November
14, 2007
NEWS
RELEASE
Consolidated
Abaddon & Utah Uranium Start Drilling Pinto Project
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 started drilling on the
Pinto uranium project near Hanksville, Utah on Monday November 12th.
The $300,000 drill
program is being financed 100 per cent by Consolidated Abaddon. Consolidated
Abaddon has an option to earn up to a 60-per-cent interest in the Pinto
property by financing this $300,000 drilling program in addition to other
requirements as disclosed below.
Pinto Project Location Map:
http://www.consolidatedabaddon.com/i/maps/pinto-uranium-project.jpg
This first phase of drilling will
encompass the drill testing of up to 20 holes in the massive salt wash member
of the Morrison formation. Chip samples from each hole will be examined by
geologists and evaluated with a Radiation Solutions Inc. RS-125
Scintillometer to determine uranium mineralization. Mineralized material will
then be sent to an ISO 9000 certified laboratory for analysis. Jet West
Geophysical Services LLC has also been contacted to provide down hole
gamma-ray/SP/SPR geophysical logging of all holes.
Proposed Pinto Drill Holes Map:
http://www.consolidatedabaddon.com/i/maps/ABN_Pinto_Drill_Map.jpg
The contract can be expanded to
include up to 50 holes, coinciding with the permitted drill plan filed with Utah State
and other regulatory bodies. Results of this phase of operations will be
announced upon receipt and analysis.
About the Pinto Uranium Project:
The Pinto property covers 344
mineral claims, consisting of 6,800 acres in the Henry
Mountain syncline of east-central Utah. The property is
the subject of a joint venture agreement with Consolidated Abaddon.
Consolidated Abaddon has an option to earn up to a 60-per-cent interest in
the property by making payments to Utah Uranium totaling $550,000, issuing a
total of 550,000 shares to Utah Uranium, and by fully financing a total of
$605,000 in exploration and drilling expenditures over the 2 year life of the
agreement.
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
36.1 million shares
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