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Abacus Mining and Exploration

Published : December 15th, 2010

KGHM Ajax and Abacus reach Advanced Exploration Agreement with Stk'emlupsemc te Secwepemc for Ajax P

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KGHM Ajax and Abacus reach Advanced Exploration Agreement with Stk'emlupsemc te Secwepemc for Ajax Project



Vancouver, British Columbia. (December 15th, 2010) Abacus Mining & Exploration Corporation (TSXV: AME "Abacus") is pleased to announce the signing of an advanced exploration agreement between KGHM Ajax Mining Inc. ("KGHM Ajax") and Stk'emlupsemc te Secwepemc ("STS"), represented by the Tk'emlups and Skeetchestn Bands.

The agreement confirms the intention of both parties to work together through all mineral exploration and related activities in a spirit of partnership and collaboration to build a positive and mutually beneficial relationship in facilitating exploration work and advancing the Ajax copper-gold project (the "Project"). KGHM Ajax will ensure that the exploration work is carried out so as to minimize the disturbance of the natural environment with assistance of individuals from STS, and providing sufficient opportunity for STS to comment on proposed activities prior to the submission of permit or like applications. STS for its part, agrees not to oppose any application by or on behalf of KGHM Ajax in connection with the exploration work or permits associated with the Project.

Prior to the completion of the Feasibility Study, the parties agree to negotiate in good faith towards commercially reasonable service agreements, including the participation of individuals from STS during performance of archaeological work and cultural heritage review. This will be followed by a long-term definitive "Working Interest Agreement" upon determination of the Project's economic viability at the completion of the Feasibility Study expected to be completed in 2011.


Chief Shane Gottfriedson of the Tk'emlups Band commented, "We look forward to supporting the advancement of the Ajax mining project through a positive and mutually beneficial relationship with KGHM Ajax represented by Abacus and KGHM Polska Miedz S.A. Our participation in the growth of mining through employment and training will ensure that our people benefit from the development of our traditional territory." Chief Rick Deneault of the Skeetchestn Band added "We look forward to the negotiations on the final agreement which will be more comprehensive than other agreements already in place with other mining interests in our Territory."

Jim Excell, President and CEO of Abacus Mining added, "Abacus recognizes the rights, culture and aspirations of our First Nation partners, at all times respecting the environment and traditional knowledge. Engaging the local communities early in this process ensures that we move forward in a spirit of mutual respect, creating the foundation for a positive long term partnership for the benefit of all parties."

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 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.


 


 

 

Abacus Mining and Exploration

EXPLORATION STAGE
CODE : AME.V
ISIN : CA0025552096
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Abacus Mining is a producing copper and gold company based in Canada.

Abacus Mining produces copper, gold, palladium and silver in Canada, and holds various exploration projects in Canada.

Its main asset in production is AFTON in Canada and its main exploration properties are THE MONTE CARLO ZONE, DM AUDRA DEPOSIT, AFTON - AJAX CAMP and RAINBOW in Canada.

Abacus Mining is listed in Canada. Its market capitalisation is CA$ 9.6 millions as of today (US$ 7.3 millions, € 6.6 millions).

Its stock quote reached its highest recent level on June 07, 1996 at CA$ 1.66, and its lowest recent point on April 20, 2001 at CA$ 0.01.

Abacus Mining has 214 160 000 shares outstanding.

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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
9/15/2015Poland's KGHM says applied for mine permit in Canada
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...
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.
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
4/19/2016Abacus Stock Option Grant
4/1/2016Abacus Board Appointment
2/24/2016Abacus Announces Filing of Updated Feasibility Study for Aja...
1/13/2016Abacus announces positive feasibility study update on Ajax C...
12/29/2015Abacus announces grant of stock options
12/9/2015Abacus announces Ajax Project Application/EIS passes governm...
12/9/2015Abacus announces grant of stock options
11/24/2015Abacus Announces Ajax Project Application/EIS Passes Governm...
11/17/2015Abacus Announces Grant of Stock Options
10/19/2015Abacus Announces Ajax Copper-Gold Project Update
9/14/2015Abacus Announces Submission of Environmental Assessment Appl...
3/24/2015Provides Overview of 2015 Program at Ajax Copper-Gold Projec...
3/24/2015Abacus Provides Overview of 2015 Program at Ajax Copper-Gold...
2/20/2015Abacus Announces Grant of Stock Options
2/12/2015Abacus Provides Review of 2014 Program at Ajax Copper-Gold P...
7/31/2014IIROC Trading Resumption - AME
7/31/2014Abacus Arranges CAD$3 Million Loan and Signs Agreement for t...
7/31/2014IIROC Trading Halt - AME
6/4/2014Abacus Mining Completes Shares for Debt Transaction
5/29/2014KGHM aims to start producing copper at Canadian site at end-...
5/29/2014Abacus Mining Announces New Ajax Project Site Plan
4/25/2014Abacus Mining Announces Issuance of Shares for Debt
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
6/23/2010Announces Overwhelming Shareholder Approval for Joint Ventur...
9/22/2009Details on the company
4/30/2008 Releases First Drill Results From Ajax Joint Venture Area
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