News Releases

Athabasca Minerals Reports Record Quarter 1 2012 Aggregate Tonneage Sales

May 1, 2012

Edmonton, Alberta - May 1, 2012 - Athabasca Minerals Inc. (the "Corporation" or "Athabasca" - TSX Venture: ABM) is pleased to announce its aggregate tonneage sales for the first quarter of fiscal year ended February 29, 2012.

During Q1 2012, Athabasca had aggregate sales totaling 1,966,979 tonnes, of which 1,768,326 tonnes were sourced from the Susan Lake Gravel Pit and 198,653 tonnes (78% completion of a 253,500 tonnes asphalt aggregates sales contract) was supplied from the House River Pit. This compares to 879,613 tonnes of aggregate sales during Q1 2011, representing a 123.6% increase in the first quarter of 2012. The House River Pit delivery is the first aggregate sale from a Corporation owned pit. Athabasca owns additional aggregate pits located near major oil sands activities and infrastructure projects, including the Kearl, Logan and Pelican Hill pits.

"Fiscal 2012 sales have begun at an extremely exciting pace." said Dom Kriangkum, President and CEO. "We anticipate that aggregates sales quantity for this fiscal year will surpass the 7,758,612 tonnes sold in fiscal 2011. Expansion plans of various oil sands projects and other infrastructure needs in the City of Fort McMurray and surrounding area could result in increasing demand for aggregates from the Susan Lake Gravel Pit." The Corporation advised that there are currently 10 gravel crushers working in the Susan Lake Gravel Pit, and there are two wash plants that have been set up for use once the weather is warmer.

The Corporation also announced it is receiving price quotations from contractors for gravel crushing at the Kearl Pit to begin early in the Corporation's third quarter. Mr. Kriangkum commented "We anticipate the availability of processed and stockpiled aggregates at this strategic location will result in aggregates sales from the Kearl Pit."

About Athabasca Minerals:

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. Its Firebag property north of Fort McMurray contains silica sand resources that have been independently tested and have been found to comply favorably with specifications and technical standards used in the fracking industry. The Corporation's aim is to find and develop local sources of industrial minerals and aggregates essential to high growth economic development.

For Further Information Please Contact:

Boardmarker Group

Dean Stuart
T: 403-517-2270

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.

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.

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