Wed Aug 16, 2006 Drilling on Sims Lake Uranium Project in Labrador to Begin
Vancouver, BC - Consolidated Abaddon Resources Inc. (TSX.V: ABN) (FWB: E2L) announces that drilling on the Company's 100% owned Sims Lake Uranium Project located northwest of Churchill Falls in western Labrador is scheduled to start at the end of August 2006. International Uranium Corporation (TSX: IUC) is the operator and has been granted the exclusive right and Initial Option to acquire a 51% interest in the uranium rights to the Sims Lake property over a period of 2 years.
Two target areas along the unconformity between the early Proterozoic Knob Lake Group and late Proterozoic Sims Formation have been identified in previous exploration programs and are scheduled for drill testing. The Sims Lake claim group covers 4390 hectares in three contiguous licenses consisting of 176 unpatented claims.
The initial drill program will consist of 3 - 4 holes covering the two identified target areas. Available data suggests that uranium has been redistributed within the Sims Formation with evidence suggesting that uranium accumulations may have occurred along the geological unconformity between the Sims Lake rock types and the Knob Lake Group. A conductor is confirmed as lying beneath Sims Formation rocks at or near the unconformity with the Knob Lake group rocks. Reducing environments (conductors) in this environment now present attractive uranium drill targets.
Uranium bearing boulders and a soil anomaly along the unconformity on the Sims Lake claim group also indicates potential for "unconformity style" uranium deposits.
Establishment of a 28 km line-cut grid and a horizontal loop survey are scheduled to start immediately. The geophysics is to be used as an aid in targeting a previously defined airborne conductor projected to lay at the unconformity. The airborne radiometric and electromagnetic surveys (flown by Aeroquest Limited) were undertaken by Consolidated Abaddon Resources in July of 2005. Radioactive boulders of Sims formation rock were located in the vicinity of this target.
A second target area lies 5 kilometres south of the first. This target is at the head of a large uranium in soil anomaly that appears to have a source at this same unconformity.
A boulder survey is also planned to identify other prospective portions of the unconformity for further follow-up.
The Sims Lake property covers parts of the known Sims Formation where uranium was discovered near the Sims - Knob Lake Group unconformity in the early 1980's. The Sims Formation is a flat lying clastic sequence of late Proterozoic age that overlies deformed sediments of the early Proterozoic Knob Lake Group. The similarity in ages and relationships between these groups of rock makes the setting analogous to many other Proterozoic basins around the world that host 'unconformity-type' uranium deposits, most notably the Athabasca Basin of Northern Saskatchewan. The depth to the unconformity in the Sims Lake basin ranges from 0 to 150 metres on the Property.
David J. Busch, B.A., B.Sc., PGeo., VP of Exploration, is the qualified person under the meaning of National Instrument 43-101, and has reviewed the data in this News Release.
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 west Labrador. Property partners include International Uranium Corporation and Triex Minerals Corp.
ON BEHALF OF THE BOARD OF DIRECTORS
James G. Pettit
For further information contact myself or:
Consolidated Abaddon Resources Inc.
Toll Free: 800-567-8181
THE TSX VENTURE EXCHANGE AND FRANKFURT STOCK EXCHANGE HAVE NOT REVIEWED AND DO 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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