Vancouver, BC – Aben Resources Ltd. (TSX-V: ABN) (FWB: E2L) (the “Company”) (formerly Consolidated Abaddon Resources Inc.) is pleased to announce that it has entered into an Option Agreement dated March 7, 2011 with 0890763 BC Ltd. (the “Optionor”) of Vancouver, BC, whereby Aben may earn a 100% interest in the 31,382 acre Rude Creek South gold, copper and molybdenum property located in the Dawson Range, Yukon.
The Rude Creek South property is located in the heart of Yukon’s White Gold District approximately 40km southeast of Kaminak’s Coffee Creek gold property, 60km southeast of Kinross’ (previously Underworld Resources’) Golden Saddle gold deposit, and 10km east of Western Copper’s Casino gold, copper and molybdenum deposit.
Under the terms of the Agreement, the Company has been granted the option to earn a 100% interest in the 127 sq. km Rude Creek South property by making a $300,000 cash payment to the Optionor and incurring $1,500,000 in exploration expenditures on the property on or before the third anniversary date of the Agreement. The property is subject to a two percent (2%) net smelter return royalty (“NSR”) in favour of the Optionor. Aben Resources has been granted a right to purchase a 1% NSR at any time prior to the commencement of commercial production for the consideration of $1,000,000.
In other news, further to the Company’s news release dated March 3, 2010 announcing a private placement, Aben Resources announces that it will increase its flow-through private placement from 6,000,000 flow-through units to 8,000,000 flow-through units. All other terms of the private placement remain the same.
About Aben Resources:
Aben Resources is a Canadian gold, silver, rare earth and uranium exploration company developing properties in the Yukon, northern Ontario and northern Saskatchewan. The Company is well funded with approx. $3 million in its treasury.
For further information on Aben Resources Ltd. (TSX-V: ABN), visit our Company’s web site at www.abenresources.com.
ON BEHALF OF THE BOARD OF DIRECTORS
JAMES G. PETTIT
For further information contact myself or:
Aben Resources Ltd.
Toll Free: 800-567-8181
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 news release may contain certain “Forward-Looking Statements” that may involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. For a more detailed discussion of such risks and other factors, refer to the Company’s filings with Canadian Securities regulators available on www.sedar.com.