Thu Aug 31, 2006 Drilling Begins on Sims Lake Uranium Project in Labrador
Vancouver, BC - Consolidated Abaddon Resources Inc. (TSX.V: ABN) (FWB: E2L) announces that the summer / fall exploration program on Consolidated Abaddon's Sims Lake uranium project located northwest of Churchill Falls in western Labrador is now underway. International Uranium Corporation (TSX: IUC) is the operator and has been granted the right and initial option to acquire a 51% interest in the uranium rights to the Sims Lake property over a period of two years.
ABN / IUC announce that a drill contract has been let to Lantech Drilling Services Ltd. The drilling contractor has now mobilized equipment and crew onto the Sims Lake property and drilling will start immediately. It is anticipated that the initial drilling will consist of 3 -- 4 holes covering two main target areas. A conductor has been confirmed as lying beneath the Sims Formation rocks at or near the unconformity with the Knob Lake type rocks. Reducing environments (conductors) in this environment present attractive uranium drill targets.
Consolidated Abaddon is managing the work program at this time. Establishment of a 28 kilometre line-cut grid has been completed. Vickers Geophysics Inc. has been contracted to conduct magnetometer, VLF-EM, and Max Min (Horizontal Loop- EM) surveys on the Sims Lake grid. Vickers Geophysics has mobilized a crew to the property and the surveys are in progress. A reconnaissance boulder survey is also underway to further identify prospective portions of the unconformity for further drilling.
The similarity in ages and relationships between the Sims Lake Formation and the Knob Lake group of rocks makes the western Labrador setting analogous to other Proterozoic basins around the world that host unconformity type uranium deposits, most notably the Athabasca Basin of northern Saskatchewan. The depth to the perceived unconformity in the Sims Lake Basin ranges from surface 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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