Thu Dec 6, 2007 Utah Uranium Completes First 10 Holes on Pinto Project, Additional Drilling Being Permitted
Vancouver, BC - Consolidated Abaddon Resources Inc. (TSX-V: ABN) (FWB: E2L) announces that Utah Uranium Corp. (OTCBB: UTUC) has informed the Company that Utah Uranium has completed the first 10 holes of the first phase of drilling operations on the Pinto Uranium Project, located near Hanksville, UT. The $305,000 drill program is being financed 100 per cent by Consolidated Abaddon.
Material collected from the drilling has been sent to ALS Chemex Lab in Elko, Nevada for analyses. Results are expected in the next few weeks. In addition, results from down-hole Gamma Ray/SP/SPR logging of the drill holes, performed by Jet West Geophysical Services LLC, are also expected shortly.
Utah Uranium also announces that additional locations on the Pinto property are currently being permitted to facilitate additional drilling to commence early in the New Year. It is anticipated that permitting and contracts will be in place to commence these additional operations as early as the first week or two of January, 2008. Funding for this additional drilling is included in the original $305,000 budget.
Consolidated Abaddon has an option to earn up to a 60-per-cent interest in the Pinto property by fully financing a total of $605,000 in exploration and drilling expenditures, making cash payments totaling $550,000 and issuing a total of 550,000 shares to Utah Uranium over the 2 year life of the agreement.
The Pinto property covers 344 mineral claims, consisting of 6,800 acres in the Henry Mountain syncline of east-central Utah. The Henry Mountain syncline is an enclosed structural basin within the Colorado Plateau of southeastern Utah that is entirely underlain by the massive uranium-bearing salt wash sandstone member of the Morrison formation. The hydraulic migration of oxygenated water containing liberated uranium tends to flow down-dip within the formation into the trapped, oxygen free static water creating a zone of major ore concentration known as a roll-front environment. The first discovery, known as the Tony M Mine, was made in the 1980's by Plateau Resources, a division of Michigan Light and Power and consists of 10,898,000 pounds U308. Subsequently, the Bullfrog Mine was discovered adjacent and north of the Tony M Mine by Imperial Oil Corp., and consists of an additional 12,924,000 pounds U308. These mines are currently owned by Denison Mines Corp. and are collectively known as the Henry Mountains complex, one of the largest known uranium resources in the Colorado Plateau district.
About Consolidated Abaddon Resources Inc.:
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, Sims Basin of western Labrador, and the Algoma District of northwestern Ontario. The Company is also developing a uranium property east of Moab, Utah.
Property partners include Denison Mines Corp., Triex Minerals Corp., and Utah Uranium 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 EXCHNAGE 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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