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 "Company" ; "Abitex") is pleased to announce the signing of an amendment to the Lavoie property option agreement with AREVA Resources Canada Inc. and SOQUEM Inc. The Lavoie uranium-gold property is located in the Otish Mountains region of Quebec.

The original option and JV agreement which terminates on December 31, 2011 has been extended without any changes until December 31, 2014. However, Abitex must complete at least 4 million dollars in expenditures before December 31, 2012; otherwise the agreement can be terminated.

The terms of the agreement not yet completed to date are the following:

• Abitex must complete minimum exploration expenditures of 20 million dollars
• Abitex must complete a pre-feasibility study

Abitex had incurred expenditures of approximately 7.6 million dollars at the end of 2010, has completed a 43-101 resource estimate that defined indicated resources of 3.9M lbs U3O8 and inferred resources of 9.26M lbs U3O8, and is completing a 43-101 conformable preliminary economic assessment study that will be released before year end.

The Company is pleased to have signed the contract extension for the Lavoie property, one of the top uranium-gold projects in Quebec, and is working towards funding of the project and the completion of the option.

About SOQUEM and Investissement Québec

SOQUEM is a wholly-owned subsidiary of Investissement Québec.  Investissement Québec's mission is to foster the growth of investment in Québec, thereby contributing to economic development and job creation in every region. The Corporation offers businesses a full range of financial solutions, including loans, loan guarantees and equity investments, to support them at all stages of their development. It is also responsible for administering tax measures and prospecting for foreign investment.

About AREVA

AREVA supplies solutions for power generation with less carbon. Its expertise and unwavering insistence on safety, security, transparency and ethics are setting the standard, and its responsible development is anchored in a process of continuous improvement.

Ranked first in the global nuclear power industry, AREVA's unique integrated offering to utilities covers every stage of the fuel cycle, nuclear reactor design and construction, and related services. The group is also expanding in renewable energies - wind, solar, bioenergies, hydrogen and storage - to be one of the top three in this sector worldwide in 2012.

With these two major offers, AREVA's 48,000 employees are helping to supply ever safer, cleaner and more economical energy to the greatest number of people.