Aben Resources Options Rusty Springs Silver Project, Yukon
22.02.2011 | Globenewswire Europe
Aben Resources Ltd. /Aben Resources Options Rusty Springs Silver Project, Yukon
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Suite 2230, 885 West Georgia Street, Vancouver, BC, V6C 3E8, CANADA
www.abenresources.com
Trading Symbol (TSX-V: ABN), (Frankfurt: E2L)
Email:info@abenresources.com
February 22, 2011
Vancouver, BC - Aben Resources Ltd. (TSX-V: ABN) (FWB: E2L) (the "Company")
(formerly Consolidated Abaddon Resources Inc.) announces that it has entered
into an Agreement with Eagle Plains Resources Ltd. (TSX-V: 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-V: ABN), visit our Company's
web site at www.abenresources.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"Jim Pettit"
____________________________
JAMES G. PETTIT
President
For further information contact myself or:
Don Myers
Aben Resources Ltd.
Director
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email:info@abenresources.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this release.
--- End of Message ---
Aben Resources Ltd.
Suite 2230 - 885 West Georgia Street Vancouver Canada
Listed: Open Market (Freiverkehr) in Frankfurter Wertpapierbörse;
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Source: Aben Resources Ltd. via Thomson Reuters ONE
[HUG#1490732]
Unternehmen: Aben Resources Ltd. - ISIN: CA20855Q1063