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December
06, 2007
NEWS
RELEASE
Utah
Uranium Completes First 10 Holes on Pinto Project,
Additional
Drilling Being Permitted
Vancouver,
BC - Consolidated Abaddon Resources Inc. (TSX-V: ABN) (FWB:
E2L) announces that Utah Uranium Corp. (OTCBB: UTUC) has
informed the Company that Utah Uranium has completed the first 10
holes of the first phase of drilling operations on the Pinto Uranium Project,
located near Hanksville, UT. The $305,000 drill program is being financed 100
per cent by Consolidated Abaddon.
Pinto
Project Location Map:
http://www.consolidatedabaddon.com/i/maps/pinto-uranium-project.jpg
Material
collected from the drilling has been sent to ALS Chemex Lab in Elko, Nevada
for analyses. Results are expected in the next few weeks. In addition,
results from down-hole Gamma Ray/SP/SPR logging of the drill holes, performed
by Jet West Geophysical Services LLC, are also expected shortly.
Utah
Uranium also announces that additional locations on the Pinto property are
currently being permitted to facilitate additional drilling to commence early
in the New Year. It is anticipated that permitting and contracts will
be in place to commence these additional operations as early as the first
week or two of January, 2008. Funding for this additional drilling is
included in the original $305,000 budget.
Consolidated
Abaddon has an option to earn up to a 60-per-cent interest in the Pinto
property by fully financing a total of $605,000 in exploration and drilling
expenditures, making cash payments totaling $550,000 and issuing a total of
550,000 shares to Utah Uranium over the 2 year life of the agreement.
The
Pinto property covers 344 mineral claims, consisting of 6,800 acres in the Henry Mountain
syncline of east-central Utah.
The Henry Mountain
syncline is an enclosed structural basin within the Colorado Plateau of
southeastern Utah
that is entirely underlain by the massive uranium-bearing salt wash sandstone
member of the Morrison formation. The hydraulic migration of oxygenated water
containing liberated uranium tends to flow down-dip within the formation into
the trapped, oxygen free static water creating a zone of major ore
concentration known as a roll-front environment. The first discovery, known
as the Tony M Mine, was made in the 1980’s by Plateau Resources, a
division of Michigan Light and Power and consists of 10,898,000 pounds
U308. Subsequently,
the Bullfrog Mine was discovered adjacent and north of the Tony M Mine by
Imperial Oil Corp., and consists of an additional 12,924,000 pounds
U308. These
mines are currently owned by Denison Mines Corp. and are collectively known
as the Henry Mountains complex, one of the largest
known uranium resources in the Colorado Plateau district.
About
Consolidated Abaddon Resources Inc.:
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.
The Company is also developing a uranium property east of Moab, Utah.
Property
partners include Denison Mines Corp., Triex
Minerals Corp., and Utah Uranium 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
41.7 million shares
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