Tue Aug 21, 2012 Aben Resources Arranges $1,000,000 Financing
Vancouver, BC -- Aben Resources Ltd. (TSX-V: ABN) (Frankfurt: E2L) (OTC Pink: ABNAF) (the "Company") announces it has arranged a non-brokered private placement to raise up to $1,000,000 by the issuance of up to 14,285,714 flow-through units (the "FT Units") at a price of $0.07 per FT Unit. Each FT Unit will consist of one flow-through common share and one non-transferable, non flow-through warrant (the "NFT Warrant"). Each NFT Warrant will entitle the holder to purchase one non flow-through common share at a price of $0.10 for a period of three years from the closing date of the private placement.
The Company may pay up to a 7% finder's fee payable in cash and 7% in non-transferable non flow-through warrants (the "Finder's Warrants") in connection with part of this private placement offering. Each Finder's Warrant will entitle the Finder to purchase a non-flow-through common share at a price of $0.10 per share for a period of three years from the closing date of the private placement.
2012 Exploration and Drill Program:
Aben Resources intends to utilize the proceeds from this private placement for its continuing drill program on its 100% owned, 18,314 acre flagship Justin Project in the southeast Yukon. Results from the first hole in the 2012 season, JN12011, at the POW Zone returned 46.4 metres grading 1.49 g/t Au including 9.2 metres grading 3.88 g/t Au, and extended the gold mineralization discovered last year by up to 85 metres (see Aben news release dated August 16, 2012).
The first three holes ever drilled into the POW Zone have now been reported and have successfully intercepted significant gold intervals showing notable consistency and continuity of mineralization within the holes. Furthermore, surface sample MMJNR036, with noted visible gold, assayed 3.66 g/t Au in the eastern POW Zone. Assay results are pending for drill holes designed to further test this surface anomaly located 400+ metres southeast of hole JN12011 at the western POW Zone.
Justin Property Location and Previous Exploration on the Project:
The Justin property is located in the southeast Yukon within the Tintina Gold Belt approximately 35 kilometres southeast of the Cantung Mine and is accessed by an all-season road. Justin property tenure is contiguous with Northern Tiger Resources' (TSX-V: NTR) 3Ace Gold Project.
In 2011, a first-pass drill program consisting of ten drill holes was completed on the Justin Project to test four different mineralized areas. The previously reported drill hole results indicated that a significant new greenfield gold discovery was made at the POW Zone. Highlights from that program included 60.0 metres of 1.19 g/t gold including 21.0 metres of 2.47 g/t gold in hole JN11009 as well as 11.3 metres of 2.70 g/t gold in hole JN11010.
Tim J. Termuende, P.Geo., is a Director and the Qualified Person for Aben Resources as defined by National Instrument 43-101 and has reviewed and approved the technical information in this release.
About Aben Resources:
Aben Resources is a Canadian gold and silver exploration company exploring and developing its portfolio of properties in the Yukon and NWT in which it has exploration rights to over 600,000 acres of land. The Company's road-accessible flagship property, the Justin Gold Project, boasts a new greenfield discovery made in 2011 with an aggressive 2012 follow-up exploration and drill program currently underway.
For further information on Aben Resources Ltd.(TSX-V: ABN), visit our Company's web site at www.abenresources.com.
ON BEHALF OF THE BOARD OF DIRECTORS
JAMES G. PETTIT
For further information contact myself or:
Aben Resources Ltd.
Corporate Development and Communications
Toll Free: 800-567-8181
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain certain "Forward-Looking Statements" that may involve a number of 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. For a more detailed discussion of such risks and other factors, refer to the Company's filings with Canadian Securities regulators available on www.sedar.com.
You can view the Next News Releases item: Tue Sep 11, 2012, Aben Resources Closes First Tranche of Private Placement
You can view the Previous News Releases item: Thu Aug 16, 2012, Aben Drills 46.6m of 1.49 g/t Au including 9.2m of 3.88 g/t Au at Justin Project, Yukon, and Extends the POW Discovery Zone by 85m
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