Abitex Resources Inc.

Jolin Gold Quebec & South Bienville property in Nunavik.

Abitex Resources Inc. Profile

Ressources Abitex Inc, TSX.V : ABE, is a Val d'Or, Quebec based junior exploration company focused on the search for economic mineral deposits in Eastern Canada.

Founded in 1996, the Company has explored across Canada and in the Northern Mexico for gold and base metal deposits, but in recent years has focused on the Abitibi Greenstone Belt of Quebec.

The Company has two advanced projects, the Jolin Gold and St. Stephen Nickel projects which each hosts historical mineral resources, as well as several promising grass roots base metal projects in Quebec.

Continental Nickel Ltd. - St. Stephen property

The Company recently announced an agreement with Continental Nickel Ltd. (CNI) of Toronto, Ontario by which CNI may acquire up to a 75% interest in the St. Stephen property in New Brunswick in return for cash payments, share issuances and work commitments.

The Company announced on April 9, 2008 the signing of a non-binding letter agreement to acquire all of the outstanding and issued shares of privately owned Central Uranium Corporation of Montreal, Quebec.

Central holds options from Azimut Exploration to acquire majority interests in three large properties in Northern Quebec covering over 2,250 km2 which are highly prospective for uranium.

Abitex is looking forward to other acquisitions in uranium exploration as it turns its focus towards this sector of the industry.

Central Uranium Corporation (CUC), a wholly owned subsidiary of Abitex Resources Inc., has made an amendment to three option agreements between CUC and Azimut Exploration Inc. relating to the Kanjiq, South Bienville and Central Minto properties. The amendments are subject to final approval by the TSX Venture Exchange.

Under the terms of the amended agreements for the properties, a total of one million shares of the company will be issued to Azimut on or before Jan. 31, 2009, at a deemed price of 40 cents per share, in lieu of $400,000 in previous cash commitments. A further 250,000 shares may be issued on or before July 19, 2009, at a deemed price of 40 cents, in lieu of $100,000 in cash commitments.

Abitex Resources Inc. and its partner Azimut Exploration Inc. have released encouraging results from their summer 2008 exploration program at the South Bienville property in Nunavik, Que.

Other outcrop samples returned assays up to 0.67 per cent U3O8, and boulder samples yielded assays up to 0.77 per cent U3O8. Uranium-bearing rock samples are spatially related to multikilometre helicopter-borne radiometric anomalies and lake-bottom sediment anomalies. Uranium results are as follows:

  • Eight samples with values above 0.05 per cent U3O8, including: 0.67 per cent U3O8 and 0.065 per cent U3O8 from outcrops, and 0.77 per cent U3O8, 0.097 per cent U3O8 and 0.087 per cent U3O8 from boulders;
  • 39 samples with values between 0.01 per cent and 0.05 per cent U3O8;
  • 91 samples with values less than 0.01 per cent U3O8.

Last changed at 24-Feb-2009 08:21AM by Highgrader