Wed Feb 10, 2010 Consolidated Abaddon Cancels Option to Acquire the White River Property in Ontario
Vancouver, BC - Consolidated Abaddon Resources Inc. (TSX-V: ABN) (FWB: E2L) (the "Company") announces that the option agreement between Rubicon Minerals Corp. and the Company entitling the Company to earn a 100% interest in the White River Property (also referred to as the Pukaskwa property) located in the Sault Ste. Marie Mining District Ontario has been terminated. Pursuant to a termination agreement between the parties, Rubicon has agreed to waive the requirement under the Option Agreement for the Company to return the property to Rubicon with sufficient assessment work to maintain the property in good standing for a minimum period of one year from the date of termination. As consideration, the Company has agreed to pay the sum of $5,000 and issue Rubicon 100,000 common shares.
The above transaction is subject to TSX Ventures Exchange acceptance.
About Consolidated Abaddon Resources Inc.:
Consolidated Abaddon Resources Inc. is a Canadian exploration company actively involved with the development of rare earth, lithium and uranium properties in northwestern Ontario and in the Athabasca Basin of northern Saskatchewan.
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
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
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