Athabasca Minerals Announces Commitment to Purchase Crushing Equipment and Increased Credit Facilities
EDMONTON, ALBERTA--(Marketwire - Aug. 3, 2012) - Athabasca Minerals Inc. (the "Corporation" or "Athabasca") (TSX VENTURE:ABM) is pleased to announce it has entered into a commitment with a respected supplier of crushing and related equipment to acquire one gravel crushing equipment spread with an estimated delivery date in September 2012. The crushing spread is intended for use primarily in Athabasca's private Kearl pit. Management is of the opinion that it is economically beneficial for the Corporation to own, rather than subcontract, its crushing operations at the Kearl pit, as it anticipates there will be year round customer demand for processed high quality aggregate from this pit. Management anticipates crushing operations will commence in the fall of 2012.
The Corporation is further pleased to announce that it has increased its credit facilities with a major Canadian bank for additional lease financing of $3,000,000 pursuant to commitment letters entered into August 2, 2012. The additional lease facility will bear a fixed rate of interest, to be determined at the time of lease funding, with a current rate of 4.154%. The additional lease facility will be repaid over a five year period. The total approved lease facility with the Canadian bank is now $6,000,000 and as at the date hereof $2,108,617 has been drawn by the Corporation on the facility.
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.
