CEOCFO-Press Release

Featuring: publicly traded & venture capital companies on the U.S. (NYSE, NASDAQ, AMEX & OTC: BB) and Canadian (TSX & TSX-V) stock exchanges, Investment & Money Management Ideas.

Press Release - Abitex Resources Inc. (ABE-TSXV)

I worked five years in the Otish Mountains back in the early1980’s, so I’ve seen the entire Otish Mountains and all of the uranium showings, but this is by far the most significant outcrop in the Otish Mountains. There is no doubt about it. The quality is there of mineralization and everything else, so we are quite excited about it. The market response to that is that we have had a lot of offers to the company financially as we go along with these projects... - Yves Rougerie(ABE) (Interview published December 11, 2009)

The Most Powerful Name In Corporate News and Information.

CEOCFO-
Members Login
Become A Member!

ABITEX REPORTS GOLD ASSAYS UP TO 73 G/T AT LAVOIE U-AU PROJECT

December 09, 2010, Val-d’Or, Quebec: Abitex Resources Inc. (TSX-V: ABE) (the “Company”) is pleased to announce gold assay results for the Lavoie uranium-gold project located in the Otish Mountains, Quebec. Abitex has an option to acquire a 50% interest in the property from co-owners Areva Canada Resources and Soquem Inc. The property hosts the Lavoie uranium-gold deposit which has an NI 43-101 resource estimate of 391,000 tons grading 0.45% eU3O8 for 3.91M lbs U3O8 in the Indicated category and 749,000 tons grading 0.56% eU3O8 for 9.26M lbs U3O8 in the Inferred category (Press release of March 2, 2010, report available on SEDAR).

In August 2010, the Company completed sampling of the Lavoie deposit definition drill core that has not yet been sampled and assayed for gold. Results of previous sampling were released in 2009 (Press release of December 23, 2009). Results of the 2010 sampling program have now been received and are reported hereafter. Gold rich intervals such as 10.58 g/t over 5.4 meters in hole L-09-65 and 12.02 g/t over 3.0 meters in hole L-09-64 confirm the occurrence of high grade intervals within the deposit and include individual assays as high as 73.4 g/t Au over 0.4 meters in hole L-09-64. Intervals of 0.95 g/t over 22.3 meters in hole L-09-72 and 0.38 g/t over 29.0 meters in hole L-09-59 also confirm the widespread anomalous gold content of the deposit. Results are tabulated according to core lengths. True widths for these intervals have not been calculated. Significant results are presented below:

Hole #	From m	To m	Length M	Au g/T
L-09-50	76.50	86.00	9.50	2.09
incl.	80.50	82.50	2.00	8.96
L-09-51	121.50	125.50	4.00	1.19
L-09-54	94.50	98.00	3.50	0.96
L-09-57	94.00	101.00	7.00	2.37
incl.	98.40	100.00	1.60	10.31
L-09-59	114.00	114.80	0.80	9.90
L-09-63	69.00	76.00	7.00	0.69
L-09-64	57.00	60.00	3.00	12.02
incl.	59.60	60.00	0.40	73.40
and	93.00	93.40	0.40	5.34
L-09-65	69.60	75.00	5.40	10.58
incl.	71.20	72.70	1.50	35.42
and	86.80	90.60	3.80	2.33
L-09-72	91.00	113.30	22.30	0.95
incl.	112.00	112.80	0.80	24.80
L-09-76	75.00	80.10	5.10	0.46
L-09-83A	5.00	8.50	3.50	2.15
incl.	6,30	6.80	0.50	10.30
and	41.50	43.70	2.20	1.83

The following table demonstrates the widespread anomalous distribution of gold within the deposit:

Hole #	From m	To m	Length m	Au g/T
L-09-47	65.00	75.00	10.00	0.16
L-09-48	78.50	95.00	16.50	0.25
L-09-49	44.00	50.00	6.00	0.11
L-09-53	85.00	103.00	18.00	0.14
L-09-55	90.00	106.00	16.00	0.08
L-09-58	84.50	119.70	35.20	0.28
L-09-59	90.00	119.00	29.00	0.38
L-09-63	91.00	101.00	10.00	0.25

“These results, combined with previous significant results, clearly show the potential importance of gold mineralization in the Lavoie deposit” reports Yves Rougerie, President & CEO. “We now recognize that gold is present throughout the deposit, both in widespread fracture-filling mineralization in sandstones as well as high grade veins in gabbro. All Lavoie deposit relevant drill core has now been sampled for gold. A review is under way to estimate the gold content of the deposit. The results of this estimate should be included in a Preliminary Economic Assessment (PEA) of the Lavoie deposit which is targeted for completion in early 2010. The PEA will incorporate geological, mining, environmental and metallurgical data acquired to date on the project and will help in establishing the next stages in the advancement of the project.”

Mineralized drill core samples were split on-site with half the core kept for reference. All half-core samples were shipped to SRC Geoanalytical Laboratories in Saskatoon, Sk, for assay by Fire Assay and gravimetric finish on 30g aliquots. Blanks, duplicates and standards were inserted in the sampling suite as part of a standard QA/QC program.

The technical information in this release has been prepared, reviewed and approved by Yves Rougerie. P.Geo., President and CEO of Abitex and Yolande Bisson, P.Eng., MBA, Lavoie project manager. Mr. Rougerie and Ms Bisson are Qualified Persons as defined by National Instrument 43-101.

CONTACT INFORMATION:

Yves J. Rougerie

President and CEO

Tel: (819) 874-6200

info@abitex.ca

ceocfointerviews.com does not purchase or make
recommendation on stocks based on the interviews published.