VAL-D'OR, QC, March 22, 2012 /CNW Telbec/ - Abitex Resources Inc. (TSXV: ABE) (the "Company"; "Abitex") is pleased to announce it has signed an agreement to purchase two (2) claim units in the Otish Mountains area of Quebec. The agreement, subject to regulatory approval, calls for Abitex to pay $10,000 and issue 150,000 common shares to the vendor, who also retains a 2% NSR interest in any future mineral production from the property. Abitex has the right to buy half the NSR interest at any time for one million dollars.
The two claims cover an area of 105.66 hectares and are located within the boundaries of the Company's 100% owned, 53 sq. km Epsilon property. They are known as the "S" showing claims and cover the initial high grade uranium and gold discoveries made in the central area of the Otish Mountains where gold and uranium rich polymetallic mineralization is hosted in sheared gabbro. Twenty four drill holes were completed on the claims in the early 1980's for a total of 961 meters of which twenty totalled less than 50m and the longest totalled only 177m.
Yves Rougerie, President & CEO, comments: "The acquisition of these claims adds exploration potential to the Epsilon property where we have already discovered several significant uranium-gold occurrences, including the Epsilon A and Epsilon B surface occurrences and the Lac Banane boulder field. We will now be able to add to this by further exploring the potential of the "S" showings both along strike and at depth."
Abitex Resources is an exploration and development company based in Val d'Or, Quebec, which is focused on advancing two uranium properties in the Otish Mountains region of north-central Quebec. The Company announced the results of a positive Preliminary Economic Evaluation ("PEA") for the Lavoie uranium-gold project on January 20, 2012, projecting Gross Income of $636M over a 6-year mine-life, Net Cash Flow of $166M, an NPV of $88M and IRR of 42% based on conservative parameters. The PEA report is available on SEDAR and the Company's website at www.abitex.ca
The information in this release has been reviewed and approved by Yves Rougerie, geo, President and CEO of Abitex Resources. Mr. Rougerie is a qualified person as defined by National Instrument 43-101.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains "forward-looking information" which is subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking information.
For further information:
Yves J. Rougerie
President and CEO
Tel: (819) 874-6200