SOURCE: Consolidated Abaddon Resources Inc.

May 16, 2007 08:46 ET

Abaddon Acquires Pukaskwa Uranium Properties in NW Ontario

VANCOUVER, BC -- (MARKET WIRE) -- May 16, 2007 -- Consolidated Abaddon Resources Inc. (TSX-V: ABN) (FWB: E2L) ("Consolidated Abaddon" or "the Company") is pleased to announce that it has entered into an Option Agreement with Rubicon Minerals Corp. (TSX: RMX) (Rubicon) for the acquisition of a 100% interest in the Pukaskwa uranium properties totaling approximately 102,720 acres located in the Algoma Mineral District, Sault Ste. Marie Mining Division, northwestern Ontario.

Pukaskwa Uranium Project Location Map:

The Pukaskwa uranium properties consist of 4 claim blocks; Denis Lake (23,360 acres), White River (23,360 acres), Esnagi Lake (33,600 acres), and McCrea Lake (19,520 acres). The claim areas staked were chosen based on the results of an Airborne Gamma Ray and in-lake sediment surveys that clearly identifies 4 strong radiometric anomalies.

Pukaskwa Project Claims Map:

The Company's claims demonstrate potential for a major structural flexure marked by a magnetic signature that correlates well with the radiometric anomalies. The area is underlain by late Archean intrusive rocks, felsic volcanics and sedimentary rocks of probable Proterozoic age.

Pukaskwa Project Gamma Ray Airborne Anomalies Map:

Consolidated Abaddon plans to conduct an extensive exploration program to prove out the geology and resource potential of the area.

Rubicon Minerals has granted to Consolidated Abaddon the exclusive right and option to acquire an undivided 100% interest in the Pukaskwa uranium properties for cash payments equivalent to Rubicon's cost of staking the properties (estimated to be approximately $200,000) plus 10%, and further cash payments in the amount of $165,000 and the issuance of 200,000 common shares of Consolidated Abaddon over the 4 year term of the Option Agreement. The agreement is subject to a 2% net smelter return royalty (NSR) in favour of Rubicon. Consolidated Abaddon may purchase 50% of the NSR for $1,000,000.

Rubicon Minerals has retained a Back-In Right Agreement for the right to earn an undivided 20% interest in and to the Pukaskwa uranium properties within a period of 30 days following the first anniversary of the TSX Venture Exchange approval by agreeing to pay an amount equivalent to 300% of the amount of property expenditures incurred to that date.

The Pukaskwa Properties Option Agreement is subject to TSX Venture Exchange approval.

In other news, Denison Mines has informed the Company that it will not be continuing with its option agreement to acquire a 51% interest in the Company's Sims Lake property in western Labrador announced February 23, 2006.

Also, Consolidated Abaddon has elected to drop its Gabbro Lake property in western Labrador, as the Company feels results to date do not warrant further exploration.

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-V: ABN), visit the Company's web site at


"Don Huston"

For further information contact myself or:
Don Myers
Consolidated Abaddon Resources Inc.
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
The TSX Venture Exchange and Frankfurt Stock Exchange have not reviewed and does not accept the responsibility for the adequacy or accuracy of this News Release.

This press release does not constitute an offer to sell, or a solicitation of an offer to sell, any of the foregoing securities in the United States. None of the foregoing securities have been and, nor will they be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Suite 1490, 885 West Georgia Street, Vancouver, BC, V6C 3E8, CANADA

Copyright © Hugin ASA 2007. All rights reserved.

Contact Information

  • For further information contact:
    Don Huston
    Don Myers
    Consolidated Abaddon Resources Inc.
    Telephone: 604-687-3376
    Toll Free: 800-567-8181
    Facsimile: 604-687-3119
    Email: Email Contact