EDMONTON, ALBERTA--(Marketwire - May 29, 2012) - Athabasca Minerals Inc. (the "Corporation" or "Athabasca") (TSXV:ABM) is pleased to announce the filing of its Quarterly financial results for the three month period ended February 29, 2012.

During Q1 2012, the Corporation generated aggregate sales revenue in the amount of $4,452,337 compared with $1,348,330 during Q1 2011, an increase of 230.2%. Athabasca reports net income of $784,408 during Q1 2012, an increase of $786,298 over Q1 2011 net loss of $(1,890).

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Three months ended

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Q1 February 29, 2012 Q1 February 28, 2011

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Aggregate sales revenue $ 4,452,337 $ 1,348,330

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Aggregate operating expenses $ 1,522,619 $ 299,868

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Net income (loss) for period $ 784,408 $ (1,890)

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Basic income per common share $ 0.029 $ 0.000

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Diluted income per common share $ 0.028 $ 0.000

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The complete financial statements for Athabasca for the three month period ended February 29, 2012 and Management's Discussion & Analysis for the same period are available for viewing on the Corporation's web site at www.athabascaminerals.com and on SEDAR at www.sedar.com.

About Athabasca

Athabasca 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.