VANCOUVER, British Columbia, Oct. 12, 2004 (PRIMEZONE) -- Further to Consolidated Abaddon Resources Inc. (Abaddon) (TSX Venture Exchange:ABN) news release of October 1, 2004, the company announces today that it has completed its first phase of acquisition, by staking, of a significant land package consisting of approximately 15,000 acres (60 square Km) of prospective uranium claims in the Athabasca Basin located in northern Saskatchewan. The company's newly acquired Huard Lake property is situated approximately 12 km to the north of the McArthur River deposit. The property contains a number of potentially interesting geological structures.
The company continues to be active in looking at several potential uranium properties and projects, in an attempt to increase its land position throughout the entire Athabasca Basin and elsewhere. Abaddon continues with a comprehensive due diligence program that is intended to lead to the additional staking of highly prospective ground throughout the fall and winter.
It is the company's opinion that the uranium (U3O8) market worldwide is experiencing tremendous supply pressures that could cause the commodity price of uranium to continue to rise. With this in mind, Abaddon plans to position itself as a significant uranium exploration company with land holdings in the Athabasca Basin. This region hosts several uranium deposits, such as Cigar Lake and McArthur River, that are considered to contain the world's highest grade exploitable uranium sources.
The qualified person for this release is Mr. David Busch, P.Geo.
Consolidated Abaddon is also active in the exploration for gold in the Red Lake Gold Belt in northwestern Ontario. A summer field exploration season has been completed on its Sidace Lake / Black Bear properties, and geological and geochemical data is now being compiled in preparation of a second diamond drill program here.
For further information on Consolidated Abaddon Resources Inc., visit the company's web site at www.consolidatedabaddon.com
ON BEHALF OF THE BOARD OF DIRECTORS
------------------------ JIM PETTIT President
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.