VAL D'OR, QC, April 19 /CNW Telbec/ - Abitex Resources Inc. (TSX-V: ABE) (the "Company") is pleased to announce that the report for the NI 43-101 resource estimate for the Lavoie uranium-gold project, prepared by InnovExplo Inc. ("InnovExplo "), is now available on SEDAR and on the Company's website. The Lavoie property is located 350 km northeast of Chibougamau in the Otish Mountains, Quebec.
The NI 43-101 resource estimate for the Lavoie uranium project, based on a 0.10% U3O8 lower cut-off grade and a minimum true width of 1.5 metres, reports Indicated Mineral Resources of 391,000 tonnes grading 0.45% eU3O8 (equivalent U3O8) containing 3.91 million pounds U3O8 and Inferred Mineral Resources of 749,000 tonnes grading 0.56% eU3O8 containing 9.26 million pounds U3O8.
"Abitex has more than doubled the historic resource on the Lavoie property in less than 18 months and with only 11,000 metres of drilling," reports Yves Rougerie, President & CEO. "The Lavoie deposit is one of three major uranium occurrences in the Otish Mtns, indicative of the potential of this emerging uranium camp to develop into a producing region. Areva was very helpful in providing us with their entire proprietary historic database for the property as well as specific technical assistance when requested. This in turn allowed for a more extensive and complete project review and compilation prior to the resource evaluation by InnovExplo."
The new resource is robust at different cut-off grades. The deposit hosts a high grade core which could positively impact future project economics. The entire resource is located between surface and a maximum depth of 160 metre, over a strike length of more than 1.5 km, suggesting it has significant open-pit potential. The Lavoie property has excellent potential for resource upgrade from the Inferred to the Indicated category with minimal additional drilling required, as well as significant resource expansion potential along strike, near surface and at depth. Furthermore, almost no drilling has been completed below a depth of 200 metres to test the favourable host structure. As the unconformity is located at a depth well in excess of one kilometre in the area of the project, significant potential for new discoveries of different types (Lavoie, Matoush or unconformity models) at depth is considered high.
The Lavoie property is the subject of an acquisition and joint venture option agreement between Abitex and equal owners Areva Resources Canada and Soquem Inc. whereby Abitex can earn a 50% interest by completing a pre-feasibility study by the end of 2011.
This press release has been approved by Yves Rougerie, Geo., President & CEO of Abitex Resources Inc. and Yolande Bisson, P.Eng., Project Manager for Abitex, who are both qualified persons as defined under National Instrument 43-101.
The Qualified People for the Mineral Resource Estimates as defined by National Regulation 43-101 were Pierre-Luc Richard, B.Sc., P.Geo. and Alain Carrier, M.Sc., P.Geo. (InnovExplo Inc.), and the effective date of the estimate is February 26, 2010. National Regulation 43-101 and CIM definitions were followed.
The Company's public documents may be accessed at www.sedar.com
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.
SOURCE ABE Resources Inc.
For further information: For further information: Yves J. Rougerie, President and CEO, (819) 874-6200, Fax: (819) 874-6202, email@example.com; www.abitex.ca