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May 29, 2007
UPDATE
Update
Report from the field by President Jim Pettit
Vancouver, BC - Consolidated Abaddon Resources Inc. (TSX-V: ABN) (FWB:
E2L) (“the Company”) is pleased to provide
an update on its uranium exploration projects.
This past
year has seen a significant amount of progress made on the Company's primary
uranium properties.
We have
seen the Mann Lake uranium property in the Athabasca
Basin, Saskatchewan have a first phase drill program completed with positive
results and a second phase drill program is planned for this summer.
The Huard-Kirsch Lakes
uranium property, also in the Athabasca
Basin, has had all
necessary geochemical sampling and geophysics preformed and is awaiting a
first phase of drilling scheduled for June.
Athabasca Basin Saskatchewan Claims Map:
http://www.consolidatedabaddon.com/i/maps/ABN_Athabasca_Map_11X17.jpg
The Sims Lake
property in western Labrador has received
extensive geochem and geophysics, as well as a preliminary drill program by
Denison Mines. Due to the merger of IUC and Denison Mines in 2006, the news
flow pertaining to their obligations on Abaddon's properties was slowed down
significantly. We have recently been informed that Denison
will not proceed with a second phase of drilling on the Sims
Lake property, but they have made
significant recommendations for Abaddon to proceed with its hunt for uranium
mineralization in the Sims
Basin.
After a
long quiet spell, the Company is about to enter a period of significant
activity. Denison Mines has informed the Company that they intend to mobilize
a drill rig to the Huard-Kirsh
Lakes property sometime
in June 07. Details of the drill program will be released shortly.
Triex
Minerals has also informed the Company that it intends to mobilize for a
second phase drill program on the Mann
Lake uranium project in
the latter part of the summer. Details of this drill program will be released
when available.
The
Company is currently evaluating its options and recommendations put forward
on the Sims Lake property by Denison Mines.
Consolidated
Abaddon has recently entered into an Option Agreement to acquire a 100%
interest in the Pukaskwa Uranium Project from Rubicon Minerals Corp. This
project consists of 4 claim blocks totaling 102,720 acres located in the
Algoma Mineral District of Northwestern Ontario. The 4 claim blocks are
centered on large scale uranium targets as defined by coincidental gamma ray
airborne and regional lake sediment surveys. These large scale uranium
anomalies are not unlike what Azimut Exploration Inc describes as the
"Central Quebec Uranium Lineament". The Company plans an extensive exploration
program this summer to prove up the geology and potential of finding a
significant resource of uranium. The exploration program will consist of
modeling and mapping, confirmation of previous geochemical signatures and a
more detailed geochemical sampling program, as well as more advanced
geophysics (ground and airborne).
Abaddon is currently evaluating several more high potential uranium prospects
in North America.
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.
For
further information on Consolidated Abaddon Resources Inc. (TSX-V: ABN),
visit the Company’s web site at www.consolidatedabaddon.com.
ON
BEHALF OF THE BOARD OF DIRECTORS
“Jim Pettit”
____________________________
JAMES
G. PETTIT
President
Issued and Outstanding
36.1 million shares
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