Consolidated Abaddon to acquire a 100% interest in Copper Mountain Property, Stillwater Range, Nevadaadmin
October 3, 2008 Filed Under: Cobalt Mining, Uranium Mining
Consolidated Abaddon Resources Inc. announce that it has entered into a Property Option Agreement with Mining Five LLC, of Reno, Nevada (a company beneficially owned by Mike Skopas and John Harper) to earn a 100% interest in and to 216 mineral claims consisting of 4320 acres located in the Stillwater Range, Table Mountain Mining District, Nevada, USA.
The Copper Mountain property covers a portion of a well mineralized, Jurassic age mafic intrusion and volcanic complex. This mafic rock assemblage is enriched in base metals and has strong similarities to other mineralized and productive mafic complexes worldwide. Copper, nickel and cobalt have been produced from several deposits to the north and along the south edge of the property. Numerous copper mineralized outcrops exist on the property. An additional potential for the discovery of felsic volcanic hosted, epithermal style, precious metal mineralization is apparent in the area of strongly altered rhyolite tuffs in the southern portion of the property.
Pursuant to the terms of the Option Agreement, the Company is to make cash payments in the aggregate of $1,000,000 over the four year term of the Agreement as follows: (a) $48,000 upon execution of the Agreement, (b) the sum of $202,000 on or before the first anniversary of the Agreement and (c) thereafter $250,000 per year over the remaining three year term of the agreement. The Copper Mountain property is subject to a 2% net smelter return royalty (”NSR”) in favour of the Optionors. The Optionors have granted the Company a right to acquire the NSR over the Copper Mountain property for the sum of $1,000,000.
The Option Agreement is subject to TSX Venture Exchange acceptance.
Consolidated Abaddon has approximately $2.5 million in unallocated working capital and no debt or approx. $0.06 cash per share.
Consolidated Abaddon Resources Inc. is a Canadian exploration company actively involved with the development of uranium properties in the Athabasca Basin of northern Saskatchewan, Sims Basin of western Labrador, and the Algoma District of northwestern Ontario and with its copper property in Nevada, USA.
Property partners include Denison Mines Corp., and Triex Minerals Corp.
For further information visit www.consolidatedabaddon.com.