same period are available for viewing on SEDAR at www.sedar.com

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 and Peace River, 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 and CFO
T: 780-465-5696
E: moc.slarenimacsabahta@ofni

CHF Investor Relations
Robin Cook, Senior Account Manager
T: 416-868-1079 x 228
E: moc.rifhc@nibor

Boardmarker Group
Dean Stuart
T: 403-517-2270
E: ten.rekramdraob@naed

Should you wish to receive the Corporation's news via email, please email moc.rifhc@enidaN 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.