Abbastar Commences Drilling on Talbot Lake Gold Project, Ontario
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.
Abbastar Provides Update On Talbot Lake Gold Project, Northern Ontario
Since the New Year the Company has been very active choosing the appropriate contractors and organizing related logistics to carry out an aggressive 5000 metre drill program at Talbot Lake. Management has proposed a first phase program and budget which envisions a start date within the next 2-3 weeks and continuing for the next 3 months.
In conjunction with the drill program planning, Abbastar has also initiated communication with Eabametoong First Nation. The Company recognizes the importance of a mutually beneficial, co-operative and productive relationship on the traditional lands of the First Nation people. We also realize that mineral exploration must contribute to the benefit of all stakeholders involved. Abbastar looks forward to working cooperatively with the Eabemetoog First Nation, other First Nations and local communities of the area on our Talbot Lake GOLD Project. The Company is focused and committed to Northwestern Ontario and has always accepted responsibility for strong community relations. Based on principals of trust, good faith and mutual respect, we look forward to building a strong relationship to realize the benefits and opportunities from the mineral exploration industry.
"The Company is extremely excited to get started on our first phase drill program at the high grade Talbot Lake gold deposit" commented John B. Good, President and CEO. "Given the strong market demand for gold, this project has become a very important and valuable asset in the growth of Abbastar".
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 Aubrey Eveleigh, P.Geo., qualified person under NI 43-101. Mr. Eveleigh has reviewed and approved this news release. The historical assays have not been verified and as such should not be relied upon. Abbastar plans to immediately complete an NI 43-101 Technical Report with respect to the Project.
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
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.
Abbastar Closes $1,000,000 Private Placement for Upcoming Drill Program at High Grade Talbot Lake Gold Deposit
The Company has paid a cash finder's fee to First Canadian Securities(r) (a division of Limited Market Dealer Inc.) equal to 5% of the proceeds of the private placement plus 312,500 two-year non-flow-through finder's options ("Finder's Options"). Each Finder's Option entitles the holder to purchase one unit of the Company at a price of $0.32 per unit (the "Finder's Units") until December 18, 2011. Each Finder's Unit is comprised of one common share of the Company, and one half of one non-transferable share purchase warrant (the "Finder's Warrants"). The Finder's Warrants otherwise have the same terms as the share purchase warrants comprising the FTUs.
The securities are subject to a four-month hold period pursuant to applicable securities laws and regulations. The hold period will expire on April 19, 2010.
The funds raised will be used for an aggressive drilling program planned for January at the high grade Talbot Lake gold deposit, located in the prolific gold producing area known as the Uchi Subprovince of northern Ontario. A minimum 5000 metre drill program will test the down plunge extensions of the "Main Zone" and "East Zone" gold deposits. Historical drilling by Placer Dome intersected 16.4 g/t Au over 7.6 metres at the "Main Zone" and 7.0 g/t Au over 6.5 metres at the "East Zone". Importantly, there is considerable potential elsewhere on the property in similar structures to the known gold bearing zones and those will be tested during this drill program as well.
Abbastar Resources Corp. acquired the right to earn 100% interest from Denison Mines Corp., subject to a 2% NSR, upon expenditures of $7,000,000 over eight years. Please visit our website www.abbastarresources.com to learn more about the Company and view the presentation on the Talbot Lake GOLD Project.
"We are very pleased to be commencing our relationship with MineralFields Group", said John B. Good, President and CEO of the Company. "This is an important milestone in the growth of Abbastar and we look forward to working with MineralFields Group as we develop our mineral properties in Ontario and Quebec."
About MineralFields, Pathway and First Canadian Securities(r)
MineralFields Group (a division of Pathway Asset Management), based in Toronto, Vancouver, Montreal and Calgary, is a mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds (including the Pathway Multi Series Funds Inc. corporate-class mutual fund series). Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities(r) (a division of Limited Market Dealer Inc.) is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, and offers investment banking, mergers and acquisitions, and mining industry consulting, services to resource companies. MineralFields and Pathway have financed several hundred mining and oil and gas exploration companies to date through First Canadian Securities(r).
On behalf of the Board,
John B. Good
President & CEO
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.
Abbastar Raises $1,000,000 To Drill High Grade Talbot Lake Gold Deposit
The Company will pay a cash finder's fee to First Canadian Securities® (a division of Limited Market Dealer Inc.) equal to 5% of the proceeds of the private placement plus 312,500 two-year non-flow-through finder's options ("Finder's Options"). Each Finder's Option will entitle the holder to purchase one unit of the Company at a price of $0.32 per unit (the "Finder's Units") for a period of two years. Each Finder's Unit will be comprised of one common share of the Company, and one half of one non-transferable share purchase warrant (the "Finder's Warrants"). The Finder's Warrants otherwise have the same terms as the share purchase warrants comprising the FTUs.
The private placement and the finder's fee are subject to the approval of TSX Venture Exchange.
The funds raised will be used for an aggressive drilling program planned for January at the high grade Talbot Lake gold deposit, located in the prolific gold producing area known as the Uchi Subprovince of northern Ontario. A minimum 5000 metre drill program will test the down plunge extensions of the "Main Zone" and "East Zone" gold deposits. Historical drilling by Placer Dome intersected 16.4 g/t Au over 7.6 metres at the "Main Zone" and 7.0 g/t Au over 6.5 metres at the "East Zone". Importantly, there is considerable potential elsewhere on the property in similar structures to the known gold bearing zones and those will be tested during this drill program as well.
Abbastar Resources Corp. acquired the right to earn 100% interest from Denison Mines Corp., subject to a 2% NSR, upon expenditures of $7,000,000 over eight years. Please visit our website www.abbastarresources.com to learn more about the Company and view the presentation on the Talbot Lake GOLD Project.
"We are very pleased to be commencing our relationship with MineralFields Group", said John B. Good, President and CEO of the Company. "This is an important milestone in the growth of Abbastar and we look forward to working with MineralFields Group as we develop our mineral properties in Ontario and Quebec."
About MineralFields, Pathway and First Canadian Securities®
MineralFields Group (a division of Pathway Asset Management), based in Toronto, Vancouver, Montreal and Calgary, is a mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds (including the Pathway Multi Series Funds Inc. corporate-class mutual fund series). Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities® (a division of Limited Market Dealer Inc.) is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, and offers investment banking, mergers and acquisitions, and mining industry consulting, services to resource companies. MineralFields and Pathway have financed several hundred mining and oil and gas exploration companies to date through First Canadian Securities®.
On behalf of the Board,
John B. Good
President & CEO
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.
Abbastar Closes Private Placement
The Company has issued 1,000,332 common shares at a price of $0.30 per share for gross proceeds of $300,100. The proceeds from the financing will be used for exploration expenditures. The Company will pay a $9,975 referral fee to Research Capital Corporation.
The shares are subject to a four-month hold period pursuant to applicable securities laws and regulations. The hold period will expire on April 4, 2010.
Insider / Pro Group Participation:
Name Insider = I # of Shares Pro Group = P Barry Allan P 166,667 Scott Cathcart P 83,333 Aubrey Eveleigh I 83,333 John Eymann P 85,000 Matthew Skipp P 166,666
To learn more about Abbastar Resources Corp., visit our website at www.abbastarresources.com.
On behalf of the Board,
John B. Good
President & CEO
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.