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Athabasca Minerals Earns $.074 EPS for Q3 2012; Full Fiscal 2012 Aggregate Demand Forecast Now Exceeded

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EDMONTON, ALBERTA--(Marketwire - Oct. 30, 2012) - 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, 2012.

For the third quarter, the Corporation reports results as follows:



-- Revenue in the amount of $3,582,344 compared with $2,613,379 during Q3
2011, an increase of 37.1%;
-- Net income of $2,044,148 during Q3 2012, an increase of $936,083 or
84.5% over Q3 2011 net income of $1,108,065;
-- Aggregate tonnes sold during Q3 2012 was 32.5% greater than during Q3
2011 (3,315,751 vs. 2,502,195 tonnes);
-- 2012 year- to- date tonnes sold was 61.2% above the comparative nine
month period (7,812,633 vs. 4,846,926 tonnes);
-- Work camp operator expands lodging facility; and accommodation volume is
rising, resulting in a Gain on the Land Use Agreement for Athabasca; and
-- Net income of $3,549,808 after nine months, an increase of $2,078,918 or
141.3% over Q3 YTD 2011 net income of $1,470,890



"Current year aggregate demand at the Susan Lake pit has significantly exceeded last year's volumes in each of three reporting quarters to date. At the Corporation's Kearl pit, Athabasca is now fully equipped with its own aggregate crushing equipment and operating crews and is actively producing inventory for sale during our final fiscal quarter of 2012. We are very pleased by the continuing profitability increases the Corporation has generated and the shareholder value that has been created after three fiscal quarters." reported Dom Kriangkum, President & CEO.



Q3 (Three months ended August 31)

Q3 August 31, 2012 Q3 August 31, 2011
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Aggregate management fees $3,582,344 $2,613,379
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Net aggregate sales $nil $nil
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Combined revenue $3,582,344 $2,613,379
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Combined aggregate tonnes sold 3,315,751 tonnes 2,502,195 tonnes
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Net income from aggregate operations $1,454,248 $1,108,065
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Net income (including lodging land
use agreement) $2,044,148 $1,108,065
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Basic income per common share $0.074 $0.041
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Q3 YTD (Nine months ended August 31)

Q3 YTD August 31, Q3 YTD August 31,
2012 2011
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Aggregate management fees $8,370,631 $5,301,079
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Net aggregate sales $2,050,815 $nil
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Combined revenue $10,421,446 $5,301,079
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Combined aggregate tonnes sold 7,812,633 tonnes 4,846,926 tonnes
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Net income from aggregate operations $2,959,908 $1,432,313
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Net income (including lodging land
use agreement) $3,549,808 $1,470,890
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Basic income per common share $0.130 $0.054
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The complete financial statements for Athabasca for the nine month period ending August 31, 2012 and Management's Discussion & Analysis for the same period are available for viewing on the Corporation's website at

www.athabascaminerals.com (http://www.athabascaminerals.com) and on SEDAR at www.sedar.com (http://www.sedar.com)

About Athabasca Minerals

Athabasca Minerals Inc. is a resource company involved in the management, exploration and development of aggregate projects. These activities include contracts work, 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.

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.

FOR FURTHER INFORMATION PLEASE CONTACT:
Boardmarker Group
Dean Stuart
403- 517-2270
dean@boardmarker.net

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