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.
|