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Wednesday, December 01, 2010
Feasibility Study Underway on Ajax Copper-Gold Project, B.C.


Vancouver, British Columbia - December 1, 2010. Abacus Mining & Exploration Corporation (TSXV: AME "Abacus") through the KGHM Ajax Joint Venture with KGHM Polska Miedz S.A. ("KGHM"), is pleased to provide an update on the Feasibility Study currently underway on the Ajax copper-gold project located 10 kilometres southwest of Kamloops, B.C.

The Feasibility Study commenced shortly after Abacus and KGHM announced the formation of the Joint Venture in May 2010, and is expected to be completed next year. The purpose of the Study is to determine updated estimates for the life of mine production schedule of the Ajax project, initial and sustaining capital, as well as operational costs.

The study is being managed by a team of highly recognized consultants:

Wardrop Engineering Inc. (Wardrop) - mineral processing, surface site infrastructure financial analysis and general QP for the 43-101 feasibility report

AMEC Americas Ltd. (AMEC) -- geology, mineral resource estimate and mine design

Knight Pi�sold Ltd. (Knight Pi�sold) -- environmental base line studies and facilitation of the permitting process

Golder Engineering Ltd. (Golder) -- slurry transport, tailings design and water management

BGC Engineering Inc. (BGC) -- pit slope design and pit hydrogeology

G&T Metallurgical Services Ltd. (G&T) -- metallurgical test work

In its NI-43-101 compliant Preliminary Economic Assessment Report dated June 22, 2009, Wardrop contemplated a 60,000 tonne per day plant producing on average 110 million pounds of copper (approx. 50,000 tonnes) and 100,000 ounces of gold in concentrate annually. The report shows the Ajax deposit to be amenable to bulk mining with straight forward ore control and process. The Ajax Mine will benefit significantly from nearby infrastructure which, together with the significant gold content, should translate into a low cost copper operation. The Ajax extension remains open along strike and at depth.

Field work and engineering studies are underway to further define measured and indicated mineral resources, process plant milling circuit, mine haulage and in-pit crushing, and tailing deposition methods to increase project value.

An infill drill hole program is being completed in, around, and between the Ajax East and West pits where approximately 85% of the 502 million tonnes of 43-101 compliant estimated pit inventory resource is classified as measured and indicated. Continued drilling in the Ajax East Extension could provide additional tonnage to the Ajax deposit which will have a positive impact on the project's economics. This data will be incorporated into the Feasibility Study.

On Behalf of the Board,
ABACUS MINING AND EXPLORATION CORPORATION

Jim 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 Mining is an exploration and mine development company focused on the development of the Ajax copper-gold project located 10 kms southwest of Kamloops, B.C. with joint venture partner KGHM Polska Miedz SA. The project has a positive preliminary economic assessment report (June 22, 2009) that contemplates a 60,000 tonne per day operation producing an average of approximately 110 million pounds of copper (approx. 50,000 tonnes) and 100,000 ounces of gold in concentrate annually. Sensitivity analyses approximating metal prices (US$3.00 per pound copper and US$1,000 per ounce gold) in the assessment 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. 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.

You can also view this News Release on our website at:
http://www.amemining.com/s/NewsReleases.asp?ReportID=431502
 


 

Abacus Mining and Exploration

EXPLORATION STAGE
CODE : AME.V
ISIN : CA0025552096
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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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