News Releases

Athabasca Earns $0.05 per share for Fiscal Year ending November 30th, 2009

March 31, 2010

Edmonton, Alberta - March 31st, 2010 - Athabasca Minerals Inc. ("Athabasca" or the "Corporation") (TSX Venture: ABM) is pleased to announce the financial results for the year ended November 30th, 2009.

During the fiscal year ending November 30th, 2009, the Corporation generated gross revenue of Cdn $9,710,008, compared to the previous gross revenue number of $447,457 for the period ending November 30th, 2008. The substantial increase in revenue is attributed to the most recent fiscal year being the first full year of operations which included the Susan Lake and Poplar Creek management contracts previously managed by Aggregates Management Inc. (AMI). The AMI acquisition closed on November 20th, 2008, and resulted in 10 days of revenue from November 21st, 2008 to November 30th, 2008.

Net revenue (after royalties) for the fiscal year ending November 30th, 2009 is Cdn $6,570,495 compared to Cdn $419,292 for the previous fiscal year.
Net income for the fiscal year ending November 30th, 2009 is Cdn $1,333,323 compared to a loss of Cdn $1,264,605 for the period ending November 30th, 2008.

Earnings per share for the fiscal year ending November 30th, 2009 is Cdn $0.05 per share, compared to a loss of $0.06 per share for the previous years' fiscal period.

President Dom Kriangkum states, "We are pleased to have recognized our first profitable year of operations, and look forward to continuing to be the leader in aggregate delivery for Northern Alberta, specifically the oil sands and infrastructure sectors near Fort McMurray. These results give us greater flexibility to explore, develop and operate additional aggregate operations and continue our industrial mineral exploration programs."

Full financial results can be viewed on the Corporation web site or at SEDAR.

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:

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

Catarina Cerqueira, Associate Account Manager
T: 416-868-1079 x 251

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.

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