Thu Nov 9, 2006 Amending Agreement Signed with Gold Reach Resources on Seel Property
Vancouver, BC - Consolidated Abaddon Resources Inc. (TSX.V: ABN) (FWB: E2L) announces the Company has signed an Amending Agreement with Gold Reach Resources Ltd. ("Gold Reach"), wherein the parties have agreed to cancel the buy-back option granted to Gold Reach on Consolidated Abaddon's 10% interest in the Seel property. The Seel project is a highly prospective copper-silver-gold property located 8 km from the Huckelberry mine in central British Columbia.
The Company has also been granted its proportionate share (1/10th) of the Royalty buy-back right granted to Gold Reach pursuant to an underlying option agreement, following which the Company would have the right to purchase 0.05% of the Royalty for $100,000. In order to exercise its option on the Seel property, the Company must pay the sum of $20,000 and the issue 35,000 common shares to the underlying property vendor over the next two years.
Gold Reach Resources, as operator, has just released its summer 2006 drill results 11 of 15 holes on the Seel property.
Drill Result Highlights include:
1. S06-37: 120.4m of .243 % Cu & .277 g/t Au; includes 32.4m of .365% Cu & .314 g/t
2. S06-38: 64.4m of .400 % Cu & .435 g/t Au; includes 40.3m of .477% Cu & .541 g/t Au.
3. S06-39: 160m of .430% Cu & .503 g/t Au.
4. S06-40: 84m of .465% Cu & .534 g/t Au; includes 64m .547% Cu & .639 g/t Au.
Includes 18m of .895% Cu & 1.186 g/t Au; over limit assays from 40-48 metres will
increase the grade shown for these intervals in Hole S06-40.
5. S06-42: 138m of .845% Cu & 23 g/t Ag; includes 42m of 1.24% Cu & .13 g/t Au & 32 g/t Ag.
DDH From m To m Interval m Cu% Au g/t Ag g/t Mo%
S06-33 190 280 90 0.007
S06-34 no significant assays
S06-35 16 32 16 0.351 1.8
and 158 172 14 0.019
S06-36 80 104 24 0.147
and 174 188 14 0.194 4.0
S06-37 39.6 160 120.4 0.243 0.277
including 39.6 72 32.4 0.365 0.314
and 216 238 22 0.258 14.5
S06-38 35.66 100 64.34 0.400 0.435
including 35.66 76 40.34 0.477 0.541
and 156 180 24 0.323 0.225 5.3
S06-39 44 204 160 0.430 0.503 1.7
S06-40 36 120 84 0.465 0.534
including 36 100 64 0.547 0.639
including 36 54 18 0.895 1.186
S06-42 22 160 138 0.845 23.0
including 22 64 42 1.240 0.130 32.0
S06-44 72 96 24 0.264 8.1
S06-47 106 144 38 0.301 10.8
including 106 132 26 0.420 13.7
including 106 120 14 0.704 21.7
Drilling intersected a mineralized breccia zone adjacent to a quartz-feldspar porphyry stock which has proved to be of much greater extent than previously thought. The breccia contains fragments of intrusive and hornfelsed volcanics with pyrite-marcasite, chalcopyrite, sphalerite, tetrahedrite, and minor galena; the sulphides occur as infilling with quartz and siderite around the breccia fragments. One diamond drill hole (S06-38), which contained the breccia with sulphide infilling is located 200 metres from the previously mapped location of this breccia (holes drilled from 1982-1985), and the other holes that intersected the breccia (holesS06-37 and S06-38) prove that it is a much wider and a more continuous body than was previously thought. There is a good correlation of silver values with copper mineralization in the breccia and through the areas of chalcopyrite mineralization.
The drilling area for this program was 500m by 400m, and the mineralization encountered is open from the SW to the NW. Two other geophysical anomalies having the same signature have been identified on the property and have yet to be drilled.
Gold Reach plans to increase the geophysics coverage as currently it is only about 40%, and plans to commence a winter drilling program this year. Due to the results of this drilling program on the Seel breccia and related copper porphyry, drilling on the near-by Damascus silver vein was postponed.
The diamond drill holes were drilled NQ diametre and half-core samples were sent to the Assayers Canada Labs facility in Vancouver, B.C., and sample preparation was done at their facility in Telkwa, BC. All samples underwent multi-element analysis by ICP/MS and wet geochem gold.
David J. Busch, B.A., B.Sc., PGeo., is the Company's 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
DONALD G. MYERS
For further information contact:
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.
You can view the Next News Releases item: Thu Dec 28, 2006, Non-Brokered Private Placement
You can view the Previous News Releases item: Thu Nov 2, 2006, Second Tranche Private Placement closes
You can return to the main News Releases page, or press the Back button on your browser.