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Abacus completes major definition and infill drill program at Ajax as part of ongoing Feasibility Study

 



Vancouver, British Columbia -- January 24, 2011. Abacus Mining & Exploration Corporation ("Abacus" or the "Company") (TSXV: AME) is pleased to announce highlights from a major program of delineation and infill diamond drilling on the Ajax copper-gold project located 10 km southwest of Kamloops, British Columbia.

The drill program was carried out as part of the Feasibility Study currently underway on the Ajax copper-gold project being developed by KGHM Ajax Mining Inc., a joint venture between Abacus and KGHM Polska Miedz S.A. ("KGHM"). The objective of the drilling was to upgrade a portion of the near-surface copper-gold mineralization in the existing NI 43-101 compliant inferred resource (See Ajax Copper/Gold Project, Kamloops, BC Preliminary Assessment Technical Report by Wardrop Engineering Inc., July 22, 2009) to the measured and indicated categories.

A total of 27,332 meters of drilling was completed between July and December 2010 with up to five drills operating on the property. Drill hole spacings were based on criteria defined in the NI 43-101 report on the project by AMEC in October 2008. The program confirmed key aspects of the understanding of the Ajax deposit, further increasing confidence in the geological and economic models.

Jim Excell, President & CEO of Abacus stated, "We are very pleased with the results of this major drill program, having positive implications to upgrade a significant percentage of inferred resources to measured and indicated categories. With the Feasibility Study well underway, these results together with our other initiatives provide an encouraging outlook for the robustness of the Ajax project."

Abacus is currently updating the geological model with data from this drill program in preparation for an updated resource estimate which will commence in February.

Highlights of the drill program results are presented in the following table:

Section

Hole Number

Dip

Azimuth

From

To

Length

Cu %

Au g/t

Purpose/Area

 

 

(Deg.)

(Deg.)

(m)

(m)

(m)

 

 

 

1800N

AM-10-075

-54.3

301.1

264

297

33

0.42

0.29

East Ajax Ext.

 

 

 

 

456

516

60

0.61

0.49

 

 

 

 

 

 

 

 

 

 

 

1800N

AM-10-076

-69.7

301.6

230

432

202

0.51

0.35

East Ajax Ext.

 

incl.

230

309.93

79.93

0.66

0.5

 

 

incl.

340.89

404

63.11

0.51

0.31

 

 

 

 

 

 

 

 

 

 

 

2350E

AE-10-067

-53.9

26.5

228

306.95

78.95

0.4

0.35

Conversion Infill

 

incl.

237

263.75

26.75

0.48

0.4

 

 

incl.

288.5

306.95

18.45

0.52

0.47

 

 

 

 

 

365

431.9

66.9

0.42

0.39

 

 

 

 

 

 

 

 

 

 

 

2350E

AE-10-068

-65.3

24.2

359.1

500

140.9

0.44

0.4

Conversion Infill

 

incl.

416

500

84

0.48

0.44

 

 

 

 

 

 

 

 

 

 

 

2100E

AE-10-070

-90.0

0.0

12.19

60.04

47.85

0.39

0.32

In East Ajax pit

 

incl.

12.19

36

23.81

 

 

 

 

 

 

 

 

 

 

 

 

 

2100E

AE-10-072

-90.0

0.0

12.19

45

32.81

0.67

0.46

In East Ajax pit

 

incl.

12.19

30

17.81

1.08

0.71

 

 

 

 

 

 

 

 

 

 

 

2000E

AE-10-073

-60.3

27.0

33

51

18

0.57

0.47

In East Ajax pit

 

 

 

 

 

 

 

 

 

 

2000E

AE-10-075

-44.6

208.7

27

78

51

0.59

0.41

In East Ajax pit

 

incl.

45

78

33

0.65

0.45

 

 

 

 

 

 

 

 

 

 

 

2375E

AE-10-076

-80.6

27.0

9

36

27

0.43

0.23

Conversion infill

 

 

 

 

63

81

18

0.59

0.41

 

 

 

 

 

 

 

 

 

 

 

2025E

AE-10-077

-47.0

26.1

62

101

39

0.77

0.57

In East Ajax pit

 

 

 

 

 

 

 

 

 

 

1775E

AE-10-081

-84.8

231.0

429

495

66

0.45

0.25

Conversion infill

 

 

 

 

 

 

 

 

 

 

2300E

AE-10-085

-75.6

20.3

351

470

119

0.56

0.57

Conversion infill

 

incl.

351

393

42

0.73

0.78

 

 

incl.

399

438

39

0.58

0.54

 

 

 

 

 

 

 

 

 

 

 

1550N

AE-10-086

-80.7

118.7

228

264

36

0.62

0.48

Conversion infill

 

 

 

 

 

 

 

 

 

 

1400N

AE-10-094

-75.3

117.3

299

419

120

0.47

0.32

Conversion infill

 

incl.

299

317

18

0.41

0.37

 

 

incl.

329

344

15

0.61

0.5

 

 

 

 

 

 

 

 

 

 

 

 

incl.

371

410

39

0.77

0.46

 

1350E

AW-10-108

-90.0

0.0

373

487

114

0.84

0.63

Conversion infill

 

incl.

382

469

87

0.94

0.67

 

 

incl.

478

487

9

1.34

1.16

 

 

 

 

 

 

 

 

 

 

 

1225E

AW-10-111

-74.4

27.5

57

132

75

0.61

0.51

In West pit

 

 

 

 

 

 

 

 

 

 

1225E

AW-10-113

-59.9

28.7

74.93

140

65.07

0.68

0.63

In West pit

 

incl.

 

 

74.93

98

23.07

1.31

1.23

 

 

incl.

 

 

116

125

9

0.63

0.53

 

 

 

 

 

 

 

 

 

 

 

1200E

AW-10-117

-82.3

28.1

59

142.34

80.34

0.47

0.45

In West pit

 

 

 

 

 

 

 

 

 

 

1175E

AW-10-120

-56.4

28.1

44

131

87

0.53

0.36

In West pit

 

incl.

83

95

12

1.34

0.7

 

 

 

 

 

 

 

 

 

 

 

750N

AW-10-124

-49.9

118.0

36

151.49

115.49

0.46

0.39

In West pit

 

incl.

36

81

45

0.41

0.28

 

 

incl.

96

151.49

55.49

0.59

0.57

 



Based on the existing NI-43-101 compliant Preliminary Economic Assessment, the Ajax deposit is estimated to contain an in-pit measured and indicated resource of 442 million tonnes at an average grade of 0.30% copper and 0.19 g/t gold (2.6 billion pounds copper and 2.4 million ounces gold), with an additional 80.6 million tonnes of inferred resource at 0.22% copper and 0.16 g/t gold (0.3 billion pounds of copper and 0.3 million ounces of gold). This is sufficient to support a 60,000 tonne per day mining operation producing an average of 110 million pounds of copper and 100,000 ounces of gold in concentrate annually over a 23 year mine life.

The technical information in this news release has been reviewed and approved by Dave Laudrum, P.Geo., the Company's Chief Geologist who is a Qualified Person within the meaning of National Instrument 43-101.

On Behalf of the Board,
ABACUS MINING AND EXPLORATION CORPORATION

James D. Excell
President & CEO

Donna Yoshimatsu
Director, Investor Relations

dyoshimatsu@amemining.com

For further information, please contact:
Tim Mikula, Investor Relations,
tmikula@amemining.com 866-834-0301

About Abacus
Abacus is an exploration and mine development company with a 43‐101 compliant positive preliminary economic assessment report (June 22, 2009) for its Ajax copper-gold project located 10 km southwest of Kamloops, British Columbia. Sensitivity analyses therein indicate a NPV of $1.46 billion discounted 8% over a 23 year mine life, with an IRR of 35.4%, cash costs of $0.90 per pound copper, and payback of 2.0 years using metal prices approximating US$3.00 per pound copper and US$1,000 per ounce gold. The Ajax extension remains open along strike and at depth. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Forward-Looking Information
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that Abacus Mining and Exploration Corp.
(the "Company") 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 market prices, exploitation and exploration successes, and 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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


 


 

 

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CODE : AME.V
ISIN : CA0025552096
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Corporate Presentations of Abacus Mining and Exploration
9/3/2009New Gold Financing a Positive Sign for Abacus
Annual reports of Abacus Mining and Exploration
2007 Annual report
Annual Report 2006
Financings of Abacus Mining and Exploration
5/10/2010Closes C$4.5 Million Private Placement with KGHM
Option Grants of Abacus Mining and Exploration
10/10/2013Compensation Reductions and Stock Option Grants
Nominations of Abacus Mining and Exploration
5/4/2012announces resignation of Andrew Pooler
4/17/2012appoints Stifel Nicolaus Canada as financial advisor
9/17/2009Appoints Director of Investor Relations
Project news of Abacus Mining and Exploration
3/19/2013provides update on Ajax Copper-Gold Project in B.C.
8/23/2012KGHM aligned on Ajax Project development KGHM International ...
4/2/2012KGHM exercises option to increase interest in Ajax project t...
1/10/2012Files Ajax Copper-Gold Project Feasibility Study Technical R...
12/21/2011announces robust Feasibility Study results for Ajax Copper-G...
6/23/2011KGHM Ajax participates in open house for Ajax Project Commun...
6/2/2011(Afton - Ajax Camp)KGHM Ajax appoints BNP Paribas as exclusive financial adviso...
1/24/2011(Afton - Ajax Camp)completes major definition and infill drill program at Ajax ...
1/10/2011(Afton - Ajax Camp)KGHM Ajax Initiate Environmental Assessment Review Process
12/15/2010(Afton - Ajax Camp)KGHM Ajax and Abacus reach Advanced Exploration Agreement wi...
12/1/2010(Afton - Ajax Camp)Feasibility Study Underway on Ajax Copper-Gold Project, B.C.
11/2/2010(Afton - Ajax Camp)reports on 18,000 metre drill program underway at Ajax
3/15/2010(Afton - Ajax Camp)Abacus' Ajax East Extension Area Drilling Highlights Potenti...
6/23/2008(Afton - Ajax Camp)Ajax Joint Venture Area Drilling Continues To Expands The Re...
4/28/2008Intersects 318 metres (1043.3 feet) of 0.43% copper and 0.26...
4/9/2008(Afton - Ajax Camp)Releases Drill Results From Monte Carlo, an Eastern Extensio...
3/25/2008(Afton - Ajax Camp)Sign Definitive Agreements
Corporate news of Abacus Mining and Exploration
8/2/2013& Exploration Corporation: Ajax Project Update
5/17/2013Adopts New Shareholder Rights Plan
3/13/2013Extension of Warrants Approved
3/1/2013Applies for Extension of Term of Warrants
11/21/2012Provides Update on the Ajax Copper-Gold Project
4/2/2012initiates strategic review to maximize shareholder value
3/15/2012closes unit offering of C$3.18 million
3/2/2012to close $3.0 million unit offering
2/16/2012announces up to $2.5 million unit offering
10/20/2011provides update on Feasibility Study progress
9/22/2011' Ajax JV and New Gold sign Asset Exchange Agreement
4/9/2011Completes Asset Purchase Agreement with Teck
1/13/2011KGHM Ajax appoint new Chief Financial Officer
10/12/2010closes Definitive Joint Venture Agreement with KGHM JV Compa...
6/23/2010Announces Overwhelming Shareholder Approval for Joint Ventur...
5/17/2010announces James D. Excell to Board of Directors
9/22/2009Details on the company
4/30/2008 Releases First Drill Results From Ajax Joint Venture Area
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TSX-V (AME.V)
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