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September
14, 2009
NEWS RELEASE
Consolidated Abaddon to Earn 100% Interest
in a Lithium Property and a Rare Earth Property
Vancouver,
BC - Consolidated
Abaddon Resources Inc. (TSX-V: ABN) (FWB:
E2L) (the ?Company?) announces that it has entered into a Property Option
Agreement with Mr. Robert Fairservice of Thunder Bay, Ontario (the
?Optionor?) for an option to acquire a 100% interest in a lithium property
and a rare earth property.
The
Raleigh Lake
lithium property is located in the Raleigh Township of Kenora Mining Division
and the Selwyn Lake
rare earth (REE) property is located in the Selwyn
Lake Township
of the Thunder Bay Mining Division, Province
of Ontario.
Raleigh
Lake lithium property map:
http://www.consolidatedabaddon.com/s/Image.asp?i=maps/ABN_Raleigh_Lake.jpg
Raleigh
Lake lithium bearing
pegmatites have been known in the area since the 1960?s. Provincial
government mapping in the 1990?s identified a ?Pegmatite Field? trending
through the area. A modest drilling program by Avalon Ventures Ltd. in 1999
and 2000 defined several stacked shallow dipping (20-30 degrees)
tantalum-lithium bearing dikes in several drill holes. Thicknesses ranged
from 1 to 8 metres
and were shown to continue 450
metres down dip. Drill holes were relatively shallow
and broadly spaced. The pegmatites appear very uniform at the spacing used
and occur in volcanic rock flanking granitic intrusions. Only 4 to
5 shallow holes were drilled on the Raleigh
Lake property. Historic
data available in the Ontario Government geological files reflect
certain intersections below.
Hole
# RL 99-01 0.56 % Li (lithium) over 3.2 metres
Hole
# RL 99-04 1.00 %
Li
over 4.1 metres
Hole
# RL 99-05 1.50 %
Li
over 6.9 metres
Abaddon
plans to complete a magnetometer survey immediately over the 560 acres comprising
the Raleigh Lake
claims. The data will be used to identify structural zones where more
significant ?ground preparation? may have resulted in increased volumes of
pegmatite. The Company intends to proceed with a 2009 winter diamond drill
program.
Abaddon
has also acquired an option on the Selwyn Lake rare earth claims covering a
large and strong REE, Fe, Mo, Th, U3O8 lake sediment
anomaly. The anomaly was identified in 1996 by the Ontario Geological Survey
and confirmed with further sampling in 2002.
Selwyn
Lake rare earth
property map:
http://www.consolidatedabaddon.com/s/Image.asp?i=maps/SelwynLake..gif
The
property includes 13 claim blocks covering 1219 hectares
covering the anomaly. The property is accessible by road and lies 4 kilometres from a
railroad.
The
multi element (REE) Rare Earth Element anomaly includes 10 lakes on 3
drainage systems. The Selwyn Lake
anomaly is similar in size and element association to the lake sediment
anomaly at Strange Lake (REE) Rare Earth Element project of Quest Uranium in Labrador.
The Selwyn Lake
sediment anomaly is located astride a splay in a regional structural zone
that has been the focus of earlier granitic intrusives. The area has
potential for rare earth or molybdenum pegmatites or Olympic Dam style
mineralization. There has been limited reported exploration in the area.
A
program of prospecting, soil and till sampling is planned this fall for the Selwyn
Lake property.
Pursuant to the terms of the
Option Agreement, the Company will be granted an option to acquire a 100%
interest in the Raleigh Lake and the Selwyn Lake claim blocks by paying an
aggregate of $30,000, issuing a total of 150,000 common shares and incurring
and paying for exploration expenditures of $250,000 over the 3 year term of
the Option Agreement:
The mineral claims are subject to
a 2% net smelter return royalty (the ?NSR?). The Company may purchase
50% of the NSR by the payment to the Optionor of the sum of $500,000.
The above transaction is subject
to regulatory approval.
About Consolidated
Abaddon Resources Inc.:
Consolidated
Abaddon Resources Inc. is a Canadian exploration company actively
involved with the development of uranium and lithium properties in the Athabasca
Basin of northern Saskatchewan
and in northwestern Ontario.
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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