Athabasca Minerals Inc. Closes Sale of Obed Transloading Facility and Commissions Emerson Road Aggregate Operation
EDMONTON, ALBERTA--(Marketwired - Jun 29, 2016) - Athabasca Minerals Inc. ("Athabasca" or the "Corporation") (TSX VENTURE:ABM) is pleased to announce the closing of the sale of Athabasca's rights, title and interests surrounding three leases bordering the Obed Transloading Facility ("Obed Facility") to Wayfinder Corp. ("Wayfinder"), for a purchase price of Cdn $800,000.
As part of the closing of the sale, Athabasca maintains the rights to:
- Construct, operate and maintain a drying facility on lands adjacent to the Obed facility.
- Work with Wayfinder in utilizing the existing rail infrastructure to sell certain aggregates.
- Act as a domestic supplier of sand, gravel, borrow or aggregates material to Wayfinder for Wayfinder's operations at the Obed site and adjacent leases.
- Act as a third party contractor to Wayfinder for any road maintenance work, civil earthwork or site development work surrounding Wayfinder's operations at the Obed Facility and adjacent leases.
- Athabasca will maintain the ability to distribute frac sand from the Firebag Frac Sand Project ("Firebag Project") via the Obed Facility.
Emerson Road Aggregate Operation
The Corporation is also pleased to announce the commissioning of the Emerson Road Aggregate Operation ("Emerson Pit"). The Emerson Pit is a 55 acre parcel of land and contains an aggregate supply for immediate sale to regional customers, which includes Wayfinder and their proposed development at the Obed Facility. The Emerson Pit is the Corporation's first aggregate operation located outside of the Wood Buffalo region, and is part of the corporate mandate of diversification of operations into areas with increasing demand for sand and gravel in Western Canada.
President Scott MacDougall states; "We are excited to work with Wayfinder on their proposed development at the Obed Facility, and look forward to supplying sand and gravel to regional customers in the Hinton and Edson area of Alberta. Our staff at Athabasca look forward to new opportunities in Western Canada, which can utilize our effective and efficient aggregate development, sales channels, production processes and inventory management."
Potential customers for aggregates from the Emerson Pit are welcome to contact our sales team for detailed pricing on aggregates.
About Athabasca Minerals
The Corporation is a resource company involved in the management, exploration and development of aggregate projects. These activities include contracts works, aggregate pit management, aggregate production and sales from corporate-owned pits, new aggregate development and acquisitions of sand and gravel operations. The Corporation also has industrial mineral land holdings for the purpose of locating and developing sources of industrial minerals and aggregates essential to high growth economic development.
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.