Wed. March 16, 2011- News for 'EPL.V/EGPLF' - Aben Resources Ltd.: Shares Issued for Rusty Springs Silver Project, Yukon
VANCOUVER, BRITISH COLUMBIA, Mar 16, 2011 (Marketwire via COMTEX) -- Aben Resources Ltd. (TSX VENTURE:ABN) (FRANKFURT:E2L) (the "Company") announces that, further to its news release dated February 22, 2011, the Company has issued a total of 250,000 common shares and paid the sum of $25,000 to Eagle Plains Resources Ltd.
Aben Resources has been granted the option to earn a 100% interest in the 1,100 hectare Rusty Springs silver-lead-zinc property by making $500,000 in cash payments and issuing 1,500,000 common shares to Eagle Plains over 5 years. The property is subject to a three percent (3%) net smelter return royalty ("NSR") in favour of Eagle Plains. The Company 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. The common shares will be subject to a four month restriction on re-sale expiring July 15, 2011.
The mineralization on the Rusty Springs property, located north of Dawson City, Yukon, 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 Ag (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 Ag (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.
About Aben Resources:
Aben Resources is a Canadian gold and silver exploration company developing properties in the Yukon and Northwest Territories, Canada. 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
604-687-3376 or Toll Free: 800-567-8181
604-687-3119(FAX)
Aben Resources Ltd.
Don Myers
Corporate Communications
604-687-3376 or Toll Free: 800-567-8181
604-687-3119(FAX)
info@abenresources.com
www.abenresources.com
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