Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
EDMONTON, ALBERTA–(Marketwire – Oct. 28, 2011) – 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, 2011.
During Q3 2011, the Corporation generated sales revenue in the amount of $3,746,966 compared with $3,559,303 during Q3 2010, an increase of 5.3%. Athabasca reports net income of $1,133,762 during Q3 2011, an increase of $313,824 or 38.2% over Q3 2010 net income of $819,938. Aggregate tonnes sold during Q3 2011 were 7.6% greater than during Q3 2010 (2,502,195 vs. 2,324,583 tonnes). 2011 year- to- date tonnes sold were 12.6% above the comparative nine month period (4,846,926 vs. 4,303,676 tonnes).
“Strong demand for aggregates was maintained throughout Q3. Effective cost management and higher sales revenue combined for continued profit improvement.” advised Dom Kriangkum, President & CEO.
| Q3 (Three months ended August 31) | ||||||
| Q3 August 31, 2011 | Q3 August 31, 2010 | |||||
| Aggregate sales revenue | $ | 3,746,966 | $ | 3,559,303 | ||
| Aggregate management operating expenses | $ | 292,436 | $ | 943,412 | ||
| Net income | $ | 1,133,762 | $ | 819,938 | ||
| Per Share (basic and fully diluted) | $ | 0.04 | $ | 0.03 | ||
| Q3 YTD (Nine months ended August 31) | ||||||
| Q3 YTD August 31, 2011 | Q3 YTD August 31, 2010 | |||||
| Aggregate sales revenue | $ | 7,466,868 | $ | 6,408,611 | ||
| Aggregate management operating expenses | $ | 863,749 | $ | 1,744,008 | ||
| Net income | $ | 1,504,927 | $ | 371,953 | ||
| Per Share (basic and fully diluted) | $ | 0.05 | $ | 0.01 | ||
The complete financial statements for Athabasca for the nine month period ending August 31, 2011 and Management’s Discussion & Analysis for the same period are available for viewing on SEDAR at www.sedar.com
About Athabasca Minerals:
Athabasca Minerals Inc. is a resource company involved in the management, exploration and development of aggregate projects in Canada. These activities include contracts works, 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. The Corporation’s aim is to find and develop local sources of industrial minerals and aggregates essential to high growth economic development.
