VAL-D'OR, QC, Sept. 8 /CNW Telbec/ - Abitex Resources Inc. (TSX-V: ABE) (the "Company"; "ABITEX") is pleased to announce the signing of an Option and Joint Venture Agreement with AREVA Resources Canada ("AREVA") and SOQUEM INC. ("SOQUEM"). This Agreement follows a previously announced Letter of Agreement and specifies the terms by which AREVA and SOQUEM grant ABITEX an option to acquire a 50% interest in the "L" uranium property located in Quebec, including the issuance of up to 2,800,000 common shares of ABITEX to both AREVA and SOQUEM, minimum investments of CA$20,000,000 on the "L" property and the completion of a prefeasibility study no later than December 31, 2011 (ref. June 10, 2008 Press Release).
The "L" property is located in the Otish Mountains region, approximately 350 km north-east of Chibougamau, Quebec. The "L" deposit was discovered by AREVA (then SERU Nucleaire Canada Ltee) on the property in 1981. The main lense of the "L" deposit is located less than 100 metres below surface, is sub-horizontal and extends for over 600 metres in length by tens of metres in height and width. This lense was systematically drilled by SERU Nucleaire Canada Ltee at 50 metre spacing in 1982 and 1983 and a uranium historical resource estimate based on 46 holes totalling 5,263 metres gave the following results:
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Conversion
SERU (AREVA) 1983 (eU3O8(equal sign)1,1792 (x) eU)
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Tonnes Grade Grade Pounds
Historical eU metal % eU metal Tonnes % eU3O8 eU3O8
Resource -------------------------------------------------------------
2 289 0,595 385 000 0,70 5 938 000
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eU (equal sign) equivalent Uranium (ST-22 probe readings converted to
equivalent uranium tenors)
All resource estimates quoted herein are based on prior data and reports obtained and prepared by previous operators. The Company has not completed the work necessary to verify the classification of the mineral resource estimates. The Company is not treating the mineral resource estimates as NI 43-101 defined resources, verified by a qualified person. Accordingly, the historical estimates should not be relied upon. The Agreement is subject to regulatory approval.
ABITEX has now started a definition drilling program on the property. Since signing the Letter of Agreement in June, 2008, the Company has built a 20 man camp and mobilized two diamond drills and other mobile equipment, fuel, materials and supplies. Drilling started during the last week of August. A 15,000 metre drill program is planned in the first phase in order to define the deposit on 25 metre spacing and will lead to a new resource estimate conformable with modern estimation methods and reporting standards. Drilling of other priority targets in the area peripheral to the deposit will follow. Various other field work and studies will also be initiated this year in advance of permit applications for planned future advanced exploration work.
About AREVA
AREVA Canada Resources is a subsidiary of the AREVA group, a world leader in the exploration, production and transformation of uranium. AREVA is present in 43 countries and employs 71 000 people, including its subsidiary AREVA QUEBEC located in Joliette.
About SOQUEM
SOQUEM is a wholly owned subsidiary of Societe generale de financement du Quebec ("SGF"). SGF is an industrial development capital company whose mission is to realize economic development projects, notably in the industrial sector, in collaboration with its partners and in conformity with the economic development policies of the government of Quebec.
About ABITEX
Abitex Resources Inc. is an exploration company based in Val d'Or, Quebec which has a diverse portfolio of exploration projects in Eastern Canada, two of which have historical gold and nickel resources. The Company is in the process of re-focusing its exploration activities towards uranium through its proposed acquisition of Central Uranium Corporation and an option to acquire a 50% interest in the "L" uranium deposit which hosts a historical resource of almost 6M pounds. Shares of the Company are traded on the Canadian Venture Exchange (TSX-V) under the symbol ABE.
The technical information in this release has been reviewed by Yves Rougerie. P.Geo., President and CEO of Abitex. Mr Rougerie is a Qualified Person as defined by National Instrument 43-101.
On behalf of the Board of Directors:
Yves J. Rougerie, President & CEO and Director
The Company's public documents may be accessed at www.sedar.com
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The TSX Venture Exchange (TSX-V) does not accept responsibility for the
adequacy or accuracy of this release.
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