October
03, 2008
NEWS
RELEASE
Consolidated
Abaddon to acquire a 100% interest in Copper Mountain
Property,
Stillwater Range,
Nevada
Vancouver,
BC - Consolidated
Abaddon Resources Inc. (TSX-V: ABN)
(FWB: E2L) is pleased to announce that it has
entered into a Property Option Agreement with Mining Five LLC, of Reno,
Nevada (a company beneficially owned by Mike Skopas
and John Harper) (the Optionors) to earn a 100%
interest in and to 216 mineral claims consisting of 4320 acres located in
the Stillwater Range, Table Mountain Mining District, Nevada, USA.
The
Copper Mountain
property covers a portion of a well mineralized, Jurassic age mafic intrusion and volcanic complex. This mafic rock assemblage is enriched in base metals and has
strong similarities to other mineralized and productive mafic
complexes worldwide. Copper, nickel and cobalt have been produced from
several deposits to the north and along the south edge of the property.
Numerous copper mineralized outcrops exist on the property. An
additional potential for the discovery of felsic
volcanic hosted, epithermal style, precious metal mineralization is apparent
in the area of strongly altered rhyolite tuffs in
the southern portion of the property.
Pursuant
to the terms of the Option Agreement, the Company is to make cash payments in
the aggregate of $1,000,000 over the four year term of the Agreement as
follows: (a) $48,000 upon execution of the Agreement, (b) the sum of $202,000
on or before the first anniversary of the Agreement and (c) thereafter
$250,000 per year over the remaining three year term of the agreement. The
Copper Mountain
property is subject to a 2% net smelter return royalty (?NSR?)
in favour of the Optionors. The Optionors have granted the Company a right to acquire the
NSR over the Copper Mountain
property for the sum of $1,000,000.
The Option Agreement is subject to TSX Venture Exchange acceptance.
Consolidated
Abaddon has approximately $2.5 million in
unallocated working capital and no debt or approx. $0.06 cash per share.
About
Consolidated
Abaddon Resources Inc.:
Consolidated
Abaddon Resources Inc. is a
Canadian 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
and with its copper property in Nevada,
USA.
Property
partners include Denison Mines Corp., and Triex
Minerals Corp.
For
further information on Consolidated
Abaddon Resources Inc. (TSX-V:
ABN), visit our Company’s web site at www.consolidatedabaddon.com.
ON
BEHALF OF THE BOARD OF DIRECTORS
Jim
Pettit
____________________________
JAMES
G. PETTIT
President
Issued and Outstanding
44.2 million shares
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