VAL-D'OR, QC, Sept. 16 /CNW Telbec/ - Abitex Resources Inc. (TSX-V: ABE) (the "Company") is pleased to announce that it has signed an option agreement with Bonterra Resources Inc. (TSX-V:BTR) ("Bonterra") of Vancouver, British Columbia whereby Bonterra can acquire the Company's Barry Lake gold property located 125 km east of Lebel-sur-Quévillon, Quebec in the Barry-Urban greenstone belt. Bonterra can acquire an initial 50% interest in the property over a four year period by paying $10,000 and issuing a total of 1,250,000 shares to Abitex and completing exploration expenditures totaling $750,000. Bonterra can further acquire outright ownership of the property by paying an additional $100,000 and issuing 100,000 shares to Abitex.
"Abitex's main focus is the advancement of its Lavoie and Epsilon uranium-gold projects in the Otish Mountains region" comments Yves Rougerie, President & CEO of Abitex. "In this context, the Barry Lake property was available for acquisition. Bonterra's proposal and commitment to initiate new drilling on the property in the short term were instrumental in our choice to deal the property to them. Abitex will assist Bonterra going forward to facilitate their work programs."
About ABITEX
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Abitex Resources is an exploration and development company based in Val d'Or, Quebec, which is currently focused on acquiring and advancing uranium properties in Quebec. A recently released initial resource estimate for the Lavoie uranium-gold project in the Otish Mountains by InnovExplo Inc. reported Indicated resources of 3.9M lbs U3O8 grading 0.45% and Inferred resources of 9.3M lbs U3O8 grading 0.56%. The NI 43-101 report is available on SEDAR. On the nearby Epsilon property, Abitex has made two significant outcropping U-Au discoveries in the last year which have reported high grade uranium and gold values. The Company also owns the Jolin gold property near Val d'Or which hosts historic gold resources and the St. Stephen nickel-copper property in New Brunswick under option to Continental Nickel Ltd.
The Company's public documents may be accessed at www.sedar.com
For further information on the Company, visit our website at www.abitex.ca
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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.
%SEDAR: 00003760EF
For further information: Yves J. Rougerie, President and CEO, Tel: (819) 874-6200, [email protected]
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