Thursday, March 03, 2011

Rare Earths, Lithium, Gold and Uranium: Aben Resources names Netolitzky as chairman, director abn.v, tnr.v, czx.v, lmr.v, abn.v, rm.v, cgp.v,,, abx, ree,, mcp, gwg.v, rm.v, clq.v, wlc.v, li.v,, ruu.v, pl.v, mdl.v, efg.v

  Go where the smart money goes or smart people or both - like in case with Aben Resources, former Consolidated Abaddon Resources. Company is reinventing itself and such heavy hitter as Ronald Netolitzky will not put his reputation on a line for a quick pump and dump. Rare Earths and Gold juniors were on fire last year, so we are going whether the value is and it is not realised by the market yet - the right people are the first sign of it.

"What is the common sense in the so different investment situations: when Erick Sprott  buys into Avino Silver, Silver Wheaton buys into Revett Minerals, Lukas Lundin buys into NGeX Resources and invest more to keep its stake in Sunridge Gold, Panasonic buys into Tesla, Tongling buys into Canada Zinc Metals and Nova Gold sells 50% of 1 mil NON 43-101 historical resource of gold at Shotgun for shares of TNR Gold and significantly increase its position in that company? All these situations are common only in one, but very powerful in the investment world thing: industry and/or company insiders are buying in. Can they be mistaken - yes, by all means - but we like to follow the "smart" money."

"Aben Resources (formerly Consolidated Abaddon Resources) is a Canadian gold, silver, rare earth and uranium exploration company developing properties in the Yukon, northern Ontario and northern Saskatchewan.

The Company has acquired from Eagle Plains Resources (TSX.V: EPL) a 100% interest in two gold exploration properties known as the Justin (Sprogge) and Hit projects, covering approximately 459 hectares, located in the eastern Yukon Territory. The drill-ready Justin property has the potential to host both high-grade and bulk-tonnage gold mineralization. Historical grab samples from the property reported up to 59.25 g/t Au, in addition to historical chip samples returning an average of 2.38 g/t Au over 22.5 metres.

Aben has also acquired a 100% interest in the Rusty Springs silver-lead-zinc property, located north of Dawson City, Yukon, where notable drill results include 1,140 g/t (33.27 oz/t) silver, 4.72% lead and 2.30% copper over 37.5 metres (123 feet) from surface. Furthermore, the Company has attained an extensive proprietary database for the Yukon as well as the right to certain prospecting permits in the Mackenzie Mountain area of the Northwest Territories.

Aben owns the 560 acre Raleigh Lake Lithium property located in the Kenora Mining Division of NW Ontario. Provincial government mapping in the 1990's identified a "Pegmatite Field" trending through the area and in 1999 and 2000, Avalon Ventures Ltd. released drill results including 1.50% Li over 6.9 metres, 1.00% Li over 4.1 metres, and 0.56% Li over 3.2 metres. Aben completed a winter drill program in 2010 on the Raleigh Lake property. The Company was very pleased with the drilling and significant results included 9.0 metres of 1.30% Li, 4.7 metres of 0.84% Li, 2.2 metres of 1.10% Li, and 5.5 metres of 0.77% Li.

The Selwyn Lake rare earth elements property is located in the Selwyn Lake Township of, NW Ontario. The property includes 13 claim blocks covering 1219 hectares covering the anomaly. The property is accessible by road and lies 4 kilometres from a railroad. The Selwyn Lake anomaly is similar in size and element association to the lake sediment anomaly at Strange Lake (REE) Rare Earth Element project of Quest Uranium in Labrador. The area has potential for rare earth or molybdenum pegmatites or Olympic Dam style mineralization

The uranium (U3O8) deposits of Saskatchewan, Canada are arguably the richest in the world. Aben has interest in approx. 160 square kilometres of highly prospective ground within the eastern flank of the Athabasca Basin in northern Saskatchewan.

Aben's Mann Lake Uranium property is located approx. 25 km to the SSW of Cameco Corporation's high-grade McArthur River Uranium Mine and 15 km to the NE of Cameco's Millennium U3O8 discovery in the Athabasca Basin. Canterra Minerals Corp. has earned a 60% interest in the Mann Lake uranium property.

The Company's Huard - Kirsch Lakes Uranium property is situated approx. 20 km to the NW of Cameco's McArthur River Uranium Mine in the Athabasca Basin. Denison Mines Corp. has earned a 51% interest in the Huard - Kirsch Lakes uranium property."

2011-03-03 09:24 ET - News Release

Mr. James Pettit reports


Aben Resources Ltd. (formerly Consolidated Abaddon Resources Inc.) has appointed Ronald Netolitzky as chairman and a director of the company. The company has also appointed Timothy Termuende, PGeo, to its board of directors.

Mr. Netolitzky holds a bachelor of science degree from the University of Alberta and an MSc degree from the University of Calgary, both in geological sciences. He has extensive exploration and mine development experience and is an officer and director of a number of public mining companies currently involved in mineral exploration throughout the world. He was previously chairman and president of Viceroy Resource Corp., which achieved exploration success with its Gualcaymayo gold project in Argentina resulting in the sale of the company to Yamana Gold in 2006. Mr. Netolitzky was also chairman of Brett Resources Inc., which was acquired by Osisko Mining Corp. in the spring of 2010.

Mr. Netolitzky has been directly involved in the mineral exploration industry in Western Canada since 1964. His knowledge of mineral exploration and aggressive business acumen resulted in exploration success on three Western Canadian gold and silver projects (all of which became producing mines), the Eskay Creek and Snip deposits in British Columbia and the Brewery Creek deposit in the Yukon. He was honoured with the Bill Dennis Prospector of the Year Award in 1990 by the Prospectors and Developers Association of Canada.

Mr. Termuende is a professional geologist with over 30 years experience in the mineral exploration industry. He is currently the president and chief executive officer of Eagle Plains Resources Ltd. and Copper Canyon Resources Ltd. in addition to serving as director of a number of other public companies. Since earning his degree in geological sciences at the University of British Columbia in 1987, Mr. Termuende has worked on exploration projects throughout North, Central and South America, and has inspected mineral deposits in the former Soviet Union. Mr. Termuende has been continuously active in mineral exploration throughout Western Canada since 1976 and currently oversees a broad range of continuing exploration projects located throughout British Columbia, Saskatchewan, the Yukon and the Northwest Territories.

Aben also announces the resignation of Donald Myers from its board of directors. "We would like to thank Mr. Myers for his years of service to Aben's shareholders," stated Jim Pettit, president.

Aben announces flow-through and non-flow-through private placements

Aben Resources has arranged a non-brokered private placement of up to six million flow-though units at a price of 25 cents per unit to raise gross proceeds of up to $1.5-million. Each flow-through unit consists of one flow-through common share and one-half of one non-transferable share purchase warrant. Each whole warrant will entitle the holder to purchase one flow-through common share at a price of 55 cents for a period of three years from the date of issuance.

The company also announces a non-brokered private placement of up to 14.5 million non-flow-though units at a price of 20 cents per non-flow-through unit to raise gross proceeds of up to $2.9-million. Each non-flow-through unit consists of one non-flow-through common share and one non-transferable share purchase warrant. Each warrant entitles the holder to purchase one non-flow-through common share at a price of 35 cents per non-flow-through common share for a period of three years from the date of issuance with a forced exercise provision attached to each warrant commencing on the day following the expiry of any applicable hold period on the underlying non-flow-through common shares, stating that if for 10 consecutive trading days the closing price of the listed shares of the company exceeds 50 cents, then the exercise period of the warrants will be reduced to a period of 10 days following such trading days.

The company will pay a 7-per-cent finder's fee payable in units and 7 per cent in B units, in connection with part of this private placement offering.

Aben intends to utilize the proceeds of this private placement toward the exploration and advancement of the company's mineral properties in the Yukon and NWT.

Incentive stock options granted

The company also announces that, pursuant to its stock option plan, it has granted incentive stock options to certain of its directors, officers, consultants and management company employees to purchase up to a total of 3,202,397 common shares in the capital stock of the company, exercisable for a period of five years, at a price of 23 cents per share. The company's 10-per-cent rolling stock option plan was approved by the shareholders at the annual general meeting of the company held on Feb. 23, 2011. Any shares to be issued upon exercise of the stock options will be subject to a hold period and shall not trade before July 2, 2011.
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