Athabasca Minerals Update on Closure of Susan Lake Public Gravel Pit
26 October 2018 - 8:00AM
Athabasca Minerals Inc. (TSX Venture: ABM) (“Athabasca” or the
“Corporation”) announces an update on the closure of the Susan Lake
Public Pit.
The Corporation has completed successive
revisions to the Susan Lake Closure Plan over the past year and
continues to await final approval from Alberta Environment &
Parks (“AEP”). Closure and reclamation activities have been
underway throughout 2018, with certain provisions allowed by AEP
for concurrent operations to recover residual aggregates to assist
in meeting Ft. McMurray regional demand.
The Corporation has generated a sufficiently
reliable estimate for the execution of the pit closure program,
which alongside management fees earned from concurrent operations,
results in an incremental liability of approximately $1.4M. This
liability will be reflected in the Corporation’s Q3-2018 financial
statements, with the majority of costs incurred from Quarter-2 to
Quarter-4 of 2019.
The Corporation, as AEP’s management contractor,
intends to complete closure activities by Q4-2019, and remains
committed to applying best practices and achieving industry
standards as set by its regulator.
There will be a subsequent disclosure
forthcoming by the Corporation once final approval of the Susan
Lake Public Pit Closure Plan has been confirmed by AEP.
About Athabasca Minerals IncThe Corporation is
a resource development, management, and marketing company focused
on delivering aggregates across industries in Western Canada in
support of construction demand and activities. The Corporation also
has industrial mineral land holdings for the purpose of locating
and developing supply sources of industrial minerals.
Website: www.athabascaminerals.com
For further Information on Athabasca Minerals please
contact:
Dean StuartT: 403-617-7609E: dean@boardmarker.net
Robert Beekhuizen, Chief Executive OfficerT: 780 465 5696
Neither the TSX Venture Exchange
nor its Regulation Services Provider (as that term is defined in
the policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this release.
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