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ABERDEEN INTERNATIONAL VENDS ETHIOPIAN EXPLORATION ASSETS TO AVION RESOURCES CORP AND RETAINS ROYALTY INTEREST

11/17/2007


ABERDEEN INTERNATIONAL VENDS ETHIOPIAN EXPLORATION ASSETS TO AVION RESOURCES CORP AND RETAINS ROYALTY INTEREST


FOR IMMEDIATE RELEASE
November 27th, 2007

Toronto, Ontario, November 27th, 2007 : ABERDEEN INTERNATIONAL INC. (“Aberdeen” or the “Company”) (TSX Venture Exchange: AAB) is pleased to announce that it has agreed to Vend its exploration prospects in the North and West regions of Ethiopia to Avion Resources Corp (TSX Venture Exchange: AVR). Aberdeen is the sole recorded and beneficial owner of a 100% undivided interest in exploration licences in Ethiopia covering an aggregate of 2,674 km2 in the Northern Regional State of Tigray and 1,766 km2 in the Western regional State of Asosa.
Aberdeen has agreed to vend its Ethiopian exploration licenses for the following consideration:
  • $250,000 upon receipt of regulatory approval for the transaction
  • $750,000 on or before June 30, 2008
  • $1,000,000 on or before December 31, 2008
  • A Retained 1.5% Net Smelter Royalty in respect of the exploration licenses
  • 1,500,000 Avion share purchase warrants, each of which will entitle Aberdeen to acquire one Avion common share at a price of $0.44 for a period 18 months following issue and
  • Avion agreeing to assume Aberdeen’s obligations to Ethio-Gibe Canada Mining PLC, which is the company that assisted Aberdeen in the acquisition of its properties in Ethiopia, as has been previously disclosed.
  • The payments set out above shall be made in cash, or common shares of Avion upon the mutual agreement of both parties, with any common shares to be issued at a price equal to the 30-day volume weighted average trading price for Avion common shares on the TSX Venture Exchange.
George Faught, Aberdeen’s President and CEO, stated “Aberdeen has been successful in securing some of the most prospective exploration licenses in the Northern and Western parts of Ethiopia. The initial exploration program conducted by the Company has identified a number of priority exploration targets. Given the Company’s recent transition to a global resources investment company, we believe the sale of the exploration licenses to Avion, an exploration focused company, will unlock the full potential of these properties” Mr. Faught added “Aberdeen will continue to participate in the future success of the Ethiopian properties through a direct royalty interest and as a 19% shareholder of Avion.”

Summary of Ethiopian Phase 1 Exploration Program

The aim of Phase 1 was to identify and acquire the most prospective base and precious metal properties within Ethiopia and target specific regions within the properties and the country as a whole, for continuing exploration programs. The low-grade metamorphic volcano-sedimentary belts of the Arabian-Nubian Shield in Ethiopia are known hosts to orogenic gold and volcanogenic massive sulphide (VMS) deposits both within the country (Lega Dembi gold deposit, southern Ethiopia) and in surrounding countries (Asmara and Bisha VMS deposits, Eritrea).

Aberdeen conducted a Phase 1 Program between March and August 2007, which involved data compilation and targeting, geological evaluation (satellite imagery), property acquisition, geological mapping and sampling, and airborne geophysical surveys (heliborne magnetic-radiometric-electromagnetic surveys). Caracle Creek International Consulting Inc. (“CCIC”), a Canadian-based independent consulting company, was retained to complete the Phase 1 exploration programs.

Phase I Exploration

The first phase of exploration focused on assessing the most prospective portions of the potentially mineralized belts and acquiring substantial claims within those regions.