VANCOUVER, British Columbia, Oct. 4, 2005 (PRIMEZONE) -- Consolidated Abaddon Resources Inc. (TSX Venture:ABN) and International Uranium Corporation (TSX:IUC) are pleased to announce that the two companies have entered into a Letter of Intent whereby IUC can acquire an exclusive option for a 51 percent interest in Consolidated Abaddon's Huard-Kirsch Lakes uranium property.
The Huard-Kirsch Lakes property is located in the eastern Athabasca Basin of northern Saskatchewan and is approximately 20 km northwest of the McArthur River (U3O8) Mine and 40 km southwest of Cigar Lake, considered to be the largest high-grade uranium deposits in the world.
Map: http://www.consolidatedabaddon.com/i/maps/athabascaclaims.jpg
IUC can earn a 51 percent interest in the property by incurring CDN $1,500,000 of exploration expenditures on or before September 21, 2008 and a cash payment of CDN $25,000. The parties intend to conclude and execute a Definitive Agreement by October 31, 2005.
A MegaTem survey carried out for Consolidated Abaddon by Fugro in the early winter of 2005 has revealed three previously untested conductive trends having a combined strike length of up to 15 km on the Huard-Kirsch Lakes property. The conductive responses are interpreted to be derived from a basement source along the favorable Wollaston -- Mudjatik transition zone.
IUC will undertake geophysical surveys including moving loop TEM and gravity prior to April 30, 2006 to define drill targets.
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 and the SIMS BASIN of northwestern Labrador. The Company is also developing a gold project in the Red Lake Mining District on northwestern Ontario.
For further information on Consolidated Abaddon Resources Inc. (TSX Venture:ABN), visit the Company's web site at www.consolidatedabaddon.com
ON BEHALF OF THE BOARD OF DIRECTORS "Don C. Huston" Don C. Huston Director
For further information contact myself or:
Don Myers Consolidated Abaddon Resources Inc. VP Corporate Communications Telephone: 604-687-3376 Toll Free: 800-567-8181 Facsimile: 604-687-3119 Email: info@consolidatedabaddon.com
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
This news release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the British Columbia Securities Commission and the United States Securities & Exchange Commission.