VANCOUVER, British Columbia, Nov. 16, 2004 (PRIMEZONE) -- Consolidated Abaddon Resources Inc. (Abaddon) (TSX Venture Exchange:ABN) is pleased to announce the following update to its uranium (U3O8) property staking program announced October 1st. The Company has now acquired the Sims Lake and Gabbro Lake properties located in west central Labrador. The newly staked land positions are located approximately 125 kilometres south east of the mining centre of Schefferville, Quebec, and consist of approximately 25,000 acres within 594 mineral claims. The Trans-Labrador Highway transects the area. MAP: http://www.consolidatedabaddon.com/projects/maps/sims.jpg
The essential element of this new Labrador land position is a late proterozoic sandstone sequence (Sims Formation) overlying an older, deformed, sedimentary, proterozoic sequence. The Company believes that this geological structuring is analogous in age, lithologies and structure to the flat lying Athabaska Sandstone overlying the older and deformed Wollaston group of rocks in northern Saskatchewan that is host to the world's richest uranium deposits.
Previous work in the area has identified anomalous uranium (U3O8) in the "Sims Formation Sandstones" near the unconformity that overlies a significant regional structure in the underlying formations. These features indicate a very prospective "unconformity uranium setting" at the base of the Sims Formation. Depths to the unconformity in the area are generally less than 200 meters. A previous airborne survey has identified radiometric anomalies that are noted to be in the up ice area of a long trend of radioactive boulders. The target on Consolidated Abaddon's Sims Lake property is unconformity related uranium mineralization at the base of the Sims Formation and extending into the basement rocks.
Consolidated Abaddon continues to look at several other uranium properties and projects, in an attempt to increase its land position throughout the Athabasca Basin and elsewhere. The Company 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 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 and the Sims Basin of northwestern Labrador. The Company is also developing 2 gold properties in the RED LAKE MINING DISTRICT of northwestern Ontario, Canada.
For further information on Consolidated Abaddon Resources Inc. (TSX.V: ABN), visit the Company's web site at www.consolidatedabaddon.com
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.