International Uranium Corporation announced that the summer/fall exploration program on Consolidated Abaddon's Sims Lake uranium project located northwest of Churchill Falls in western Labrador is now underway. International Uranium Corporation (IUC) is the operator and has been granted the right and initial option to acquire a 51% interest in the uranium rights to the Sims Lake property over a period of two years.

A drill contract has been let to Lantech Drilling Services Ltd. The drilling contractor has now mobilized equipment and crew onto the Sims Lake property and drilling will start immediately. It is anticipated that the initial drilling will consist of 3 – 4 holes covering two main target areas. A conductor has been confirmed as lying beneath the Sims Formation rocks at or near the unconformity with the Knob Lake type rocks. Reducing environments (conductors) in this environment present attractive uranium drill targets.

Consolidated Abaddon is managing the work program at this time. Establishment of a 28 kilometre line-cut grid has been completed. Vickers Geophysics Inc. has been contracted to conduct magnetometer, VLF-EM, and Max Min (Horizontal Loop- EM) surveys on the Sims Lake grid. Vickers Geophysics has mobilized a crew to the property and the surveys are in progress. A reconnaissance boulder survey is also underway to further identify prospective portions of the unconformity for further drilling.

The similarity in ages and relationships between the Sims Lake Formation and the Knob Lake group of rocks makes the western Labrador setting analogous to other Proterozoic basins around the world that host unconformity type uranium deposits, most notably the Athabasca Basin of northern Saskatchewan. The depth to the perceived unconformity in the Sims Lake Basin ranges from surface to 150 metres on the property.