Mon Sep 26, 2005 TRIEX MINERALS OPTIONS MANN LAKE URANIUM PROPERTY, ATHABASCA BASIN, SASKATCHEWAN
Vancouver, BC - Consolidated Abaddon Resources Inc. ("Abaddon") and Triex Minerals Corporation (TXM-TSX.V) ("Triex") are pleased to announce they have entered into an Option Agreement under which Triex has the right to acquire a 70% interest in Abaddon's Mann Lake uranium property.
The Mann Lake property is located in the eastern Athabasca Basin, Saskatchewan and is approximately 25 km southwest of the McArthur River Mine, the largest high-grade uranium deposit in the world. This property is approximately 15 km to the northeast of Cameco Corporation's recently discovered Millennium Deposit, and occurs at the northern extent of the B1 conductor that is spatially associated with the Millennium Deposit. Click Here For Map
Triex can earn an initial 51% interest in the property by incurring $1,500,000 of exploration expenditures on or before March 20, 2007, and making a cash payment of $50,000. The Company can increase its interest to 60% by incurring a cumulative $2,500,000 of expenditures on or before March 20, 2008, and can further increase its interest to 70% by spending a cumulative $3,500,000 on or before March 20, 2009, cumulative cash payments will be $125,000 at 70% earn-in. Upon completion of the earn in requirements, a 70:30 joint venture agreement will be formed with Triex as operator.
Initially, Triex will undertake a detailed ground geophysical survey by April 30, 2006 to fully delineate drill targets. A 5,000 m follow-up diamond drill program is planned, and will be completed immediately following geophysics in the 2006/2007 winter season.
Previous work on the property includes a time-domain electromagnetic (TEM) moving loop survey completed in 1999 that identified four target conductors. Abaddon completed a ground-based gravity survey in 2005 that highlights features at the northern discontinuity of the B1 conductor. Both surveys were completed on east-west lines, perpendicular to the B1 conductor. Follow-up gravity and TEM work will include infill surveys and orthogonal surveys conducted on north south oriented lines to facilitate the interpretation of features in the area of discontinuity of the conductor. Resistivity work will also be considered.
This transaction is subject to acceptance by the TSX Venture Exchange.
Consolidated Abaddon Resources Inc. is a Canadian uranium exploration company actively involved with the development of uranium properties in the ATHABASCA BASIN of northern Saskatchewan and the SIMS BASIN of northwestern Labrador.
ON BEHALF OF THE BOARD OF DIRECTORS
James G. Pettit
For further information contact myself or:
Consolidated Abaddon Resources Inc.
VP Corporate Communications
Toll Free: 800-567-8181
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
This news release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the British Columbia Securities Commission and the United States Securities & Exchange Commission.
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