Firebag has been approved
Athabasca Minerals Inc. Receives Approval for Firebag Silica Sand Project
EDMONTON, ALBERTA--(Marketwired - Aug 26, 2014) - Athabasca Minerals Inc.
("Athabasca" or the "Corporation") (TSX VENTURE:ABM) is pleased to announce that
it has received approval from Alberta Environment and Sustainable Resource
Development ("ESRD") for the right to work and remove sand from SML 130021 for a
term of 10 years commencing on August 25th, 2014.
The 80 acre parcel (SML 130021) will provide several years of raw silica sand
resource to be utilized as frac sand in the oil and gas industry. This 80 acre
parcel is the first phase of development of the overall 500 acre Firebag Silica
Sand Project. The Corporation has completed a number of independent tests of the
Firebag Projects silica sand demonstrating its use as frac sand. Initial testing
was completed in 2011 by Stim-lab Inc. of Duncan, Oklahoma, USA, a recognized
leader in the testing of proppants. Additional tests in 2014 undertaken by
Stim-lab Inc. and PropTester, of Cypress, Texas, USA, another recognized leader
in testing of proppants confirmed that the Firebag Project Silica sand is
suitable to be utilized as frac sand.
"We are extremely pleased to have received final approval to move forward on the
development of our Firebag Project. We commend the Alberta government for
recognizing the significance of the project that will develop an Alberta
resource for use by Western Canada's oil and gas industry," said Dom Kriangkum,
President and CEO of the Corporation. "Through our analysis and discussion with
end users, we believe that Athabasca can become an Alberta based industry leader
by supplying high quality local frac sand to a growing Canadian market on a long
term basis. Athabasca's Firebag Silica Sand Project is located in close
proximity to western Canadian oil and gas exploration and development projects
currently using frac sand from suppliers outside of Canada."
The Corporation commissioned Mr. Mark Zdunczyk, CPG, a New York based consulting
geologist specializing in sand and aggregates, to conduct a testing program on
the Firebag property. The Corporation also retained the services of Apex
Geoscience Ltd. of Edmonton Alberta to complete a National Instrument 43-101
report ("NI 43-101") to assess the Firebag resource size. It is anticipated that
this report will be completed in Fiscal 2014.