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Abitex Resources Updates on Epsilon and Lavoie Uranium-Gold Projects

Abitex Resources Inc. (TSX-V: ABE) has provided an update on its Epsilon and Lavoie uranium-gold projects in the Otish Mountains, Quebec.

Epsilon property

On the 100% owned 53.5 sq.km Epsilon project, several new mineralized boulders were discovered at the Lac Banane occurrence located in the eastern part of the property. Originally discovered by SÉRU Nucléaire Ltée (predecessor to AREVA) in the early 1980's, the Lac Banane boulder field consisted of a half dozen small boulders strewn over a restricted area. Abitex crews have discovered several new boulders, some significantly larger than the original boulders, extending the boulder field up-ice towards a yet unknown source. The new boulders consist of strongly altered and mineralized gabbros with visible uranium minerals (uraninite, uranophane, gummite) which locally give off-scale (greater than 15,000cps) SPP2 radiometric readings. Samples have been sent to SRC Geoanalytical Laboratories and assay results are pending.

Most of the summer exploration program was completed on the Epsilon A&B occurrences which are located 750 meters apart in the western part of the property. Discovered in 2008, the Epsilon A outcrop was stripped and sampled in 2009, returning channel sample assays of 0.067% U3O8 and 1.04 g/t Au over 9.9m and grab samples as high as 2.15% U3O8 and 27.7 g/t Au (Press Releases of April 14, 2009 and November 20, 2009). The Epsilon B outcrop, discovered in 2009, was stripped and sampled over a 500 m2 area of mineralization. Channel samples of the lower grade silicified sandstones section of the outcrop returned assays of 0.192% U3O8 and 0.54 g/t Au over 20.7m and 0.214% U3O8 and 0.48 g/t Au over 11.1m. Two 55 kg grab samples in the higher grade section of the outcrop assayed 3.274% U3O8 and 14.82 g/t Au and 0.658% U3O8 and 3.41 g/t Au (Press Release of January 7, 2010). Massive U-Au-Pb-Ag mineralization was also observed at the outcrop level in centimeter thick veins. Initial drilling within 50m of the Epsilon B occurrence in April 2010 failed to intersect any significant mineralization. It is assumed the zone was eroded at surface in this area, as evidenced by a trail of radioactive debris in overburden down-ice from the outcrop. Summer work was subsequently focused on better understanding the geology around and between the two occurrences in preparation of a drill program which will begin this week.

A radon in soil gas survey was completed over the Epsilon A-B grid. Numerous radon anomalies were identified and appear to trace the contact of a large gabbro intrusive east of both occurrences. Trenches were dug on several of these anomalies. None reached bedrock but several had elevated radiometric readings at depth suggesting possible underlying bedrock sources. Other radon anomalies within the grid are associated with weak magnetic anomalies interpreted as gabbro intrusives. - Airborne and recent ground magnetic survey data were combined and interpreted using 3D Inversion techniques and conclude that most gabbro intrusives on the property are sills of limited thickness, not dykes as previously thought. This is an important new fact as all known zones of mineralization on the Epsilon and nearby Lavoie properties are spatially associated with gabbro intrusives. - A review of regional and property structural geology has led to significant new understanding of the geology of the property and the Epsilon A&B area. Further work in this field is required but to date suggests possible new models for emplacement and control of uranium- gold mineralization. - Additional trenching was done on both the Epsilon A and B outcrops. The trenching on Epsilon B exposed additional gabbro outcropping west of the mineralized zone and allowed for detailed structural mapping. Several channel samples were also taken across the high grade portion of the outcrop which had not been channel sampled in 2009. Assays are pending at this time. A new trench was dug on the Epsilon A occurrence north of the 2009 trench. The gabbro-sandstone contact was exposed, and several radiometric anomalies were discovered in both gabbro and sandstones. - Outcropping gabbro intrusive rock was discovered south of the Epsilon B occurrence. Geophysical interpretation of this intrusive indicates it is also a sill. This is a prime target area for the upcoming drill program. - A drill program will begin this week to follow up on the results of the summer program. Both the Epsilon A and B occurrence areas will be targeted.

Lavoie property

On the Lavoie property, work is progressing towards a gold resource estimate in Q4 and a Preliminary Economic Assessment (PEA) in early 2011. Abitex has an option to acquire a 50% interest in the property from co-owners Areva Canada Resources and Soquem Inc. The Lavoie deposit has a 43-101 resource estimate of 391,000 tons grading 0.45% eU3O8 for 3.91M lbs in the Indicated resources category and 749,000 tons grading 0.56% eU3O8 for 9.26M lbs U3O8 in the Inferred category (Press release of March 2, 2010, report available on SEDAR).

Additional drill core sampling was completed over the summer for gold analysis. Assays are pending. All relevant drill core has now been sampled for gold. Once the assay results are received, a resource estimate of the gold content for the Lavoie deposit will be completed. The results of the gold estimate will be included in the Preliminary Economic Assessment which is targeted for completion in early 2010. The PEA will incorporate geological, mining, environmental and metallurgical data acquired to date on the project and will help in establishing the next stages in the advancement of the project.

Exploration project development, fieldwork and reporting for the Epsilon property is contracted to Groupe Omégalpha of Crabtree, Qc. Geophysical interpretations were completed by Abitibi Géophysique inc. of Val d'Or, Qc. Radon in soil gas measurements were done using an AB-5R portable radon detector of the Lucas cell type (alpha scintillometer). All channel and rock samples taken this summer were shipped to SRC Geoanalytical Laboratories in Saskatoon, Sk, for assay by ICP Total Digestion for 46 elements. They will subsequently be assayed for gold by Fire Assay on 30g aliquots. Drill core samples for gold-only assay were also sent to SRC and will be assayed by Fire Assay on 30g aliquots. Blanks, duplicates and standards are inserted in the sampling protocol as part of a standard QA/QC program.

Source: ABITEX RESOURCES INC.

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