News Releases

Interim Financial Results

December 3, 2008

Edmonton, Alberta - December 3, 2008 - Athabasca Minerals Inc. (TSX Venture: ABM) (the "Company") is pleased to announce the filing of its interim financial results for the fiscal period ending September 30, 2008 for ABM, and from July 1st, 2008 to October 31, 2008 for Aggregates Management Inc., which was acquired effective November 20th, 2008. The Company changed its fiscal year end to November 30 from September 30, and subsequently is filing an interim financial report reflecting the change. The Company will recognize the working capital generated by AMI from July 1, 2008 to November 20th, 2008, and will report revenue from November 21st until the year end of November 30th, 2008. For the next fiscal year, the Company will report all revenue generated by AMI and its operations. This interim financial report discloses the financial operations for AMI for the period beginning July 1st, 2008 and ending October 31, 2008. 

Highlights for this fiscal period are the following:

All figures in Canadian Dollars 

  Athabasca Minerals (July 1 – Sep 30) AMI (July 1 – Oct 31)
Revenue $1,069 $8,088,087
Expenses $284,550 $5,151,979
Net Income (Loss) $(283,481) $2,062,608
Working Capital $(369,052) $3,113,145
Cash Flow from operations $(135,421) $702,096

In addition to these financial highlights for this interim period, the Company has hired a new Chief Financial Officer and received a $9 million term financing required to complete the acquisition of AMI.

The complete financial statements for Athabasca Minerals for the period ending September 30, 2008 and the Management Discussion and Analysis for the same period are available for viewing on SEDAR. In addition, the unaudited financial statements for AMI are available as part of the Management Discussion and Analysis for this same period.

For the next fiscal year beginning on December 1st, 2008, the Company has outlined a number of milestones. These include but are not limited to:

  1. Continued supply of gravel to new / existing oil sands projects
  2. Focus on supply of aggregates to infrastructure projects in Fort McMurray / Northern Alberta
  3. Evaluation of additional gravel deposits on company lands in Fort McMurray / Peace River
  4. Continued evaluation of potential sand and gravel companies with strategic deposits near infrastructure projects

President Dom Kriangkum states;" We are very pleased to have closed the acquisition of AMI, and look forward to continued revenue and developments in the Fort McMurray and Edmonton regions. With the recent pledge by governments to increase infrastructure spending, we will capitalize on these programs through the supply of aggregates required for construction of roads, commercial construction and residential construction in Alberta."

About Athabasca Minerals:

Athabasca Minerals Inc. is a resource company engaged in the management, exploration and development of industrial minerals in Canada. The Company's aim is to find and develop local sources of industrial minerals essential to the economic development of specific high growth regions. The Company has substantial land holdings in the vicinity of Fort McMurray, Alberta and Peace River, Alberta. Independent from its mineral exploration activities, the Company is also pursuing sand and gravel exploration and development projects throughout northern Alberta. These activities include contracts works, gravel pit management, new gravel development and acquisitions of sand and gravel operations. 

Further Information:

For further information, please contact Dom Kriangkum, P.Eng., President and CEO of Athabasca Minerals Inc. at (780) 465-5696. E:  or Dean Stuart, Boardmarker Group, at (403) 517-2270 E: .

The TSX Venture Exchange has neither approved nor disapproved the contents of this press 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 Athabasca Minerals. The forward-looking statements or information contained in this news release are made as of the date hereof and Athabasca Minerals 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.

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