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Abacus and KGHM Ajax appoint new Chief Financial Officer



Vancouver, British Columbia - January 13, 2011. Abacus Mining & Exploration Corporation (TSXV: AME "Abacus") is pleased to announce the appointment of Ian M. MacNeily, C.A. as Executive Vice President and Chief Financial Officer effective February 1, 2011.

Mr. MacNeily brings more than 15 years of executive financial management and leadership experience in the mining sector. As a senior executive for a number of global mining and development companies, he has considerable experience in strategic planning, acquisitions, financial controls and reporting, capital restructuring and funding, metal trading, and implementing successful finance programs that have resulted in improved financial position and increased shareholder value. Prior to entering the resource sector, his experience includes seven years with Burns Fry (now BMO Nesbitt Burns) in both Toronto and London, U.K., managing treasury and operational activities of the firm. Mr. MacNeily is a Chartered Accountant.

Mr. MacNeily takes over from Mr. Paddy Nicol, who has been with Abacus since 1995 serving as a director from 1999 to 2009 and as its CFO since 2003. Mr. Nicol is leaving to take on a leadership role in a new venture. Jim Excell, President & CEO of Abacus, recognizes with appreciation his significant contribution to the Company: "Paddy has been a tremendous asset to the Company. On behalf of the Board of Directors, I thank him for his outstanding service and contribution to Abacus over the years".

Mr. Excell continued, "I am also pleased to welcome Ian to our team. His leadership and considerable relevant experience in the mining industry will further enhance the Company's management depth and I look forward to his significant contributions as the Company develops the Ajax copper-gold property and accelerates growth through acquisition of additional accretive assets."

Mr. MacNeily will be responsible for the financial operations and management of Abacus and the KGHM Ajax joint venture. He will be based in the Company's new downtown Toronto office location at 55 York Street.

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. through the KGHM Ajax Joint Venture with 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.


 


 

 

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EXPLORATION STAGE
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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