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Athabasca Minerals Reports Progress on Multiple Business Fronts

Athabasca Minerals Inc. announced progress on multiple business fronts as part of its third quarter report for the period ended Sept. 30. The company:

  • Received approval of the Susan Lake Closure Plan by Alberta Environment and Parks on Aug. 15, 2019.
  • Executed a Settlement Agreement with Syncrude Canada Ltd. effective Sept. 26, with respect to a legacy claim (filed by AMI Oct-2012) and counterclaim (filed by Syncrude Mar-2015). The settlement agreement did not have a material impact on AMI’s cash position.
  • Submitted the regulatory application in Q3-2019 to AEP for approval to operate the Coffey Lake Public Pit located approximately 50 km north of Susan Lake or 90 km north of Fort McMurray. The regulatory application is under review and has gone through progressive rounds of formal clarifications. Upon regulatory approval AMI will be the pit management contractor on behalf of the Province of Alberta for a period of 15 years.
  • Completed the NI 43-101 technical report for the Duvernay premium domestic sand project which includes a contiguous resource of 24.7 million metric tonnes (Mt) measured resource, an additional 5.6 million Mt indicated resource, and a further 4.9 million Mt inferred resource.
  • Completed the design basis in support of regulatory applications for the Duvernay Project and presented to AEP and County of Athabasca officials with respect to submissions for approval. The county development permit application was submitted in October 2019.
  • Expanded its strategic relationship with Montana First Nation beyond the initial 185 acres Colchester Lands situated near Ponoka, Alberta to encompass approximately 9,600 acres of both on-reserve and off-reserve lands. Additionally, the corporation was awarded the MFN Emergency Road Repair Contract, which will further strengthen this important relationship.

Aggregates Marketing was awarded a contract in excess of $800,000 in revenues for integrated supply, transportation, quality control and delivery of rail ballast to the regional operations of a major oil & gas company. Work under this contract started in October 2019.

Robert Beekhuizen, chief executive officer, stated, “During third quarter of 2019 the corporation has achieved key milestones that elevate a number of opportunities across multiple business fronts. This includes repositioning the base Aggregates division for near-term revenue growth, demonstrating the potential of its AMI Silica sand division to disrupt the imported sand market in Canada, and setting the Aggregates Marketing division on a path of technology enabled growth. AMI continues to develop opportunities and strategies to unlock the asset base and drive shareholder value.”