VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 22, 2011) - Aben Resources Ltd. (News - Market indicator) (FRANKFURT:E2L) (the "Company") (formerly Consolidated Abaddon Resources Inc.) announces that it has entered into an Agreement with Eagle Plains Resources Ltd. (TSX VENTURE:EPL) whereby Aben may earn a 100% interest in the Rusty Springs Property, located north of Dawson City, Yukon.
The Rusty Springs property hosts silver-lead-zinc mineralization associated with a 25-40 metre thick replacement horizon within carbonate rocks. Some 35 showings are present within the property area and consist of both high-grade vein occurrences and lower-grade replacement mineralization. The mineralization on the property has been defined over a 6 square kilometre area. Drilling highlights from the property include hole 77-08 (drilled in 1977) which was reported to have returned 1,140 g/t (33.27 oz/t) silver, 4.72 % lead and 2.30 % copper over 37.5 metres (123 feet) from surface to a depth of 37.5 metres. Hole 95-07 (drilled in 1995) was located 1.5 kilometres from hole 77-08 and tested the same stratigraphic interval, returning 517 g/t (15.1 oz/t) silver, 3.0% copper and 1.3% zinc over 15.3 metres from 28.6 metres to 43.9 metres below surface.
Under the terms of the agreement, Aben has the option to earn a 100% interest in the 1,100 hectare Rusty Springs property by making $500,000 in cash payments and issuing 1,500,000 common shares to Eagle Plains over 5 years. The property shall be subject to a three percent (3%) net smelter return royalty ("NSR") in favour of Eagle Plains. Aben Resources has been granted a right to purchase a 2% NSR at any time prior to the commencement of commercial production for the consideration of $2,000,000.
In other news, further to its news release dated February 1, 2011, Aben Resources has issued a total of 5,000,000 common shares to Eagle Plains Resources. Aben has acquired from Eagle Plains a 100% interest, subject to a 3% net smelter return royalty, in two non-contiguous, highly prospective mineral exploration properties known as the Justin (Sprogge) and Hit gold projects which cover approximately 2,130 hectares in the Yukon. The common shares will be subject to a four month restriction on re-sale expiring June 10, 2011.
About Aben Resources:
Aben Resources is a Canadian gold, silver, rare earth and uranium exploration company developing properties in the Yukon, northern Ontario and northern Saskatchewan. The Company is well funded with approx. $3 million in its treasury.
For further information on Aben Resources Ltd. (News - Market indicator), visit our Company's web site at www.abenresources.com.
ON BEHALF OF THE BOARD OF DIRECTORS
James G. Pettit, President
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
