Aben Resources Ltd. has executed a formal option agreement (subject to regulatory approval) with Eagle Plains Resources Ltd. whereby Aben holds the exclusive right to earn a 100% interest, less 2% Net Production Royalty ("NPR") in the road-accessible Slocan Graphite Project located 34km northwest of Castlegar, British Columbia. Under terms of the Agreement, Aben must complete $1,000,000 in exploration expenditures, issue 850,000 common shares and make $150,000 in cash payments to Eagle Plains over a three year period. In addition, if at any time Aben or its successors report a resource of greater than 10Mt for tenures comprising the property, EPL will receive a one-time "Success Fee" of 500,000 Aben shares.
The Slocan Graphite project consists of 2,387 ha owned 100% by Eagle Plains with no underlying royalties or encumbrances. The property hosts several large flake graphite-bearing outcrops and float occurrences known as the Tedesco Zone, which is interpreted to extend over 2.0km. Eagle Plains recently completed fieldwork on the property and is encouraged by preliminary field observations, with the program focused on prospecting and geological mapping in underexplored areas of the property in an effort to locate extensions of the known graphite mineralized horizon and to better understand controls on mineralization.
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About Aben Resources Ltd
Aben Resources (CVE:ABN) (OTCMKTS:ABNAF) (FRA:E2L2) is a Canadian gold exploration company developing gold-focused projects in British Columbia and the Yukon Territory. Aben is a well-funded junior exploration company with over $1.5 million in the Company's treasury. For further information on Aben Resources Ltd. (CVE:ABN), visit our Company's web site at www.abenresources.com.
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Eagle Plains Resources Ltd.
Aben Resources Ltd