Abington Resources Ltd.

Abington Resources Ltd.

February 16, 2010 12:11 ET

Abington Resources Ltd.: New Acquisition and Project Updates

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 16, 2010) - Abington Resources Ltd. (TSX VENTURE:ABL)(PINK SHEETS:ABIZF) is pleased to announce the acquisition of a new gold property and updates on two of its projects.

Treasure King Property - Abington has signed an option to purchase 100% of certain unpatented mineral claims in Yavapai County, Arizona for a total of $125,000US. Terms are as follows (all in US Dollars): $20,000 upon signing of agreement (paid) with the balance in payments of $17,500 to be paid semi-annually beginning August 5, 2010. This is an arms-length transaction. The Treasure King gold property has many historical reports on file and will be examined by Abington as part of its initial due diligence. 

Evangeline Lake – The Company owns 100% of seven mineral claims (43 claim units) in the Sudbury Mining District in Ontario adjacent to the Bob Tough Mine. We are attempting to renegotiate our option on the Bob Tough Mine itself and include a nearby former producing gold mine. The objective is to assemble a complete package for a joint venture partner. The property lies on the west edge of a 25 mile-long gold belt.

Kingsford Oil Property – A summary overview of the Midale Bed Pool (Kingsford Property) was recently undertaken by one of our joint partners. Conclusions were as follows: "A horizontal location targeting the Lower Marly reservoir unit is recommended to be drilled from a surface in Isd 5-13 to the south with a bottom hole of 4-13." Abington is one of several joint working interest parties in agreement to drill an additional horizontal oil well in this location as a means to increase our monthly positive cash flow.

Abington also intends to grant up to 245,000 incentive stock options to directors, officers, employees and consultants at a price of $0.70 per share. The options will be exercisable for a period of 5 years from date of grant under the Company's existing 10% rolling option plan, with terms to be consistent with all applicable legal and regulatory requirements. 

"Walter Brenner"
Walter Brenner
Director, President & Chief Executive Officer

"The forgoing is for informational purposes only, and is not to be construed as an offer to buy or sell securities in any jurisdiction. It may contain forward-looking statements. While the data compiled by management is from sources deemed to be reliable, actual future results may vary materially. Abington Resources Ltd. does not assume the obligation to update any forward-looking statement and will not be responsible for any loss or damage arising from the use of this information. We seek safe harbour."

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.

Contact Information

  • Abington Resources Ltd.
    Walter Brenner
    Director, President & Chief Executive Officer