Wed May 16, 2007 ABADDON ACQUIRES PUKASKWA URANIUM PROPERTIES IN NW ONTARIO
Vancouver, BC - 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.
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.
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.
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 by the Company 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.
In the Athabasca Basin, property partners include Denison Mines Corp. and Triex Minerals Corp.
ON BEHALF OF THE BOARD OF DIRECTORS
"Don Huston"
____________________________
DONALD C. HUSTON
Director
For further information contact myself or:
Don Myers
Director
Consolidated Abaddon Resources Inc.
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@consolidatedabaddon.com
The TSX Venture Exchange and Frankfurt Stock Exchange have not reviewed and do not accept responsibility for the adequacy or accuracy of this News Release.
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.
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