News Releases

Second Quarter Results 2010

July 30, 2010

Edmonton, Alberta - July 30th, 2010 - Athabasca Minerals Inc. (the "Corporation" or "Athabasca" - TSX Venture: ABM) is pleased to announce the filing of its second quarter financial results for the period ending May 31, 2010.

During the second quarter of 2010, the Corporation generated revenue in the amount of $1,763,173, compared to $1,605,768 for the second quarter ending May 31, 2009. The Corporation had a loss of $300,716 for the second quarter compared to a profit of $18,491 from the previous year's comparable period. On an earnings per share basis, the Corporation incurred a loss of $0.01 for the period ending May 31, 2010. The increased loss for this period is due to an aggressive stripping program at locations in the Susan Lake Aggregate Operation. Aggregates (sand and gravel) will be supplied from these additional locations as demand increases in the summer construction season. It is not anticipated that any additional stripping will be required at the Susan Lake Aggregate Operation for the fiscal year ending November 30, 2010.

The Corporation is impacted by seasonality in the construction industry, and typically the first and second quarters are the slowest quarters for the year. For the six month period ending May 31, 2010, aggregates sold from the Susan Lake and Poplar Creek aggregate operations was up 4.6 % from the previous year's period ending May 31, 2009.

The complete financial statements for Athabasca Minerals for the period ending May 31, 2010 and the Management Discussion and Analysis for the same period are available for viewing on SEDAR.

About Athabasca Minerals Inc.

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 essential to the economic development of specific high growth regions.

For further information on Athabasca, please contact:

Dom Kriangkum, P. Eng
President, CEO and CFO
T: 780-465-5696

CHF Investor Relations
Robin Cook, Senior Account Manager
T: 416-868-1079 x 228

Boardmarker Group
Dean Stuart
T: 403-517-2270

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

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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