Business
Abitex signs Lavoie property option extension with AREVA and SOQUEM
VAL-D'OR, QC, Dec. 7, 2011 /CNW Telbec/ - Abitex Resources Inc. (TSXV: ABE) ( the " Compan...
About this update from Vision Lithium, Inc.
[{"type":"text","content":"\n\n\n\n\n\nVAL-D'OR, QC, Dec. 7, 2011 /CNW Telbec/ - Abitex Resources Inc. (TSXV: ABE) (the \"Company\" ; \"Abitex\") is pleased to announce the signing of an amendment to the Lavoie\n property option agreement with AREVA Resources Canada Inc. and SOQUEM\n Inc. The Lavoie uranium-gold property is located in the Otish Mountains\n region of Quebec.\n\n\nThe original option and JV agreement which terminates on December 31,\n 2011 has been extended without any changes until December 31, 2014.\n However, Abitex must complete at least 4 million dollars in\n expenditures before December 31, 2012; otherwise the agreement can be\n terminated.\n\n\nThe terms of the agreement not yet completed to date are the following:\n\n\nAbitex must complete minimum exploration expenditures of 20 million\n dollars\n\n\nAbitex must complete a pre-feasibility study\n\n\nAbitex had incurred expenditures of approximately 7.6 million dollars at\n the end of 2010, has completed a 43-101 resource estimate that defined\n indicated resources of 3.9M lbs U3O8 and inferred resources of 9.26M\n lbs U3O8, and is completing a 43-101 conformable preliminary economic\n assessment study that will be released before year end.\n\n\nThe Company is pleased to have signed the contract extension for the\n Lavoie property, one of the top uranium-gold projects in Quebec, and is\n working towards funding of the project and the completion of the\n option.\n\n\nAbout SOQUEM and Investissement Québec\n\n\nSOQUEM is a wholly-owned subsidiary of Investissement Québec. \n Investissement Québec's mission is to foster the growth of investment\n in Québec, thereby contributing to economic development and job\n creation in every region. The Corporation offers businesses a full\n range of financial solutions, including loans, loan guarantees and\n equity investments, to support them at all stages of their development.\n It is also responsible for administering tax measures and prospecting\n for foreign investment.\n\n\nAbout AREVA\n\n\nAREVA supplies solutions for power generation with less carbon. Its\n expertise and unwavering insistence on safety, security, transparency\n and ethics are setting the standard, and its responsible development is\n anchored in a process of continuous improvement.\nRanked first in the global nuclear power industry, AREVA's uni...