Mon Nov 14, 2005 TRIEX MINERALS MOBILIZES EXPLORATION CREW ONTO MANN LAKE URANIUM PROPERTY, ATHABASCA BASIN, SASKATCHEWAN
Vancouver, BC - Consolidated Abaddon Resources Inc. is pleased to report that Triex Minerals Corp. (TSX.V: TXM) has announced that Patterson Geophysics Inc. has been contracted to complete ground-based moving-loop EM (electromagnetic) surveys, and Robertshaw Geophysics Ltd. has been contracted to co-ordinate a concurrent ground-based gravity survey on Consolidated Abaddon's Mann Lake uranium property. Permits have been granted and mobilization is currently under way. Geophysical work will commence as soon as freeze-up is sufficient. Approximately 4,000 metres of drilling is proposed for the Mann Lake property upon completion of the ground geophysics.
Triex Minerals Corp. can earn an initial 51% interest in the Mann Lake property from Consolidated Abaddon by incurring $1,500,000 of exploration expenditures on or before March 20, 2007, and making a cash payment of $50,000. Triex Minerals 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 Minerals as operator.
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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