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JACKSON MANION
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Latest Information  September 12, 2002 Consolidated Abaddon has arranged a non-brokered private placement of up to 1.25 million units at a price of 15 cents per unit. Each unit will consist of one share and one share purchase warrant to purchase an additional share of the company. Company shares are currently trading at 15 cents, with 2.89 million shares currently issued and outstanding. Consolidated Abaddon plans to use the proceeds of the placement for exploration expenditures on its Botwood basin property, in the Gander River project, Newfoundland, Sobeski Lake property, in the Black Bear area, Red Lake district, Jackson-Manion property, in the Birch-Uchi Lake greenstone belt area, Red Lake district, Ontario, and for general working capital purposes. August 31, 2002 Commissioned geologic report - an evaluation report dated July 8, 2002, on the Jackson-Manion north gold property recommends a phase I exploration program consisting of a mobile metal ion soil survey and follow-up sampling and prospecting at an estimated cost of $110,000. Depending on the results of the phase I program, a phase II program consisting of diamond drilling has been proposed at an estimated cost of $231,000. August 31, 2002 Commissioned geologic report - an evaluation report dated July 8, 2002, on the Jackson-Manion north gold property recommends a phase I exploration program consisting of a mobile metal ion soil survey and follow-up sampling and prospecting at an estimated cost of $110,000. Depending on the results of the phase I program, a phase II program consisting of diamond drilling has been proposed at an estimated cost of $231,000. |
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