Consolidated Abaddon Resources

Company News

Mar 10, 2010

Consolidated Abaddon Phase One Drill Program Completed on Raleigh Lake Lithium Project
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Overview

Consolidated Abaddon Resources is a lithium, rare earth and uranium exploration company developing properties in northern Ontario and the Athabasca Basin of northern Saskatchewan.

People

James G. Pettit:
Position: Director, President
Jim Pettit has been President and a Director of Consolidated Abaddon Resource Inc. since November 2002. Mr. Pettit is currently serving as a Director on the Boards of 8 junior resource companies and offers 15 years experience within the industry specializing in finance, corporate governance, management, and compliance.

He specializes in the early stage development of private, as well as public companies. His background over the past 15 years has been focused primarily within the resource sector where he has managed and directed junior mining companies through good times and bad.

When Mr. Pettit became President of Consolidated Abaddon, the Company was in need of direction. He identified the imbalance in the uranium sector and decided Abaddon was in a perfect position to exploit this opportunity.

Amanda Chow, CMA
Position: Director
Amanda Chow serves as an independent Director of Consolidated Abaddon Resources Inc. Ms. Chow is a Certified Management Accountant (CMA) and a graduate of Simon Fraser University where she earned her Bachelor of Business Administration degree. She began working with public companies in 1999.

Donald C. Huston
Position: Director
Don Huston has been associated with the mineral exploration industry for over 25 years and has extensive experience as a financier and in-field manager of numerous mineral exploration projects in North America. He was born and raised in Red Lake, Ontario and spent 15 years as a geophysical contractor with C.D. Huston & Sons Ltd. as mineral exploration consultants in northern Ontario, Manitoba, and Saskatchewan. Mr. Huston serves as a Director of 5 Canadian public resource companies.

Donald G. Myers
Position: Director
Don Myers serves as a Director of Consolidated Abaddon Resources Inc. He has over twenty years of experience in public company management and corporate communications working with companies listed on the TSX Venture, NASDAQ, and Toronto Stock Exchanges. Mr. Myers background includes holding the position of Director and Officer of several junior public companies listed on the TSX Venture Exchange.

Nancy Ackerfeldt
Position: Corporate Secretary
Nancy Ackerfeldt has over twenty years of experience in public company administration and compliance, working primarily with junior public companies listed on the TSX Venture Exchange. From August 1995 to date, Ms. Ackerfeldt has been employed with 98 Corporate Group Resources Ltd., a private management and administrative services company which provides office space, accounting, legal, secretarial and support services to public companies.

David Busch, B.A., B.Sc. (hons), PGeo.
Position: Vice President of Exploration and Qualified Person
Mr. Busch, B.A., B.Sc. (hons), PGeo. serves as Consolidated Abaddon's Vice President of Exploration and one of the Company's qualified person as defined in National Instrument 43-101.

Mr. Busch received his Bachelor of Arts Degree in 1970 and his Honors Bachelor of Science Degree in geology in 1974 from Lakehead University. He has held the positions of Field Geologist from 1974 -- 1976 for Phelps Dodge Corp. of Canada, Project Geologist from 1976 -- 1980 for Brinex Ltd., and Senior Project Geologist from 1980 -- 1982 for Getty Canadian Minerals. While with Getty, Mr. Busch supervised several large-scale uranium projects in Athabasca, Saskatchewan.

Property

Selwyn Lake Rare Earth Elements Property, Ontario



The Selwyn Lake Rare Earth Elements property is located in the Selwyn Lake Township of the Thunder Bay Mining Division, Province of Ontario.

Consolidated Abaddon has acquired an option on the Selwyn Lake rare earth claims covering a large and strong REE, Fe, Mo, Th, U3O8 lake sediment anomaly. The anomaly was identified in 1996 by the Ontario Geological Survey and confirmed with further sampling in 2002.

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 multi element (REE) Rare Earth Element anomaly includes 10 lakes on 3 drainage systems. 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 Selwyn Lake sediment anomaly is located astride a splay in a regional structural zone that has been the focus of earlier granitic intrusives. The area has potential for rare earth or molybdenum pegmatites or Olympic Dam style mineralization. There has been limited reported exploration in the area.

A program of prospecting, soil and till sampling is planned this fall for the Selwyn Lake property.

Raleigh Lake Lithium Property, Ontario



The Raleigh Lake Lithium property is located in the Raleigh Township of Kenora Mining Division, Province of Ontario.

Raleigh Lake lithium bearing pegmatites have been known in the area since the 1960's. Provincial government mapping in the 1990's identified a 'Pegmatite Field' trending through the area. A modest drilling program by Avalon Ventures Ltd. in 1999 and 2000 defined several stacked shallow dipping (20-30 degrees) tantalum-lithium bearing dikes in several drill holes. Thicknesses ranged from 1 to 8 metres and were shown to continue 450 metres down dip. Drill holes were relatively shallow and broadly spaced. The pegmatites appear very uniform at the spacing used and occur in volcanic rock flanking granitic intrusions. Only 4 to 5 shallow holes were drilled on the Raleigh Lake property. Historic data available in the Ontario Government geological files reflect certain intersections below.

Hole # RL 99-01 0.56 % Li (lithium) over 3.2 metres
Hole # RL 99-04 1.00 % Li over 4.1 metres
Hole # RL 99-05 1.50 % Li over 6.9 metres
A crew has been mobilized to the Raleigh Lake Lithium project. The initial exploration program will consist of compilation of previous data from a modest drill program that was completed in 1999, locating of drill collars in the field and the re-logging of existing core. A detailed mapping program of abundant lithium bearing pegmatite outcrops located on the Raleigh Lake property and a tightly spaced detailed magnetometer program to better define the known geological structures will also be completed.

Consolidated Abaddon is conducting this autumn exploration program with the intent to utilize all data gathered (new and historic) to direct the Company towards a winter 2009 -- 2010 comprehensive drill program.

Gama Lake Lithium Property, Northwestern Ontario



Consolidated Abaddon's 3520 acre Gama Lake Lithium Property is located approximately 150 km north of Red Lake, Northwestern Ontario, along the contact of the Berens River Subprovince, and the Sachigo Subprovince.

The property is associated with the discovery of spodumene / lithium pegmatites in the general area. A major northwest-southeast trending regional structure, the Bearhead Lake Fault, traverses the length of the Gamma Lake property and separates two contrasting terrains.

Consolidated Abaddon's Mann Lake Uranium Project, Athabasca Basin

Consolidated Abaddon holds interest in approx. 40,000 acres (160 square km) of highly prospective ground within the eastern flank of the Athabasca Basin in northern Saskatchewan. Canterra Minerals is actively exploring Abaddon's 40% owned Canterra 60% owned Mann Lake property, which is located approx. 25 km to the SSW of the McArthur River Mine and 15 km to the NE of Cameco's Millennium (U3O8) discovery, and occurs at the northern extent of the B1 conductor.

The adjacent property to the Mann Lake property of significance is the Cree Extension joint venture hosting the Millennium deposit to the southwest. Cree Extension is a joint venture among Cameco Corporation, as operator, JCU (Canada) Exploration Co. Ltd., UEM Inc., and Cogema Resources Inc. In 2000, Cameco discovered the Millennium Uranium Zone on the Cree Extension using geophysical and geochemical techniques. The Millennium uranium deposit is located approximately 15 km southwest of the southern boundary of Consolidated Abaddon's Mann Lake property.

The other property of significance is the adjoining Mann Lake property to the east. In June 2006, Cameco Corporation, UEM Inc., and Int'L Enexco joint venture on the adjoining Mann Lake property, which is "beside" Consolidated Abaddon's Mann Lake project to the east, announced successful drill results. Two holes were drilled and targeted the western most conductor within a resistivity low. One hole intersected the unconformity at 517.8 metres and encountered four narrow intervals of basement-hosted uranium mineralization within 12 metres of the unconformity. The two highest-grade intervals averaged 7.12% U308 over 0.25 metre and 5.53% U308 over 0.4 metre. In November 2006, Int'L Enexco announced Cameco has tripled its budget for the 2007 exploration on their Mann Lake property.

The Feb. 2005 43-101 report on Consolidated Abaddon's Mann Lake project recommended that further investigation of the conductors located near Marean Lake on the Mann Lake property should be undertaken. The GSC aeromagnetic digital data should be obtained and the current interpretation refined. The geophysical anomalies identified at Marean Lake will be followed up with detailed fixed loop EM surveys. It is anticipated that the detailed surveys will yield sufficient drill targets to warrant 2 or 3 diamond drill holes as a first pass at exploration. These holes will be planned for depths in the order of 900m.

The full Feb. 2005 43-101 report regarding the Mann Lake and Huard-Kirsch Lakes uranium properties can be viewed at www.sedar.com

In May 2005, Consolidated Abaddon announced it has established a new grid of 21.9 line kilometres on the Marean Lake area in the centre of the Mann Lake claim block. There was a previous grid established here and geophysical survey conducted by Uranium Power Corp. in 1999-2000. The grid Consolidated Abaddon established was cut at a different angle than Uranium Power to allow for a better interpretation and correlation of the suspected basement conductors on the Marean Lake area. The Company has now completed a gravity survey on parts of the new grid, which indicates reactive basement faults and provides Consolidated Abaddon with prospective drill targets.

In September 2005, Triex Minerals Corp. TSX.V: TXM (now Canterra Minerals Corp TSX-V: CTM) entered into an Option Agreement under which Canterra can earn an initial 51% interest in the Mann Lake property by incurring $1,500,000 of exploration expenditures on or before March 20, 2007 and making a cash payment of $50,000.

In April 2006, Canterra Minerals Corp. undertook a detailed ground geophysical survey to fully delineate drill targets. A Phase One 4,000 metre diamond drill program began September 2006 following the geophysics.

In January 2007, Consolidated Abaddon and Canterra Minerals announced that alteration and geochemical anomalies are confirmed by the recently completed, first pass drill program on the Mann Lake uranium property, in the eastern Athabasca Basin, Saskatchewan. A $1.2-million follow-up diamond drilling program started in the second half of 2007.

The five hole Phase 1 drill program tested an easterly to southeasterly trending structural corridor about one kilometre wide, which runs across the central part of the property, and truncates the regional northeasterly grain of conductors, linears, and magnetic features. A ground-based gravity survey completed last winter delineates individual faults in the corridor (see the image map below.).

Hole MN06-005 is located on the northern side of the structural corridor, and approximately one kilometre to the north of Hole MN06-002. It intersected the unconformity at 631 metres. A four metre wide zone of anomalous Boron (up to 1758 ppm Bo) was encountered in sandstone immediately above the unconformity.

The Huard-Kirsch Lakes Uranium Project, Athabasca Basin



Consolidated Abaddon holds interest in approx. 40,000 acres (160 square km) of highly prospective ground within the eastern flank of the Athabasca Basin in northern Saskatchewan. Denison mines is actively exploring the Company's Huard - Kirsch Lakes property, which is situated approx. 20 km to the NW of Cameco Corporation's high-grade McArthur River Uranium Mine.

The Feb. 2005 43-101 report on the Huard-Kirsch Lakes project recommended that the conductors on the Huard - Kirsch Lakes property considered to be related to basement graphitic horizons or structures from the MEGATEM Airborne survey completed in February 2005 be followed up on the ground with fixed loop or moving loop TEM surveys. The magnetic data obtained from the Airborne survey will be modeled and the interpretation used to guide the ground follow-up program. The conductors defined from the ground surveys will be drill tested.

The full Feb. 2005 43-101 report regarding the Mann Lake and Huard - Kirsch Lakes uranium properties can be viewed at www.sedar.com

The conductors located in the prior work by Cogema Resources show up well on the MEGATEM Airborne survey. These conductors are the first priority targets on the project. It is anticipated that the detailed surveys will yield sufficient drill targets to warrant 2 or 3 diamond drill holes as a first pass at testing targets. These holes will be planned for depths in the order of 800m.

In November 2005, Denison mines Corp. (TSX: DML) signed an Option Agreement whereby IUC has the option to acquire a 51% interest in Consolidated Abaddon's Huard - Kirsch Lakes uranium property. IUC can earn a 51% interest in the property by incurring Cdn $1,500,000 of exploration expenditures on or before November 1, 2008 and has paid a cash payment of Cdn $25,000.

During 2006, Denison Mines completed several exploration surveys on the Huard-Kirsch Lakes project to date. Exploration has consisted of grid establishment, boulder geochemistry, airborne and ground geophysics. Denison Mines is preparing to test a broad basement conductor at an interpreted depth of 750 metres below surface. The property is interpreted to be underlain by a conductive meta-sedimentary sequence that has never been drill tested. Interpretations of this data suggest that the anomaly represents a favorable target for exploration for unconformity uranium deposits.

In February 2007, Abaddon announced that Denison Mines Corp. (TSX: DML) has informed the Company that a diamond drill program on the Huard-Kirsch Lakes property is planned for March 2007. A total of approximately 1,700 metres of drilling is planned for the Haurd-Kirsch Lakes project this winter as a 1st phase drill program.

Politics

Projects throughout Canada, politically stable, mining friendly jurisdictions.

Paper

Shares Outstanding – 48.3 Million
Fully Diluted - 61 Million
Options – 4,301,052
Warrants Outstanding – 8,409,375

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