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Abacus and KGHM Ajax Initiate Environmental Assessment Review Process
Vancouver, British Columbia - January 10, 2011. Abacus Mining &
Exploration Corporation (TSXV: AME "Abacus") is pleased to
announce the initiation of the Environmental Assessment Review Process
for the Ajax Project, a proposed copper-gold mine located 10 kilometres southwest of Kamloops, B.C.
The Ajax Project is being developed by KGHM Ajax Mining Inc., a joint venture
between Abacus and KGHM Polska Miedz S.A. ("KGHM"). The Environmental
Assessment Review and permitting phase for the Ajax Project has now been
launched with the submission of the Project Description to the British
Columbia Environmental Assessment Office and the Canadian Environmental
Assessment Agency. The Project Description will be reviewed for
completeness by government agencies, to be followed by official receipt
and posting on the website of the British Columbia Environmental
Assessment Office (www.eao.gov.bc.ca).
Earlier last year, Abacus, the Project's operator, accelerated
environmental and socio-economic studies by retaining Knight Pi�sold Ltd., an international group of consulting
engineers and environmental scientists, to undertake comprehensive
studies of aquatic and terrestrial ecosystems, physical environmental
parameters, and socio-economic data. This follows several years of
environmental database collection and analysis of in situ parameters from
past mining activities at the site.
The NI-43-101 compliant Preliminary Economic Assessment Report for the
Ajax copper-gold project was completed by Wardrop
Engineering Inc. on June 22, 2009 and 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.
The technical information in this news release has been reviewed and
approved by Dave Laudrum, P.Geo., the Company's
Chief Geologist who is a Qualified Person within the meaning of National
Instrument 43-101.
On Behalf of the Board,
ABACUS MINING AND EXPLORATION CORPORATION
Jim Excell
President & CEO
jexcell@amemining.com
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 kilometres 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 of US$3.00 per
pound copper and US$1,000 per ounce gold in the assessment indicate a NPV
of $1.46 billion discounted at 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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