News Releases

Athabasca Minerals Inc. Announces Sale of Asphalt Aggregate from House River Aggregate Operation

February 1, 2012

Edmonton, Alberta February 1, 2012 - Athabasca Minerals Inc. (the "Corporation" or "Athabasca" - TSX Venture: ABM) is pleased to announce that it has secured an order for the supply of asphalt aggregate from its House River aggregate operation located south of Fort McMurray and 11 km east of Highway 63. The Corporation has agreed to supply 253,500 tonnes of asphalt aggregate to a major road building contractor in connection with the twinning of Highway 63, north of Wandering River, Alberta. The aggregate will be processed and hauled by the contractor.

Management continues to identify and develop additional aggregate operations in Alberta located near oil sands and major infrastructure projects. This will be the first aggregate sales revenue earned by the Corporation outside of its pit management fees for Susan Lake and Poplar Creek operations. The Corporation also holds 10-year leases for aggregate operations at the Corporation-owned Kearl, Logan and Pelican Hill aggregate deposits.

President Dom Kriangkum states: "We are very excited to begin the New Year by generating initial sales revenue from a corporate-owned aggregate operation, which provides the Corporation with a further source of revenue in addition to the current management fees earned for managing the public pits."

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:

Boardmarker Group
Dean Stuart
T: 403-517-2270

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.

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