Tues., Feb 22, 2011 -News for 'EPL.V/EGPLF' - Aben Resources Options Rusty Springs Silver Project, Yukon
VANCOUVER, BRITISH COLUMBIA, Feb 22, 2011 (Marketwire via COMTEX) -- Aben
Resources Ltd. (TSX VENTURE:ABN) (FRANKFURT:E2L) (the "Company") (formerly
Consolidated Abaddon Resources Inc.) announces that it has entered into an
Agreement with Eagle Plains Resources Ltd. (TSX VENTURE:EPL) whereby Aben may
earn a 100% interest in the Rusty Springs Property, located north of Dawson
City, Yukon.
The Rusty Springs property hosts silver-lead-zinc mineralization associated with
a 25-40 metre thick replacement horizon within carbonate rocks. Some 35 showings
are present within the property area and consist of both high-grade vein
occurrences and lower-grade replacement mineralization. The mineralization on
the property has been defined over a 6 square kilometre area. Drilling
highlights from the property include hole 77-08 (drilled in 1977) which was
reported to have returned 1,140 g/t (33.27 oz/t) silver, 4.72 % lead and 2.30 %
copper over 37.5 metres (123 feet) from surface to a depth of 37.5 metres. Hole
95-07 (drilled in 1995) was located 1.5 kilometres from hole 77-08 and tested
the same stratigraphic interval, returning 517 g/t (15.1 oz/t) silver, 3.0%
copper and 1.3% zinc over 15.3 metres from 28.6 metres to 43.9 metres below
surface.
Under the terms of the agreement, Aben has the option to earn a 100% interest in
the 1,100 hectare Rusty Springs property by making $500,000 in cash payments and
issuing 1,500,000 common shares to Eagle Plains over 5 years. The property shall
be subject to a three percent (3%) net smelter return royalty ("NSR") in favour
of Eagle Plains. Aben Resources has been granted a right to purchase a 2% NSR at
any time prior to the commencement of commercial production for the
consideration of $2,000,000.
In other news, further to its news release dated February 1, 2011, Aben
Resources has issued a total of 5,000,000 common shares to Eagle Plains
Resources. Aben has acquired from Eagle Plains a 100% interest, subject to a 3%
net smelter return royalty, in two non-contiguous, highly prospective mineral
exploration properties known as the Justin (Sprogge) and Hit gold projects which
cover approximately 2,130 hectares in the Yukon. The common shares will be
subject to a four month restriction on re-sale expiring June 10, 2011.
About Aben Resources:
Aben Resources is a Canadian gold, silver, rare earth and uranium exploration
company developing properties in the Yukon, northern Ontario and northern
Saskatchewan. The Company is well funded with approx. $3 million in its
treasury.
For further information on Aben Resources Ltd. (TSX VENTURE:ABN), visit our
Company's web site at www.abenresources.com.
ON BEHALF OF THE BOARD OF DIRECTORS
James G. Pettit, President
SOURCE: Aben Resources Ltd.
CONTACT: Aben Resources Ltd.
James G. Pettit
President
604-687-3119(FAX)
Aben Resources Ltd.
Don Myers
Director
604-687-3376 or Toll Free: 800-567-8181
604-687-3119(FAX)
info@abenresources.com
www.abenresources.com
All of my posts are my own opinion. Always perform your own due diligence on every investment you are considering, or contact your licensed investment adviser.
