Intersects 356 metres (1168 feet) of 0.37% copper and 0.22 g/t
gold
Goal is to Expand Resource Between Ajax East and Ajax West Pits for
Planned 40,000 to
60,000 Tonne Per Day Operation
VANCOUVER, BC April 30, 2008 Abacus Mining &
Exploration Corp.
("Abacus" or "the Company") (TSX.V:AME) is pleased to
announce the release of assay results from the Ajax joint venture area with
New Gold Inc., in which Abacus is earning a 60% interest.
The eighteen holes reported were drilled on the
property in 2007 and are located in two separate areas of the property:
immediately east of the Ajax West pit (Sections 1700E and 1800E) and south of
the Ajax East pit (Sections 2200E and 2300E). The focus of this and
subsequent drilling in 2008 has been to identify extensions to existing
mineralized zones and/or locate new zones that will allow expansion of the
East and West pits into one large open pit, capable of producing 40,000 to
60,000 tonnes per day. The information from this drilling will be
incorporated into the combined Ajax resource estimate planned for completion
by the end of June.
"Assay results on the joint venture ground
between Ajax West and Ajax East continue to fit with our overall model for
the planned development of the Ajax area", said Doug Fulcher, President
and CEO. "The extensive infill drilling program is demonstrating
that the Ajax area is supporting a large open pit operation, a preliminary
economic assessment encompassing Ajax West, Ajax East and the area in between
is expected by mid-2008 and a full feasibility study on the combined Ajax
area is anticipated in 2009."
Within the next few weeks Abacus expects to announce
the appointment of a Chief Operating Officer who will oversee the
development, construction and eventual operations at the Afton-Ajax Project.
Abacus has set the following goals for the project
in the second quarter of 2008:
- Complete a 43-101 compliant
resource encompassing Ajax West, Ajax East and the area in between.
- Conduct an extensive infill
drilling program at Ajax to support a feasibility study in 2008 that
will examine a 40,000 to 60,000 tonne per day surface mining operation
at Ajax.
- Evaluate financing
alternatives to fund mine evaluation and development at Ajax.
A drill plan map showing the location of these holes
will be posted on the Company's website at www.amemining.com as soon as possible.
Drill Highlights
- Hole AN-07-004 intersected
356.1 metres (1168.3 feet) grading 0.37% copper and 0.22 g/t gold,
including a 102 metre (334.6 feet) intercept averaging 0.61% copper and
0.44 g/t gold
- Hole AN-07-007 intersected
143 metres (469.2 feet) grading 0.35% copper and 0.22 g/t gold,
including a 38 metre (124.7 feet) intercept averaging 0.50% copper and
0.33 g/t gold
- Hole AN-07-009 intersected
154 metres (505.2 feet) grading 0.36% copper and 0.18 g/t gold,
including a 74.28 metre (243.7 feet) intercept averaging 0.51% copper
and 0.25 g/t gold
- Hole AN-07-014 intersected
116.98 metres (383.8 feet) grading 0.49% copper and 0.33 g/t gold,
including a 45 metre (147.6 feet) intercept averaging 0.83% copper and
0.52 g/t gold
- Hole AN-07-018 intersected
144.53 metres (474.2 feet) grading 0.41% copper and 0.18 g/t gold,
including a 71.53 metre (234.7 feet) intercept averaging 0.51% copper
and 0.23 g/t gold
The following table lists the most significant drill
intercepts from the joint venture area that were drilled in 2007.
Intercept lengths are core lengths, which do not necessarily reflect true
width. To date, 65 holes have been collared on the joint Venture
property totaling 23,643.8 metres (77570.5 feet). Section spacing for
the drill coverage was 50 metres and for the most part, the holes were
oriented along the Ajax West grid (0280 and 2080).
Section
|
Hole No.
|
Dip Deg
|
Az. Deg
|
From (m)
|
To (m)
|
Length
(metres)
|
Length
(feet)
|
Cu %
|
Au g/t
|
1700E
|
AN-07-002
|
-47.9
|
26
|
Very short hole;
drilled into waste wallrock; NSV
|
|
|
|
|
|
|
|
|
|
|
1700E
|
AN-07-003
|
-89.5
|
300
|
56
|
85.8
|
29.8
|
97.8
|
0.49
|
0.38
|
|
|
|
|
250
|
295
|
45
|
147.6
|
0.24
|
0.16
|
|
|
|
|
|
|
|
|
|
|
1700E
|
AN-07-008
|
-45
|
208
|
Abandoned
|
|
|
|
|
|
|
|
|
|
|
1700E
|
AN-07-015
|
-49
|
204.1
|
282.07
|
321
|
38.93
|
127.7
|
0.78
|
0.38
|
|
|
|
|
|
|
|
|
|
|
1700E
|
AN-07-009
|
-65.2
|
206.7
|
54
|
86
|
32
|
105
|
0.37
|
0.29
|
|
|
|
|
195
|
349
|
154
|
505.2
|
0.36
|
0.18
|
|
|
|
Incl
|
247.72
|
322
|
74.28
|
243.7
|
0.51
|
0.25
|
|
|
|
|
400
|
420
|
20
|
65.6
|
0.70
|
0.22
|
|
|
|
|
|
|
|
|
|
|
1700E
|
AN-07-015
|
-49
|
204.1
|
282.07
|
321
|
38.93
|
127.7
|
0.78
|
0.38
|
|
|
|
|
|
|
|
|
|
|
1800E
|
AN-07-005
|
-46.4
|
27.3
|
46.37
|
108
|
61.63
|
202.2
|
0.35
|
0.24
|
|
|
|
|
276.4
|
300
|
23.6
|
77.4
|
0.26
|
0.13
|
|
|
|
|
426
|
444
|
18
|
59.1
|
0.62
|
0.24
|
|
|
|
|
468
|
486
|
18
|
59.1
|
0.44
|
0.34
|
|
|
|
|
|
|
|
|
|
|
1800E
|
AN-07-012
|
-69.5
|
26.5
|
59
|
83
|
24
|
78.7
|
0.34
|
0.19
|
|
|
|
|
183.72
|
254
|
70.28
|
230.6
|
0.48
|
0.26
|
|
|
|
Incl
|
230
|
254
|
24
|
78.7
|
0.82
|
0.36
|
|
|
|
|
361
|
391
|
30
|
98.4
|
0.31
|
0.08
|
|
|
|
|
|
|
|
|
|
|
1800E
|
AN-07-017
|
-46.2
|
207.1
|
51
|
130.6
|
79.6
|
261.2
|
0.22
|
0.18
|
|
|
|
|
176.34
|
235.59
|
59.25
|
194.4
|
0.74
|
0.31
|
|
|
|
Incl
|
218
|
230
|
12
|
39.4
|
1.28
|
0.51
|
|
|
|
|
|
|
|
|
|
|
2200E
|
AN-07-004
|
-45.5
|
27.7
|
21.9
|
378
|
356.1
|
1168.3
|
0.37
|
0.22
|
|
|
|
Incl
|
62
|
164
|
102
|
334.6
|
0.61
|
0.44
|
|
|
|
|
278
|
378
|
100
|
328.1
|
0.38
|
0.17
|
|
|
|
|
|
|
|
|
|
|
2200E
|
AN-07-007
|
-65.5
|
26.4
|
17
|
160
|
143
|
469.2
|
0.35
|
0.22
|
|
|
|
Incl
|
17
|
55
|
38
|
124.7
|
0.50
|
0.33
|
|
|
|
|
145
|
160
|
15
|
49.2
|
0.47
|
0.21
|
|
|
|
|
325
|
346
|
21
|
68.9
|
0.33
|
0.17
|
|
|
|
|
|
|
|
|
|
|
2200E
|
AN-07-011
|
-90
|
-
|
12.91
|
91
|
78.09
|
256.2
|
0.55
|
0.42
|
|
|
|
Incl
|
34
|
91
|
57
|
187
|
0.69
|
0.54
|
|
|
|
Incl
|
58
|
85
|
27
|
88.6
|
1.02
|
0.79
|
|
|
|
|
277
|
328
|
51
|
167.3
|
0.28
|
0.16
|
|
|
|
|
|
|
|
|
|
|
2200E
|
AN-07-018
|
-65.8
|
206.1
|
15.47
|
160
|
144.53
|
474.2
|
0.41
|
0.18
|
|
|
|
Incl
|
15.47
|
87
|
71.53
|
234.7
|
0.51
|
0.23
|
|
|
|
Incl
|
21
|
33
|
12
|
39.4
|
1.16
|
0.41
|
|
|
|
|
|
|
|
|
|
|
2200E
|
AN-07-014
|
-45.5
|
206.3
|
14.02
|
131
|
116.98
|
383.8
|
0.49
|
0.33
|
|
|
|
Incl
|
68
|
113
|
45
|
147.6
|
0.83
|
0.52
|
|
|
|
|
|
|
|
|
|
|
2300E
|
AN-07-001
|
-45.7
|
28
|
126
|
177
|
51
|
167.3
|
0.27
|
0.08
|
|
|
|
|
350
|
585
|
235
|
771
|
0.27
|
0.22
|
|
|
Incl
|
|
350
|
380.95
|
30.95
|
101.5
|
0.33
|
0.26
|
|
|
|
|
426
|
585
|
159
|
521.6
|
0.31
|
0.26
|
|
|
Incl
|
|
498
|
538
|
40
|
131.2
|
0.47
|
0.42
|
|
|
|
|
|
|
|
|
|
|
2300E
|
AN-07-006
|
-64.2
|
28
|
114
|
150
|
36
|
118.1
|
0.27
|
0.10
|
|
|
|
|
270
|
288
|
18
|
59.1
|
0.38
|
0.12
|
|
|
|
|
348
|
362.34
|
14.34
|
47
|
1.02
|
0.51
|
|
|
|
|
|
|
|
|
|
|
2300E
|
AN-07-010
|
-90
|
-
|
53.41
|
66
|
12.59
|
41.3
|
0.55
|
0.23
|
|
|
|
|
|
|
|
|
|
|
2300E
|
AN-07-013
|
-45
|
208
|
199
|
208
|
9
|
29.5
|
0.42
|
0.19
|
|
|
|
|
|
|
|
|
|
|
2300E
|
AN-07-016
|
-64.8
|
209.6
|
336
|
356.36
|
20.36
|
66.8
|
0.78
|
0.31
|
Discussion
of Results
These drill
holes were all drilled in late 2007 and provide coverage on two different
portions of the joint venture property. The results to date support our
target of defining extensions to the mineralization at the Ajax East and West
pits to support a single large open pit mining operation. It is
encouraging to note that fourteen of the holes had one or more significant
mineralized intercepts greater than 30 metres (about 100 feet) in length;
including six holes which had one or more significant mineralized intercepts
ranging in length from 100 metres (328.1 feet) to 356.1 metres (1168.3 feet).
2008
drilling to date has filled in the gap between the above mentioned areas and
the results are pending.
About
the Afton Project
The Afton
properties belonging to the Company lie within a mining camp hosting a number
of mined and un-mined alkalic copper-gold, porphyry style
deposits. Since 2002, Abacus has redefined several known deposits
through expansion of copper - gold mineralization down dip and along strike.
The Company has completed approximately 480,000 feet (146,304 metres) of
drilling and developed NI 43-101 compliant indicated resources on the DM and
Rainbow deposits, totaling 60.1 million tonnes and an inferred resource at
the Ajax West deposit totaling 147,000,000 tonnes (all resources calculated
at 0.20% copper cut-off).
The Ajax
property comprises of eight 100% owned Crown grants which include the
historic Ajax East and West pits. Also included is an interest in
claims between the pits acquired from a joint-venture agreement signed with
New Gold Inc. The Ajax area lies nine kilometres southeast along an
existing haul road from the Afton mill, shop facilities and tailings area
which Abacus agreed to purchase in 2005 from Teck-Cominco. The high priority,
Phase 1, drilling on the Joint Venture ground has been completed. Two drills
are active on the property to maximize the assignment of resources to
measured and indicated categories.
The updated
DM zone resource will be completed within the next few weeks and the greater
Ajax area will have a compliant resource estimate scheduled for completion by
the end of June. Upon completion of the resource estimates, Abacus
intends to progress the Afton project through preliminary economic studies and
into feasibility during the second half of 2008 and completed in early
2009. The Company's goal is to develop, large-scale surface mining
operations at Afton producing between 40,000 and 60,000 tonnes per day by
2010.
Eco Tech
Laboratory Ltd. of Kamloops, B.C., has completed all of Abacus' analytical
work on the project. A quality-control program, using specific
standards and blank samples is in place. Robert G. Friesen, P.Geo. is
the qualified person responsible for the design and conduct of the work
performed.
On Behalf
of the Board,
ABACUS MINING AND
EXPLORATION CORPORATION
Doug Fulcher,
President and Chief
Executive Officer
Contact:
Tim Mikula, Investor Relations 866-834-0301 tmikula@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. 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.