Abitex announces first closings of private placement raising $6,346,500

Abitex announces first closings of private placement raising $6,346,500

Saturday, August 2nd 2008

Abitex Resources Inc. announces that it has completed the first closings of the private placement for a total of $6,346,500.

The Company is also pleased to update its previously announced proposed acquisition of Central Uranium Corporation (“Central”). The Company has proposed to acquire all the issued and outstanding common shares of Central in exchange for common shares of the Company, on the condition that Central raise a minimum of $5,000,000. Central has raised $4,846,500 on the Company’s behalf as of this closing and will surpass the minimum required amount at the time of an upcoming second closing. These amounts are held in escrow until the closing of the proposed transaction. It is anticipated that the transaction will close in August, 2008.

Pursuant to the terms of the letter of intent with Central, the private placement consisted of a brokered private placement of 2,727,500 Subscription Receipts issued at $0.60 (“FT Subscription Receipts”) for gross proceeds of $1,636,500, and a non-brokered private placement of 5,836,364 Subscription Receipts issued at $0.55 (“Subscription Receipts”) for gross proceeds of $3,210,000. Desjardins Securities acted as agent for the brokered private placement and was paid an 8% commission.

Upon closing of the acquisition of Central, the FT Subscription Receipts and Subscription Receipts will be automatically converted, without additional consideration, into flow-through units (“FT Unit”) and units (“Unit”) of the Company, respectively. Each FT Unit will consist of one flow-through common share and one-half common share purchase warrant. Each Unit will consist of one common share and one common share purchase warrant. Each whole share purchase warrant entitles its holder to subscribe to one non flow-through common share of the Company for $0.80 for a period of 18 months following closing.

The Company also closed a non-brokered private placement of 2,500,000 FT Units for gross proceeds of $1,500,000 under the same terms outlined above. The subscribers of this segment are three (3) flow-through limited partnerships of the MineralFields Group. In connection with this segment of the private placement, Limited Market Dealer Inc. received a cash commission equal to 8% of the gross proceeds raised.

The Company expects to close the final portions of the private placement offering in the coming weeks. The proceeds of the offering will be used for exploration activities, further property acquisitions, and general working capital purposes.

“We are delighted with investor interest in the Company’s projects and a successful first close despite a challenging time in the capital markets. The Company is now well-positioned with over $8 million in cash to advance the work programs on its priority projects in Quebec”, said Yves J. Rougerie, President and CEO of the Company.

A commission of up to 8% of the gross proceeds raised was paid in cash to third parties involved in the offering. The offering is subject to regulatory approval. All securities issued in connection with the offering will be subject to a hold period of four months plus one day.

About Abitex

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 refocusing its exploration activities towards uranium through its proposed acquisition of Central Uranium Corporation and a letter of agreement with AREVA NC and SOQUEM Inc. to acquire a 50% interest in the “L” uranium deposit in Quebec which hosts a significant historical uranium resource.

MineralFields Group (a division of Pathway Asset Management) is a Toronto-based mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada during most of the calendar year, as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds. Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities®, a division of Limited Market Dealer Inc., is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, with investors both within, and outside of MineralFields Group.

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