Aben Resources Ltd
TSX VENTURE : ABN
FRANKFURT : E2L

Aben Resources Ltd

February 01, 2011 15:39 ET

Aben Resources Enters Into Agreement With Eagle Plains Resources to Acquire Two Yukon Properties and Northwest Territories Permits

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 1, 2011) - Aben Resources Ltd. (TSX VENTURE:ABN) (FRANKFURT:E2L) (the "Company") (formerly Consolidated Abaddon Resources Inc.) is pleased to announce that its has entered into an Acquisition Agreement with Eagle Plains Resources Ltd. (TSX VENTURE:EPL) ("Eagle Plains") to acquire a 100% interest in two non-contiguous mineral exploration properties known as the Hit and Justin (Sprogge) projects, covering approximately 459 hectares, located in the eastern Yukon Territory (the "Yukon Claims").

Pursuant to the terms of the Acquisition Agreement, Aben Resources has also acquired a proprietary database and the right to certain potential prospecting permits in the Mackenzie Mountain area of the Northwest Territories (the "Permits"). The Permits are subject to an approval process and, if approved, the Company will be granted the exclusive right to stake claims in the Permit areas for up to a period of three years.

Upon receipt of acceptance of the Acquisition Agreement by the TSX Venture Exchange, Aben Resources will issue a total of 5,000,000 common shares to Eagle Plains. The Company will also make a cash payment of approximately $150,000 to reimburse Eagle Plains for the Northwest Territories permitting costs. The approximately $150,000 will be paid upon receipt of confirmation that the Permits have been granted and duly registered in the name of Aben Resources.

The Yukon Claims and any property to be acquired by staking in the Permit areas shall be subject to a three percent (3%) net smelter return royalty ("NSR") in favour of Eagle Plains. Aben Resources has been granted a right to purchase a 2% NSR at any time prior to commencement of commercial production for the consideration of $2,000,000 (the "Buy Down Option").

The Justin (Sprogge) Gold Property

The Justin (Sprogge) gold property is located in east-central Yukon Territory about 35 kilometres south of the recently re-opened Cantung Mine. The property consists of 25 claims and is host to numerous styles of intrusive and sediment-hosted gold mineralization located within three main bulk-tonnage target areas. The drill-ready property has the potential to host both high-grade and bulk-tonnage gold mineralization. Historical grab samples from the property reported up to 59.25 g/t Au, in addition to historical chip samples returning an average of 2.38 g/t Au over 22.5 metres. Numerous targets on the property remain to be tested with further exploration planned, including trenching and diamond drilling.

The Hit Gold Property

The Hit gold property is located in central Yukon Territory, 27 kilometres north-northeast of MacMillan Pass. The project targets skarn/replacement gold mineralization associated with Tombstone-Suite intrusives and surrounding carbonate-rich sediments. Property highlights include intrusive-related gold mineralization which returned an average of 7.85 g/t Au over 7.0 metres in trenches.

Jim Pettit, President of Aben Resources, stated: "Management is very excited with the recent developments in the Company as Aben has set out to acquire two highly prospective gold properties in the prolific, mineral-rich Yukon Territory. In addition, it's a major achievement for the Company to attain the proprietary Eagle Plains database for the Yukon and Northwest Territories. This database is one of the most extensive of its kind, and coupled with the potential NWT permits, will provide Aben with a considerable advantage in its pursuit of additional viable land positions in the Yukon and NWT."

The above transactions are subject to the acceptance of the TSX Venture Exchange.

For further information on Aben Resources Ltd. (TSX VENTURE:ABN), visit our Company's web site at www.abenresources.com. Aben is well funded with $3 million in its treasury.

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
    Director
    604-687-3376 or Toll Free: 800-567-8181
    604-687-3119 (FAX)
    info@abenresources.com
    www.abenresources.com