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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)

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ABITEX REPORTS GOLD ASSAY RESULTS FOR LAVOIE URANIUM-GOLD PROPERTY

Val d’Or, Quebec, Canada, December 23, 2009 – Abitex Resources Inc. (TSX-V: ABE) (the “Company”) is pleased to announce gold assay results from the Lavoie Uranium-Gold property located 350 km north-east of Chibougamau in Quebec’s Otish Mountains. The property is host to the historic “L” uranium deposit where Abitex has now completed a deposit definition drilling program and is in the process of completing an initial resource estimate. Historic SÉRU Nucléaire (today AREVA) drill results from the early 1980’s had returned significant gold assays in association with the uranium-rich mineralized zones. Twenty four (24) holes drilled in 2008 during the first phase of the Lavoie definition program reported significant uranium intersections. All of these intersections were subsequently re-assayed for their gold content and nine (9) holes reported significant Au values and intersections above 1 g/t Au as presented in the following table:

Hole #

From

To

Core Length

 U3O8

Au

 

m

m

m

 %

g/t

L-08-08

77.10

77.40

0.30

0.249

5.11

L-08-09

74.05

77.55

3.50

0.831

2.94

 

76.05

76.55

0.50

5.354

20.00

L-08-10

74.15

74.65

0.50

0.217

0.93

L-08-14

33.25

34.25

1.00

0.157

1.53

L-08-15

88.35

92.15

3.80

0.207

2.94

 

110.65

111.15

0.50

6.285

1.05

L-08-30

113.95

114.45

0.50

0.200

1.61

L-08-38

53.95

54.95

1.00

0.229

1.96

 

57.25

57.75

0.50

0.678

25.30

L-08-39

65.75

72.15

6.40

0.270

4.92

 

65.75

66.55

0.80

0.097

12.67

 

69.05

70.45

1.40

0.330

5.80

 

71.65

72.15

0.50

0.368

23.90

L-08-43

71.15

71.65

0.50

3.667

3.47

 Lengths in meters core length. True widths are not determined at this time.

 

Yves Rougerie, President & CEO reports: “We are very pleased with these results which confirm the gold enrichment of the “L” deposit as originally determined in the 1980’s. Visible gold sightings in core and the multiple historic and recent high grade assay values indicate the presence of a high grade gold component to the “L” deposit mineralization. This gold content will certainly have a positive impact on the project economics going forward.”

 

The following table lists the significant gold intersections tabulated from the various drill programs on the “L” uranium deposit between 1982 and 1985:

 

Hole #

From

To

Core

Length

Au

Hole #

From

To

Core

Length

Au

 

m

m

m

g/t

 

m

m

m

g/t

OEBL-41

116.90

120.10

3.20

2.22

OEBL-137

58.60

59.60

1.00

2.16

OEBL-44

90.50

91.10

0.60

2.21

and

61.10

63.10

2.00

1.57

OEBL-45

91.00

93.00

2.00

1.89

OEBL-139

61.65

62.65

1.00

5.51

OEBL-60

66.70

67.95

1.25

15.62

and

63.65

64.90

1.25

1.34

OEBL-74

128.25

130.00

1.75

3.27

OEBL-145

53.70

55.40

1.70

17.10

OEBL-129

46.10

46.35

0.25

7.23

OEBL-154

22.82

24.32

1.50

2.26

OEBL-133

57.85

59.10

1.25

12.71

OEBL-156

51.55

53.05

1.50

3.12

and

82.45

82.95

0.50

22.02

OEBL-160

46.35

47.85

1.50

1.60

OEBL-135

55.90

56.40

0.50

3.60

OEBL-163

116.55

117.05

0.50

2.64

OEBL-136

42.95

45.45

2.50

16.18

 

Uranium-Gold deposits are quite uncommon. Abitex’s Lavoie and Epsilon projects in the Central Otish area appear unique in this regard as none of the other significant U occurrences in the Otish Basin have reported any significant gold or polymetallic grades to date. Structurally controlled high grade uranium mineralization in the Lavoie & Epsilon area was followed by a second phase of polymetallic mineralization which carries significant and locally high grade gold as well as significant silver and lead values. Early indications suggest the Epsilon property may host a more significant polymetallic auriferous component than the Lavoie property “L” deposit.

 

The “L” deposit contains a significant shallow depth historic U-Au resource and the Epsilon property’s recent high grade U-Au discoveries by Abitex demonstrate significant near surface potential. In addition to these near surface zones, uranium-gold mineralization likely occurs at depth on both projects just as at Strateco’s Matoush uranium project in the Western Otish. Furthermore, gold rich polymetallic mineralization may occur in those and other settings associated with the same structures controlling uranium mineralization transport and emplacement.

 

Abitex also announces the resignation of Mr. Ian Peres from the Company's Board of Directors. The parting of ways is amicable and Mr. Peres intends to retain his substantial shareholding and has agreed to make himself available on a consulting basis going forward. The Company thanks Mr. Peres for his contributions and wishes him well in his future endeavors.

Abitex further reports that the Company has granted a total of 2,205,000 stock options to directors, officers, employees or consultants at an exercise price of $0.15. The stock options are valid for a five year period.

 

The technical information in this release has been prepared, reviewed and approved by Yves Rougerie, P.Geo., President and CEO of Abitex. Mr. Rougerie is a Qualified Person as defined by National Instrument 43-101. Assay sample pulps from all previously reported uranium intersections from the 2008 program (ref. March 26, 2009 Press Release) were sent to ALS Chemex for assay for Gold by Fire Assay on 30 gram aliquots with an AA and/or gravimetric finish. Laboratory blanks and standards were inserted by ALS.

 

CONTACT INFORMATION:

Yves J. Rougerie

President and CEO

Tel: (819) 874-6200

yrougerie@abitex.ca




    

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