Abacus Mining and Exploration

Published : October 20th, 2011

provides update on Feasibility Study progress

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Keywords :   Copper | Diamond | Gold | Market | Storage |

Thursday, October 20, 2011
Abacus provides update on Feasibility Study progress


Vancouver, British Columbia -- October 20, 2011. Abacus Mining & Exploration Corporation (TSXV: AME "Abacus") is pleased to provide an update on the progress of the Feasibility Study (the "FS") on its jointly owned Ajax copper-gold project.

The majority of the project inputs have now been received from a team of widely recognized consultants led by Wardrop Engineering as the project's general QP. Comprehensive trade-off studies have been incorporated to maximize operations over the life of mine and enhance project value, over the original Preliminary Economic Assessment (PEA) of June 22, 2009. These studies include the use of high pressure grinding rolls vs SAG mill technology for reduced costs and improved recoveries, in-pit crushing and conveying of both ore and waste vs truck and shovel operations, and high density tailings deposition vs conventional tailings storage to improve location logistics and reduce the environmental footprint. A new reserve and resource estimate will also be reported following the extensive delineation and infill Diamond drilling programs undertaken by Abacus since the PEA to further define and upgrade resources. The results of the studies are being incorporated into the FS which is anticipated in the fourth quarter of 2011.

Once the FS is delivered to joint venture partner KGHM Polska Miedz SA, KGHM will have a maximum of 90 days from the date of delivery of the FS to acquire a further 29% in the joint venture company for a cash consideration equal to 29% of the Proven and Probable copper equivalent reserve in the FS, to a maximum of US$35 million. Thereafter, KGHM will arrange the financing for its (80%) proportionate interest in the project capex, and Abacus has the option to arrange its own financing for its (20%) proportionate interest or elect to have KGHM do so on commercially reasonable terms.

In the event that KGHM chooses not to increase its interest in the Joint Venture, Abacus has the right to purchase KGHM's 51% interest within a period of 90 days following the above timeframe for a total consideration of US$37 million. Should KGHM choose not to increase its interest and Abacus does not purchase KGHM's interest in its entirety, Abacus' interest in the Joint Venture can be increased to 51% for a consideration of approximately US$1.5 million payable to KGHM.

On Behalf of the Board,
ABACUS MINING AND EXPLORATION CORPORATION

James D. Excell
President & CEO

jexcell@amemining.com

Donna Yoshimatsu
Director, Investor Relations

dyoshimatsu@amemining.com
Tel: 604-682-0301 | 647-345-0826



About Abacus
Abacus Mining is an exploration and mine development company focused on the development of the Ajax copper-gold project located near 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. A Feasibility Study is anticipated in the fourth quarter of 2011. The environmental review and permitting process was initiated in January of this year with the submission of the Project Description, a copy of which is available on the Company's website and www.eao.gov.bc.ca.


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.

You can also view this News Release on our website at:
http://www.amemining.com/s/NewsReleases.asp?ReportID=486111
 


 

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$ 978 250 as of today (US$ 719 460, € 646 291).

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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