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Abitex signs option and joint venture agreement with AREVA and SOQUEM for "L" property and commences drill program
VAL-D'OR, QC, Sept. 8 /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. 8 /CNW Telbec/ - Abitex Resources Inc. (TSX-V: ABE)\n(the "Company"; "ABITEX") is pleased to announce the signing of an Option and\nJoint Venture Agreement with AREVA Resources Canada ("AREVA") and SOQUEM INC.\n("SOQUEM"). This Agreement follows a previously announced Letter of Agreement\nand specifies the terms by which AREVA and SOQUEM grant ABITEX an option to\nacquire a 50% interest in the "L" uranium property located in Quebec,\nincluding the issuance of up to 2,800,000 common shares of ABITEX to both\nAREVA and SOQUEM, minimum investments of CA$20,000,000 on the "L" property and\nthe completion of a prefeasibility study no later than December 31, 2011 (ref.\nJune 10, 2008 Press Release).\n\n\nThe "L" property is located in the Otish Mountains region, approximately\n350 km north-east of Chibougamau, Quebec. The "L" deposit was discovered by\nAREVA (then SERU Nucleaire Canada Ltee) on the property in 1981. The main\nlense of the "L" deposit is located less than 100 metres below surface, is\nsub-horizontal and extends for over 600 metres in length by tens of metres in\nheight and width. This lense was systematically drilled by SERU Nucleaire\nCanada Ltee at 50 metre spacing in 1982 and 1983 and a uranium historical\nresource estimate based on 46 holes totalling 5,263 metres gave the following\nresults:\n\n\n-------------------------------------------------------------------------\n Conversion\n SERU (AREVA) 1983 (eU3O8(equal sign)1,1792 (x) eU)\n-------------------------------------------------------------------------\n Tonnes Grade Grade Pounds\nHistorical eU metal % eU metal Tonnes % eU3O8 eU3O8\n Resource -------------------------------------------------------------\n 2 289 0,595 385 000 0,70 5 938 000\n-------------------------------------------------------------------------\neU (equal sign) equivalent Uranium (ST-22 probe readings converted to\nequivalent uranium tenors)\n\n\nAll resource estimates quoted herein are based on prior data and reports\nobtained and prepared by previous operators. The Company has not completed the\nwork necessary to verify the classification of the mineral resource estimates.\nThe Company is not treating the mineral resource estimates as NI 43-101\ndefined resources, verified ...