Consolidated Abaddon Resources Inc.
TSX VENTURE : ABN

Consolidated Abaddon Resources Inc.

August 10, 2005 08:30 ET

Consolidated Abaddon Resources Inc.: Option Agreement Signed On Labrador Properties

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 10, 2005) - Consolidated Abaddon Resources Inc. (TSX VENTURE:ABN) (Abaddon) is pleased to announce that an option agreement has been signed between the Company and BHP Billiton Ltd. and Gallery Resources Ltd (the BHP Billiton / Gallery Partnership). This option agreement pertains to Abaddon's minerals claims in west Labrador, Canada. These claims make up two properties totaling 25,000 acres named the Sims Lake property and the Gabbro Lake property (the Properties) located northwest and west of Churchill Falls, Labrador respectively.

Abaddon acquired these Properties in the winter of 2004-2005 for the purposes of expanding their search for uranium assets. The Option Agreement signed by Abaddon and the BHP Billiton / Gallery Partnership pertains to all non-uranium metals only found on the Properties. The BHP Billiton / Gallery Partnership has been established in the west Labrador region to explore for nickel over the past several years and has recently announced some success drilling airborne geophysical targets in close proximity to Abaddon's Gabbro Lake Property.

The Option Agreement calls for the BHP Billiton / Gallery Partnership to earn 51% in the Properties by paying for 25% of the Airborne Geophysical Survey that Abaddon has just completed over the Properties and by spending $1.3 million over three years, of which $200,000 must be spent by Dec. 31, 2005. BHP Billiton may also earn an additional 24% in the Properties by electing to spend an additional $15 million to complete a Feasibility Study. Abaddon maintains 100% of the rights to any uranium found on the Properties.

Consolidated Abaddon Resources Inc. is a Canadian uranium and gold exploration company actively involved with the development of uranium properties in the ATHABASCA BASIN of northern Saskatchewan and the SIMS BASIN of west Labrador. The Company is also developing a gold property in the RED LAKE MINING DISTRICT of northwestern Ontario.

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



ON BEHALF OF THE BOARD OF DIRECTORS

"Jim Pettit"
____________________________
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 has not reviewed and does 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: 800-567-8181
    (604) 687-3119 (FAX)
    or
    Consolidated Abaddon Resources Inc.
    Don Myers
    VP Corporate Communications
    (604) 687-3376 or Toll Free: 800-567-8181
    (604) 687-3119 (FAX)
    Email: info@consolidatedabaddon.com
    Website: www.consolidatedabaddon.com