Tue Jun 5, 2007 Shares Issued -- Puskaskwa Property, Ontario & Seel Property, British Columbia
Vancouver, BC - Consolidated Abaddon Resources Inc. (TSX.V: ABN) (FWB: E2L) announces that it has issued 50,000 common shares to Rubicon Minerals Corporation (TSX: RMX) ("Rubicon") and reimbursed Rubicon of all staking costs, plus 10% (approximately $220,000). The share issuance and cash payment were made in connection with an Option Agreement dated May 16, 2007 with Rubicon for the acquisition of a 100% interest in the Pukaskwa uranium properties totaling 103,000 acres located in the Algoma Mineral District, 250 km NW of Elliot Lake, Northwestern Ontario. The common shares issued under the property transaction are subject to a four month hold period under applicable securities laws, and imposed by the TSX Venture Exchange, expiring October 1, 2007.
In order to earn its interest in the Pukaskwa uranium properties, the Company must issue a further 150,000 common shares and make further cash payments of $165,000 over the four-year term of the Option Agreement. The property is subject to a 2% net smelter return royalty ("NSR") in favour of Rubicon. The Company may purchase 1% of the NSR for $1,000,000. Consolidated Abaddon has also granted Rubicon a right to re-purchase a 20% interest in the Pukaskwa uranium properties by incurring an amount equivalent to 300% of the amount of property expenditures incurred by the Company during the first year.
Consolidated Abaddon has also issued 10,000 common shares to Seel Enterprises Ltd. and paid the sum of $5,000 in connection with its option to earn a 10% interest in the Seel copper-gold-moly property situated in the central interior of the Province of British Columbia. The common shares issued under the property transaction are subject to a four month hold period under applicable securities laws, and imposed by the TSX Venture Exchange, expiring October 6, 2007.
In order to earn its interest in the Seel Property, the Company must issue a further 25,000 common shares and make further cash payments of $15,000 at the next anniversary date of June 5, 2008.
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
"Jim Pettit"
____________________________
JAMES G. PETTIT
President
For further information contact myself or:
Don Myers
Consolidated Abaddon Resources Inc.
Director
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.
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