Abacus Provides Update on the Ajax Copper-Gold Project
VANCOUVER, BRITISH COLUMBIA, Nov 21, 2012 (Menafn - Marketwire via COMTEX) --Abacus Mining & Exploration Corporation ("Abacus" or the "Company") announces that in a letter addressed to the community of Kamloops, B.C., the operator of its 20% interest Ajax copper-gold project, KGHM International Ltd. ("KGHMI") provided assurance of their commitment and expertise to advance the Ajax project to the highest social and environmental standards.
In the statement, KGHMI outlined their approach since becoming operator of the Ajax copper-gold project on September 1, 2012:
"We have dedicated all necessary resources, both internal and external, to ensure that our approach to the development of this project is socially and environmentally responsible, innovative yet sound, and technically viable. We are committed to earning the social license needed to develop this project and to gain the community's trust by demonstrating that we will build and operate the Ajax mine according to the same high standards to which we conduct all of our operations."
Currently KGHMI operates six mines in Canada, the United States and Chile and is advancing two other development projects in Canada and Chile. Since taking over operatorship of the Ajax project, KGHMI has appointed a new management team to the project and is continuing to advance the permitting process while conducting a technical review. Public information sessions are being planned for the month of January 2013, during which KGHMI will introduce itself to the community and to allow the community to personally meet the new project leadership team. These information sessions will provide an open forum to further engage the people of Kamloops and to establish ongoing dialogue that is a key to developing a successful, long-term partnership.
Jim Excell, CEO of Abacus commented, "KGHM International Ltd. (formerly Quadra FNX Mining Ltd.) is a respected Canadian mining company with an extensive record of developing mining operations. We are pleased that they are fully engaged in continuing to advance the permitting process for the Ajax project, building on the foundation put in place by the Abacus team since early 2011. We have every confidence in their capabilities to develop the project in a manner that will be positive for the City of Kamloops and the Province of British Columbia."
To view the letter addressed to the community of Kamloops, B.C., visit the following link: http://media3.marketwire.com/docs/KGHM_Letter.pdf
Abacus continues to work with its financial advisor Stifel Nicolaus Canada Inc. in the process of realizing potential strategic opportunities to maximize the value of its 20% interest in the Ajax Project and will announce developments as appropriate.
On Behalf of the Board,
ABACUS MINING AND EXPLORATION CORPORATION
James D. Excell, President & CEO
Donna Yoshimatsu, Director, Investor Relations
About Abacus
Abacus is a mineral exploration and mine development company with a 20% interest in the feasibility stage Ajax copper-gold project located near Kamloops, B.C. The Ajax Project is a joint venture between Abacus Mining & Exploration Corporation and KGHM Polska Miedz S.A. ("KGHM") through KGHM Ajax Mining Inc. ("KGHM Ajax"), and is operated by KGHM International Ltd., a subsidiary of KGHM.
The Ajax project NI 43-101 Feasibility Study supports production of a total of 2.5 billion lbs of copper and 2.28 million ozs of gold in concentrate, or an average of approximately 109 million lbs of copper and 99,000 ozs of gold annually, over a 23 year mine life. Total proven and probable mineral reserves are estimated at 3 billion lbs Cu and 2.7 million ozs Au at 0.27% Cu and 0.17 g/t Au based on 2.50 Cu and 1,085 Au. The proposed mine plan envisages a conventional open pit operation processing 60,000 tonnes per day or 21.9 million tonnes per year of ore. (see Report titled "Ajax Copper/Gold Project -- Kamloops, British Columbia Feasibility Study Technical Report" by Wardrop (a Tetra Tech Company) dated January 6, 2012 ("FS")).
Forward-Looking Information
This release includes certain statements that are deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that Abacus expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include changes to commodity prices, mine and metallurgical recovery, operating and capital costs, foreign exchange rates, ability to obtain required permits on a timely basis, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
FOR FURTHER INFORMATION PLEASE CONTACT: Abacus Mining & Exploration CorporationJames D. ExcellPresident & CEOjexcell@amemining.com
Abacus Mining & Exploration CorporationDonna YoshimatsuDirector, Investor Relations(647) 345-0826dyoshimatsu@amemining.com
Abacus Mining & Exploration Corporation 604.682.0301 604.682.0307 (FAX) info@amemining.com www.amemining.com
SOURCE: Abacus Mining and Exploration Corp.
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