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VANCOUVER, June 24 /CNW/ - Abbastar Resources Corp. ("Abbastar" or the "Company") (TSX-V: ABA) is pleased to announce that shareholders approved all resolutions brought before them at the Company's Annual General Meeting ("AGM") held yesterday.
Thomas Bell, Aubrey Eveleigh, Donald Gordon, Patrick Lavin and James Turner were re-elected as directors of the Company for the ensuing year. DeVisser Gray LLP, Chartered Accountants were re-appointed as the Company's auditors and shareholders approved a new share option plan which authorizes the Company to grant options for up to four million shares.
Within the next two weeks the Company expects to receive the results from the remaining eight (8) of 17 holes drilled during the first phase drill program at Talbot Lake. The eight drill holes were testing geological/geophysical targets other than the known gold deposits to possibly discover additional gold bearing zones on the property.
About the Talbot Lake Gold Project
The Talbot Lake Project is located within the world-renowned gold producing "Uchi Subprovince" of northwestern Ontario. This prolific gold producing area is host to the Red Lake and Pickle Lake gold mining camps and has produced in excess of 40 million ounces of gold.
The Talbot Lake 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, copper sulphide and zinc sulphide. Channel sampling by Denison indicated an approximate strike length of the Main Zone to be 48m with 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). The historical assays have not been verified and as such should not be relied upon.
Abbastar has the right to earn 100% interest from Denison Mines Inc., subject to a 2% NSR, upon expenditures of seven million dollars over 8 years.
Abbastar has 20,274,412 common shares outstanding.
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.
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| Source: cnwgroup |
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