Abacus Mining and Exploration

Published : June 02nd, 2011

KGHM Ajax appoints BNP Paribas as exclusive financial advisor for Ajax copper-gold project

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Keywords :   Copper | Gold Mine |

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KGHM Ajax appoints BNP Paribas as exclusive financial advisor for Ajax copper-gold project



Vancouver, British Columbia -- June 2, 2011. Abacus Mining & Exploration Corporation (TSXV: AME "Abacus") reports that KGHM Ajax Mining Inc. ("KGHM Ajax"), the joint venture development company between Abacus and KGHM Polska Miedz S.A., has executed an engagement letter with BNP Paribas ("BNP Paribas"), appointing BNP Paribas as exclusive financial advisor in connection with the project financing for the Ajax copper-gold project near Kamloops, B.C.

Ian MacNeily, Chief Financial Officer of Abacus and KGHM Ajax stated, "We are pleased to engage BNP Paribas, a leading international project financing institution, as advisor to the Ajax project to assist us in structuring the most effective financing arrangement for the development of the Ajax copper-gold project."

The Ajax Project is currently undergoing environmental review and permitting, with a bankable feasibility study ("BFS"), managed by a team of renowned consultants, expected to be completed in the fall of this year. The BFS contemplates construction of an open pit copper and gold mine in the Ajax camp 10 kms southwest of Kamloops, B.C. where its proximity to infrastructure and its significant gold content is expected to have a favourable impact on the project's economics. The BFS follows the NI 43-101 compliant Preliminary Economic Assessment (the "PEA") of June 22, 2009 by Wardrop Engineering Inc., which 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.

On Behalf of the Board,
ABACUS MINING AND EXPLORATION CORPORATION

Ian M. MacNeily
EVP & CFO

imacneily@amemining.com

Donna Yoshimatsu
Director, Investor Relations

dyoshimatsu@amemining.com

Tim Mikula, Investor Relations,
tmikula@amemining.com    866-834-0301

About Abacus
Abacus is an exploration and mine development company focused on the development of the Ajax copper-gold project located 10 km southwest of Kamloops, B.C. With major copper producer and joint venture partner, KGHM Polska Miedz S.A., Abacus, as operator, is currently completing the feasibility study on the Ajax project, which is expected to be completed in the fall of 2011. The project is in the permitting phase with environmental assessment underway. Please refer to the Company's website for further information at
www.amemining.com.

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.


 


 

 

Abacus Mining and Exploration

EXPLORATION STAGE
CODE : AME.V
ISIN : CA0025552096
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Abacus Mining is a copper and gold producing 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$ 2.2 millions as of today (US$ 1.7 millions, € 1.5 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 39 130 000 shares outstanding.

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Annual reports of Abacus Mining and Exploration
2007 Annual report
Annual Report 2006
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
Project news of Abacus Mining and Exploration
9/15/2015Poland's KGHM says applied for mine permit in Canada
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 ...
12/1/2010(Afton - Ajax Camp)Feasibility Study Underway on Ajax Copper-Gold Project, B.C.
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
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
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
9/22/2011' Ajax JV and New Gold sign Asset Exchange Agreement
4/9/2011Completes Asset Purchase Agreement with Teck
9/22/2009Details on the company
4/30/2008 Releases First Drill Results From Ajax Joint Venture Area
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