Abitex acquires Epsilon uranium property in Otish Moutains, Quebecadmin
Abitex Resources Inc. announce that it has entered into an option agreement to acquire a 100% interest in a uranium exploration property located in the Otish Mountains area of Quebec (the “Option”). The Epsilon property consists of 102 claim cells covering approximately 5,352 hectares and is located approximately 10 kilometres west of the “L” property that ABITEX recently optioned from AREVA and SOQUEM.
The Epsilon property contains several historic uranium occurrences which were discovered and explored in the early 1980′s by AREVA predecessor company SERU Nucléaire Canada Ltée (“SNCL”), including the extensions of the “S” showing, the original high grade vein-type uranium occurrence discovered in this area of the Otish region and the A-29 zone located in the southern part of the property. Over twenty drill holes were completed by SNCL on the property in the 1980′s, results of which point to the similarities of the geological setting between the Epsilon and “L” properties.
In consideration of the Option, Abitex has agreed to pay the Vendor the sum of $25,000 in cash, will issue 100,000 common shares of Abitex within 5 days of regulatory approval and will issue an additional 100,000 shares by August 15, 2009. The Vendor will retain a 2% net smelter return on any mineral production from the Property (the “Royalty”). ABITEX can purchase up to one-half (1/2) of the Royalty at a price of $1,000,000. The Option is subject to regulatory approval.
Abitex Resources Inc. is an exploration company based in Val d’Or, Quebec which has a diverse portfolio of exploration projects in Eastern Canada, two of which have historical gold and nickel resources. The Company is in the process of re-focusing its exploration activities towards uranium through its proposed acquisition of Central Uranium Corporation and an option to acquire a 50% interest in the “L” uranium deposit which hosts a historical resource of 5.9 million pounds.