| February 25, 2010 Abbastar Commences Drilling on Talbot Lake Gold Project, Ontario | |
| VANCOUVER -- February 25, 2010 -- Abbastar Resources Corp. ("Abbastar or the "Company") [TSX-V: ABA] is pleased to announce the start of a first phase 5000 metre drill program on the Talbot Lake gold project located in northern Ontario. Abbastar has the right to earn a 100% interest from Denison Mines Corp, subject to a 2% NSR, upon expenditures of $7,000,000 over 8 years. Over the last few weeks Abbastar has been engaged in positive communications and relationship building with the Eabametoong First Nation. From these meetings the Company and Chief and Council have committed to a mutually beneficial, co-operative and collaborative working relationship with respect to the first phase drill program at Talbot Lake. The Company is focused and committed to Northwestern Ontario and has always accepted responsibility for strong community relations. "The Company is extremely excited to get started and are looking forward to working cooperatively with the Eabametoong First Nation on our first phase drill program," commented John B. Good, President and CEO. "We are delighted to have the support of the First Nation community and look forward to building a strong relationship to realize the benefits and opportunities from the Talbot Lake Gold Project". "Eabametoong First Nation wish to foster and build a long-term relationship with Abbastar based on principles of honesty, trust and mutual respect for the rights of each other," stated Chief Louis Nate. "We agree to support the first phase drill program and wish them all the best in their exploration at Talbot Lake." The Talbot Lake gold project hosts the "Main Zone" gold deposit which was discovered by Placer Dome in 1985 and acquired by Denison Mines in 1998. It consists of an East-West striking and vertically dipping quartz vein containing visible gold, pyrite, chalcopyrite and sphalerite. Channel sampling by Denison yielded a weighted average grade of 13.8 g/t Au over a width of 3.3m. One channel over a width of 1.8m yielded a spectacular value of 120.0 g/t Au. The gold deposit extends for a depth of approximately 200m and remains open. The following are some significant drill hole intersections by Placer Dome from the "Main Zone"; 16.4 g/t Au over 7.6m, 37.2 g/t Au over 2.5m, 26.9 g/t Au over 2.9m, 7.5 g/t Au over 7.5m. (source: Resident Geologist, Ministry of Northern Development and Mines, Thunder Bay). Exploration on the Talbot Lake gold project is carried out under the supervision of David Hunt, P.Geo., qualified person under NI 43-101. The historical assays have not been verified and as such should not be relied upon. Abbastar has 19,789,412 common shares outstanding. For further information please contact Mr. John B. Good, President & CEO, at (604) 537-0004 or Mr. Morgan Good, Investor Relations at (604) 715-4751. To learn more about Abbastar Resources Corp. [TSX-V: ABA], please visit www.abbastarresources.com On behalf of the Board, John B. Good President & CEO The statements used in this News Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's forward-looking statements and expectations. Neither the 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. | |
You can view the Next News Releases item: Tue Mar 30, 2010, Abbastar Resources; First 2 Holes Intersect GOLD On Talbot Lake Project, Ontario You can view the Previous News Releases item: Wed Jan 27, 2010, Abbastar Provides Update On Talbot Lake Gold Project, Northern Ontario You can return to the main News Releases page, or press the Back button on your browser. |
