VANCOUVER, British Columbia, Nov. 9, 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 now completed its second phase of acquisition, and acquired an additional land package consisting of approximately 25,000 acres (100 square km) of prospective uranium claims in the Athabasca Basin located in northern Saskatchewan. The Company's newly acquired Kirsch Lake property is situated north and adjacent to Abaddon's Huard Lake property, approximately 12 km to the north of Cameco's McArthur River uranium deposit. Consideration consists of a one-time cash payment of $20,000. and share issuance totaling 30,000 common shares. There is no royalty interest reserved for the vendor.
Abaddon also announces it will undertake a MegaTEM airborne survey over all three of the Company's properties in the Athabasca basin. The airborne surveys will provide the Company with detailed information on target zones on its land positions north and south of the McArthur River uranium deposit. The airborne surveys are expected to commence before the end of November 2004.
Based on a comprehensive analysis of the existing geological and geophysical data, management believes it has identified and acquired properties within the Athabasca Basin that are well located and present considerable potential.
The qualified person for this release is Mr. David Busch, PGeo., who has several years of experience involved in the exploration for uranium in the Athabasca Basin.
The Company continues to be active in looking at several other 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.
Consolidated Abaddon is also active in the exploration for gold in the Red Lake Gold Belt in northwestern Ontario. The Company recently announced the start of a diamond drill program (5,500 feet) on Abaddon's Sidace Lake. This program is expected to take 45 days to complete.
For further information on Consolidated Abaddon Resources Inc., visit the Company's web site at www.consolidatedabaddon.com.
Consolidated Abaddon Resources Inc. is a uranium and precious metal exploration company actively involved with the development of uranium properties in the ATHABASCA BASIN of northern Saskatchewan. The Company is also developing 2 gold properties in the RED LAKE MINING DISTRICT of northwestern Ontario, Canada.
ON BEHALF OF THE BOARD OF DIRECTORS
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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.