Abington Acquires New Gold Project in Nevada
VANCOUVER, BRITISH COLUMBIA: Abington Resources Ltd. (“ABL”-TSX-V, “ABIZF”-OTC) Walter Brenner announces our intent to enter into an arms-length lease of the Juniper gold property in Pershing County, Nevada. The property consists of 110 unpatented lode claims south of Winnemucca.
Terms of the ten-year lease are as follows:
Advance Minimum Royalty Payments: To establish rights for the first year -$25,000US (paid); First Anniversary - $50,000US; Second Anniversary - $50,000US; Third Anniversary - $75,000US; Fourth Anniversary - $100,000US increasing by $25,000 each Anniversary thereafter
Annual Work Commitments: No commitment for Initial Year or First Anniversary year, Second Anniversary year - $100,000US; Third Anniversary Year $150,000US, Fourth Anniversary Year $200,000US increasing by $50,000US each Anniversary year thereafter.
The Juniper property will carry a 3% NSR with an option to purchase one percentage point at $1,000,000 per one-half percentage point.
The general area has a history of both placer and lode deposits. Past exploration on the property was performed by such companies as Newmont, Morrison-Knudsen Gold (MK Gold) and others. Abington will announce additional information on the property following a detailed review of all data available to us.
The Company also announces the termination of our option to purchase the Treasure King property in Arizona. After lengthy discussions on the ability to secure regulatory permits to further advance the project, it was decided that it would prove to be a very costly and time consuming endeavor. At this stage of exploration, we chose to abandon the property.
The technical portion of this release has been reviewed by Qualified Person Laurence Sookochoff, P. Eng.
ABINGTON RESOURCES LTD. is engaged in the acquisition, exploration, development and production of precious metals and natural resources. The Company has no debt (other than short-term payables) and derives an income from oil wells in Western Canada.