News Releases

Athabasca Minerals Engages Chf Investor Relations

Edmonton, Alberta - November 30, 2009 - Athabasca Minerals Inc. (the "Corporation") (TSX Venture: ABM) is pleased to announce that it has retained CHF Investor Relations ("CHF"), a well established, Toronto-headquartered Canadian Investor Relations firm under the same management for the past 16 years.

Pursuant to the terms of the investor relations and market making services agreement (the "Agreement") dated November 30, 2009 between the Corporation and CHF, CHF will be paid a fee of $7,500 per month by the Corporation, and will be granted 100,000 stock options of the Corporation ("Options") at an exercise price of $0.40 per share. When such Options become available pursuant to the Corporation's Stock Option Plan, the Corporation shall grant CHF an additional 110,000 Options at an exercise price of $0.40 per share, and has agreed to grant CHF a further 210,000 Options at an exercise price of $0.80 per share or at the prevailing market price at that time, whichever is higher. The Agreement is for a 12 month term, commencing on November 30, 2009 with an option to renew the contract for an additional 12 months. The Agreement may be terminated by either party with three months notice in writing after the first nine months of the contract.

It is intended that CHF will provide the Corporation with introductions to market participants, including brokers, analysts and investment groups, and will assist the Corporation with shareholder communications. Additionally, CHF will initiate its Market Liquidity Program ("MLP") on behalf of the Corporation. The MLP will be undertaken by CHF through a registered broker, in compliance with policies of the TSX Venture Exchange and other relevant policies.

The Agreement is subject to TSX Venture Exchange approval.

About CHF Investor Relations

CHF acts as the public company's outsourced, low-cost equivalent to an internal investor relations department. CHF serves an international portfolio of TSX / Venture-listed companies, and others that may seek to list on North American Exchanges, that operate in a broad range of industries including mining exploration and producers, high-tech, industrial and business solutions and products, oil & gas, niche financial products, and "green" companies. The depth of capital market experience is formidable dating back to the late 1970's. CHF's head office is in Toronto, with another Canadian office in Calgary; as well as branch offices in New York, USA; São Paulo, Brazil; and Shanghai, China.

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, please contact moc.slarenimacsabahta@ofni or:

Dom Kriangkum,
President, Chief Executive Officer, Director
T: 780-465-5696
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

Catarina Cerqueira, Associate Account Manager
T: 416 868 1079 x 251
E: moc.rifhc@aniratac

Should you wish to receive the Corporation's news via email, please email moc.rifhc@aniratac and specify "Athabasca Minerals" 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.