News Releases

Athabasca: Third Quarter earnings bolster growing profitability

October 28, 2011

Edmonton, Alberta - October 28th 2011 - Athabasca Minerals Inc. (the "Corporation" or "Athabasca" - TSX Venture: ABM) is pleased to announce the filing of its Q3 financial results for the three and nine month periods ended August 31, 2011.

During Q3 2011, the Corporation generated sales revenue in the amount of $3,746,966 compared with $3,559,303 during Q3 2010, an increase of 5.3%. Athabasca reports net income of $1,133,762 during Q3 2011, an increase of $313,824 or 38.2% over Q3 2010 net income of $819,938. Aggregate tonnes sold during Q3 2011 were 7.6% greater than during Q3 2010 (2,502,195 vs. 2,324,583 tonnes). 2011 year- to- date tonnes sold were 12.6% above the comparative nine month period (4,846,926 vs. 4,303,676 tonnes).

"Strong demand for aggregates was maintained throughout Q3. Effective cost management and higher sales revenue combined for continued profit improvement." advised Dom Kriangkum, President & CEO.

Q3 (Three months ended August 31)

Q3 August 31, 2011
Q3 August 31, 2010
Aggregate sales revenue
Aggregate management operating expenses
Net income
Per Share (basic and fully diluted)

Q3 YTD (Nine months ended August 31)

Q3 YTD August 31, 2011
Q3 YTD August 31, 2010
Aggregate sales revenue
Aggregate management operating expenses
Net income
Per Share (basic and fully diluted)

The complete financial statements for Athabasca for the nine month period ending August 31, 2011 and Management's Discussion & Analysis for the same period are available for viewing on SEDAR at

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 and Peace River, Alberta. 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:

Dean Stuart, Boardmarker Group
403 517-2270

CHF Investor Relations
Juliet Heading, Senior Account Manager
416 868 1079 x 239

Should you wish to receive the Corporation's news via email, please email and specify "Athabasca Minerals" in the subject line.

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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