Consolidated Abaddon Resources Inc.
TSX VENTURE : ABN
FRANKFURT : E2L

Consolidated Abaddon Resources Inc.

October 26, 2007 09:30 ET

Consolidated Abaddon Resources Inc.: Joint Venture Announced With Utah Uranium Corp. on Pinto Claims, Drilling to Commence Shortly

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 26, 2007) - Consolidated Abaddon Resources Inc. (TSX VENTURE:ABN) (FRANKFURT:E2L) announces the signing of an Option and Joint Venture Agreement with Utah Uranium Corp. on the Pinto Uranium Claims, located near Hanksville, Utah.

Pursuant to the terms of the Option Agreement, Consolidated Abaddon has been granted a right to earn a 50% interest in the Pinto property by paying the sum of US$100,000, issue 100,000 common shares to Utah Uranium, and fund an initial exploration program in the amount of US$305,000. Consolidated Abaddon has been granted a right to acquire a further 10% interest in the Pinto property by carrying out a further $300,000 work program on the Property by June 1, 2008. The Company will also be responsible for paying its proportionate share of remaining option payments pursuant to Utah Uranium's underlying option agreement. The Company will be required to pay the sum of $450,000 and the issue 420,000 common shares to Utah Uranium over the remaining two and half year term of the underlying agreement. On completion of all expenditures, cash payments and share issuances, Consolidated Abaddon will be deemed to have earned up to a 60% interest in the Pinto Uranium Claims.

The Option Agreement is subject to the acceptance of the TSX Venture Exchange.

A drill contract for the Pinto property has been awarded to Bob Shupe Drilling of Moab, Utah. Drilling will commence in the north-western section of the Pinto Claims. An initial 20 drill-hole work program designed to test the massive Salt Wash member of the Morrison formation has been proposed to explore the areas potential for roll-front uranium mineralization.

Chip samples from each hole will be examined by Company geologists and evaluated with a Radiation Solutions Inc. RS-125 Scintillometer to determine uranium mineralization. Mineralized material will then be sent to an ISO 9000 certified laboratory for analysis.

Jet West Geophysical Services LLC has also been contracted to provide down-hole Gamma Ray/SP/SPR geophysical logging of all holes. It is anticipated that field crew mobilization will begin within the next 2 weeks, with drilling operations commencing immediately thereafter.

About the Pinto Claims

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 contains 10,898,000 pounds of U308. Subsequently, the Bullfrog Mine was discovered adjacent and north of the Tony M Mine by Imperial Oil Corporation, and contains an additional 12,924,000 pounds of U308. These mines are now 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.

Utah Uranium Corp. acquired the Pinto Claims from Christian (Ted) Murer P.Geo, the prospector geologist who conceptualized, discovered and currently holds a production royalty on the Tony M Mine. Ted Murer has assembled the Pinto Uranium Claims package using the same data and methodology. Based on area extrapolations, the "Pinto Claims" could hold significant amounts of uranium and vanadium.

About Utah Uranium Corp.

Utah Uranium Corp. is a Moab, Utah based junior exploration and development company focused on the acquisition of past producing underground uranium mines that can be brought back into production in the near term with a low capital expenditure within economic haul distances of the White Mesa Uranium Vanadium Mill in Blanding, Utah owned by Denison Mines Corp. The White Mesa Uranium Mill is currently the only operating uranium mill in the United States.

For further information on Utah Uranium Corp. visit their web site at www.utah-uranium.com.

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.

Property partners include Denison Mines Corp. and Triex Minerals Corp.

For further information on Consolidated Abaddon Resources Inc. (TSX VENTURE:ABN) visit the Company's web site at www.consolidatedabaddon.com.

ON BEHALF OF THE BOARD OF DIRECTORS

JAMES G. PETTIT, President

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.

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.

Contact Information

  • Consolidated Abaddon Resources Inc.
    James G. Pettit
    President
    (604) 687-3376 or Toll Free: 1-800-567-8181
    or
    Consolidated Abaddon Resources Inc.
    Don Myers
    Director
    (604) 687-3376 or Toll Free: 1-800-567-8181
    (604) 687-3119 (FAX)
    Email: info@consolidatedabaddon.com
    Website: www.consolidatedabaddon.com