Athabasca Minerals Inc. announces Completion of House River Asphalt Aggregate Contract
Edmonton, Alberta March 13, 2012 - Athabasca Minerals Inc. (the "Corporation" or "Athabasca" - TSX Venture: ABM) is pleased to announce the completion of the asphalt aggregates supplying contract to a major road building contractor from the House River aggregates operation, as previously announced on February 1, 2012. The contractor processed all of the aggregates at the pit and hauled out a total of 253,500 tonnes of asphalt aggregates to a temporary stockpile site along Highway 63. These aggregates will be used as primary material for the asphalt concrete pavement for the expansion of a portion of Highway 63 near Fort McMurray, Alberta later this year. This delivery is the first sale from an aggregate operation fully owned by the Corporation.
Revenue generated from this delivery will be recognized in the Corporation's first and second quarters during fiscal 2012. Management is currently considering the potential construction of an all-season road at the House River aggregate operation, allowing for year round sales. A number of oil sands and infrastructures projects lie near its House River pit. Full year operations at House River pit would help facilitate the ongoing requirements for construction aggregates needed by prospective customers.
President Dom Kriangkum states; "We are extremely pleased having accomplished our first sale of aggregates from outside of the Susan Lake and Poplar Creek public pits. Our private pit sales revenues will further enhance Athabasca's revenue and profit potential through an expanding base of operations. Management will continue to identify and bid on contracts suitable to our aggregates supply."
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.
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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.
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.
This press release contains forward-looking statements. More particularly, this press release contains statements concerning the Corporation's future operations. The forward-looking statements contained in this document are based on certain key expectations and assumptions made by Athabasca, including with respect to the Corporation's future operations. Although Athabasca believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Athabasca can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the failure to obtain necessary regulatory approvals, risks associated with the mining industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price and exchange rate fluctuations. The forward-looking statements contained in this document are made as of the date hereof and Athabasca undertakes no 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. Mineral resources that are not mineral reserves do not have demonstrated economic viability.