Athabasca Minerals Announces Financial Results; Hires CFO


Athabasca Minerals Inc. announced its financial results for the three months ended Sept. 30, 2017. Revenue decreased 7 percent to $3,479,022 versus $3,745,532 in the comparable three-month period ending Sept. 30, 2016.

Other highlights include:

  • Corporate pits sales decreased 9 percent.
  • Working capital of $4.7 million; current debt of $0.4 million; non-current debt $0.2 million.
  • More than 83,000 tons of aggregate were produced at the KM248 corporate pit and 23,449 tons of aggregate were produced at the Logan corporate pit.
  • Recent meetings and discussions with frac-sand supply chain and logistics companies, equipment suppliers and interested parties for potential staging locations have taken place to consider the feasibility of a pilot project for the Firebag Frac Sand Project.
  • Susan Lake Gravel Pit closure activities are underway.
  • Revised corporation’s organizational structure and management team to optimize costs as well as strengthen development, reclamation and project management capabilities.

    The company also announced the appointment of Lucas Murray to the position of chief financial officer.

Murray was previously employed as senior analyst and internal auditor at AltaGas Ltd., with key experience relating to integration of strategic acquisitions and financial controls of large-scale project ventures. He was a senior accountant at KPMG Canada, and is also a director of a private electrical contracting company. Murray is a graduate of the University of Victoria, and is a chartered professional accountant and chartered accountant.

"We are very pleased to have Lucas Murray part of our executive team at Athabasca,” said president and chief executive officer Robert Beekhuizen. “The corporation is focusing on, and committed to, finding, hiring and grooming high-potential talent. We look forward to Lucas' contributions in repositioning the company with improved financial discipline, evaluating strategic opportunities which are accretive to Athabasca's business, as well as advancing project ventures – such as the corporation's Firebag Frac Sand deposit and the Richardson aggregate deposit – which offer significant potential for long-term growth in supplying market needs with distinct high-quality aggregates."