Aben Resources Ltd
TSX VENTURE : ABN
FRANKFURT : E2L

Aben Resources Ltd

March 03, 2011 09:02 ET

Aben Appoints New Members to its Board of Directors

Private Placements Announced

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 3, 2011) - Aben Resources Ltd. (TSX VENTURE:ABN) (FRANKFURT:E2L) (the "Company") (formerly Consolidated Abaddon Resources Inc.) is pleased to announce the appointment of Mr. Ronald Netolitzky as Chairman and a Director of the Company. The Company further announces the appointment of Mr. Timothy Termuende, P.Geo. to its Board of Directors.

Mr. Ronald Netolitzky holds a Bachelor of Science degree from the University of Alberta and a M.Sc. degree from the University of Calgary, both in geological sciences. He has extensive exploration and mine development experience, and is an officer and director of a number of public mining companies currently involved in mineral exploration throughout the world. He was previously Chairman and President of Viceroy Resource Corporation, which achieved exploration success with its Gualcaymayo gold project in Argentina resulting in the sale of the company to Yamana Gold in 2006. Mr. Netolitzky was also Chairman of Brett Resources Inc., which was acquired by Osisko Mining Corp. in the Spring of 2010.

Ron has been directly involved in the mineral exploration industry in Western Canada since 1964. His knowledge of mineral exploration and aggressive business acumen resulted in exploration success on three Western Canadian gold and silver projects (all of which became producing mines): the Eskay Creek and Snip deposits in British Columbia and the Brewery Creek deposit in the Yukon. He was honoured with the Bill Dennis Prospector of the Year Award in 1990 by the Prospectors and Developers Association of Canada.

Mr. Timothy Termuende is a professional geologist with over 30 years experience in the mineral exploration industry. He is currently the President and Chief Executive Officer of Eagle Plains Resources Ltd. (TSX-V: EPL) and Copper Canyon Resources Ltd. (TSX-V: CPY) in addition to serving as Director of a number of other Public Companies. Since earning his degree in Geological Sciences at the University of British Columbia in 1987, Tim has worked on exploration projects throughout North, Central, and South America, and has inspected mineral deposits in the former Soviet Union. Tim has been continuously active in mineral exploration throughout western Canada since 1976, and currently oversees a broad range of ongoing exploration projects located throughout British Columbia, Saskatchewan, the Yukon and the Northwest Territories.

Aben also announces the resignation of Donald G. Myers from its board of directors. "We would like to thank Mr. Myers for his years of service to Aben's shareholders." stated Jim Pettit, president.

Aben Announces Flow-Through and Non Flow-Through Private Placements:

Aben Resources also announces it has arranged a non-brokered private placement of up to 6,000,000 flow-though units at a price of $0.25 per unit to raise gross proceeds of up to $1,500,000. Each flow-through unit consists of one flow-through common share and one-half of one non-transferable share purchase warrant. Each whole warrant will entitle the holder to purchase one flow-through common share at a price of $0.55 for a period of three years from the date of issuance.

The Company also announces a non-brokered private placement of up to 14,500,000 non flow-though units at a price of $0.20 per non flow-through unit to raise gross proceeds of up to $2,900,000. Each non flow-through unit consists of one non flow-through common share and one non-transferable share purchase warrant. Each warrant entitles the holder to purchase one non flow-through common share at a price of $0.35 per non flow-through common share for a period of three years from the date of issuance with a forced exercise provision attached to each warrant commencing on the day following the expiry of any applicable hold period on the underlying non flow-through common shares, stating that, if for ten consecutive trading days, the closing price of the listed shares of the Company exceeds $0.50 then the exercise period of the warrants will be reduced to a period of 10 days following such trading days.

The Company will pay a 7% finder's fee payable in units and 7% in B units, in connection with part of this private placement offering.

Aben intends to utilize the proceeds of this private placement towards the exploration and advancement of the Company's mineral properties in the Yukon and NWT.

Incentive Stock Options Granted:

The Company also announces that, pursuant to its stock option plan, it has granted incentive stock options to certain of its directors, officers, consultants and management company employees to purchase up to an aggregate of 3,202,397 common shares in the capital stock of the Company, exercisable for a period of five years, at a price of $0.23 per share. The Company's 10% rolling stock option plan was approved by the shareholders at the Annual General Meeting of the Company held on February 23, 2011. Any shares to be issued upon exercise of the stock options will be subject to a hold period and shall not trade before July 2, 2011.

About Aben Resources:

Aben Resources is a Canadian gold, silver, rare earth and uranium exploration company developing properties in the Yukon, northern Ontario and northern Saskatchewan.

For further information on Aben Resources Ltd. (TSX VENTURE:ABN), visit our Company's web site at www.abenresources.com.

ON BEHALF OF THE BOARD OF DIRECTORS

JAMES G. PETTIT, President

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

  • Aben Resources Ltd.
    James G. Pettit
    President
    604-687-3376 or Toll Free: 800-567-8181
    604-687-3119 (FAX)
    or
    Aben Resources Ltd.
    Don Myers
    Corporate Communications
    604-687-3376 or Toll Free: 800-567-8181
    604-687-3119 (FAX)
    info@abenresources.com
    www.abenresources.com