Business
Abitex acquires Epsilon uranium property in Otish Moutains, Quebec
VAL-D'OR, QC, Sept. 9 /CNW Telbec/ - Abitex Resources Inc. (TSX-V: ABE) (the "Company"; "ABITEX")...
About this update from Vision Lithium, Inc.
[{"type":"text","content":"\n\n\n\nVAL-D'OR, QC, Sept. 9 /CNW Telbec/ - Abitex Resources Inc. (TSX-V: ABE)\n(the "Company"; "ABITEX") is pleased to announce that it has entered into an\noption agreement to acquire a 100% interest in a uranium exploration property\nlocated in the Otish Mountains area of Quebec (the "Option"). The Epsilon\nproperty consists of 102 claim cells covering approximately 5,352 hectares and\nis located approximately 10 kilometres west of the "L" property that ABITEX\nrecently optioned from AREVA and SOQUEM.\n\n\nThe Epsilon property contains several historic uranium occurrences which\nwere discovered and explored in the early 1980's by AREVA predecessor company\nSERU Nucleaire Canada Ltee ("SNCL"), including the extensions of the "S"\nshowing, the original high grade vein-type uranium occurrence discovered in\nthis area of the Otish region and the A-29 zone located in the southern part\nof the property. Over twenty drill holes were completed by SNCL on the\nproperty in the 1980's, results of which point to the similarities of the\ngeological setting between the Epsilon and "L" properties.\n\n\nIn consideration of the Option, Abitex has agreed to pay the Vendor the\nsum of $25,000 in cash, will issue 100,000 common shares of Abitex within\n5 days of regulatory approval and will issue an additional 100,000 shares by\nAugust 15, 2009. The Vendor will retain a 2% net smelter return on any mineral\nproduction from the Property (the "Royalty"). ABITEX can purchase up to\none-half (1/2) of the Royalty at a price of $1,000,000. The Option is subject\nto regulatory approval.\n\n\nAbout Abitex\n\n\nAbitex Resources Inc. (TSX-V: ABE) is an exploration company based in\nVal d'Or, Quebec which has a diverse portfolio of exploration projects in\nEastern Canada, two of which have historical gold and nickel resources. The\nCompany is in the process of re-focusing its exploration activities towards\nuranium through its proposed acquisition of Central Uranium Corporation and an\noption to acquire a 50% interest in the "L" uranium deposit which hosts a\nhistorical resource of 5.9 million pounds.\n\n\nThe technical information in this release has been reviewed by Yves\nRougerie. P.Geo., President and CEO of Abitex. Mr Rougerie is a Qualified\nPerson as defined b...