Abacus completes major definition and infill drill program at Ajax as
part of ongoing Feasibility Study
Vancouver, British Columbia -- January 24, 2011. Abacus Mining &
Exploration Corporation ("Abacus" or the "Company")
(TSXV: AME) is pleased to announce highlights from a major program of
delineation and infill diamond drilling on the Ajax copper-gold project
located 10 km southwest of Kamloops, British Columbia.
The drill program was carried out as part of the Feasibility Study
currently underway on the Ajax copper-gold project being developed by
KGHM Ajax Mining Inc., a joint venture between Abacus and KGHM Polska Miedz S.A.
("KGHM"). The objective of the drilling was to upgrade a
portion of the near-surface copper-gold mineralization in the existing NI
43-101 compliant inferred resource (See Ajax Copper/Gold Project,
Kamloops, BC Preliminary Assessment Technical Report by Wardrop Engineering Inc., July 22, 2009) to the
measured and indicated categories.
A total of 27,332 meters of drilling was completed between July and
December 2010 with up to five drills operating on the property. Drill hole spacings were based on
criteria defined in the NI 43-101 report on the project by AMEC in
October 2008. The program confirmed key aspects of the understanding of
the Ajax deposit, further increasing confidence in the geological and
economic models.
Jim Excell, President & CEO of Abacus
stated, "We are very pleased with the results of this major drill
program, having positive implications to upgrade a significant percentage
of inferred resources to measured and indicated categories. With the
Feasibility Study well underway, these results together with our other
initiatives provide an encouraging outlook for the robustness of the Ajax
project."
Abacus is currently updating the geological model with data from this
drill program in preparation for an updated resource estimate which will
commence in February.
Highlights of the drill program results are presented in the following
table:
Section
|
Hole Number
|
Dip
|
Azimuth
|
From
|
To
|
Length
|
Cu %
|
Au g/t
|
Purpose/Area
|
|
|
(Deg.)
|
(Deg.)
|
(m)
|
(m)
|
(m)
|
|
|
|
1800N
|
AM-10-075
|
-54.3
|
301.1
|
264
|
297
|
33
|
0.42
|
0.29
|
East Ajax Ext.
|
|
|
|
|
456
|
516
|
60
|
0.61
|
0.49
|
|
|
|
|
|
|
|
|
|
|
|
1800N
|
AM-10-076
|
-69.7
|
301.6
|
230
|
432
|
202
|
0.51
|
0.35
|
East Ajax Ext.
|
|
incl.
|
230
|
309.93
|
79.93
|
0.66
|
0.5
|
|
|
incl.
|
340.89
|
404
|
63.11
|
0.51
|
0.31
|
|
|
|
|
|
|
|
|
|
|
|
2350E
|
AE-10-067
|
-53.9
|
26.5
|
228
|
306.95
|
78.95
|
0.4
|
0.35
|
Conversion Infill
|
|
incl.
|
237
|
263.75
|
26.75
|
0.48
|
0.4
|
|
|
incl.
|
288.5
|
306.95
|
18.45
|
0.52
|
0.47
|
|
|
|
|
|
365
|
431.9
|
66.9
|
0.42
|
0.39
|
|
|
|
|
|
|
|
|
|
|
|
2350E
|
AE-10-068
|
-65.3
|
24.2
|
359.1
|
500
|
140.9
|
0.44
|
0.4
|
Conversion Infill
|
|
incl.
|
416
|
500
|
84
|
0.48
|
0.44
|
|
|
|
|
|
|
|
|
|
|
|
2100E
|
AE-10-070
|
-90.0
|
0.0
|
12.19
|
60.04
|
47.85
|
0.39
|
0.32
|
In East Ajax pit
|
|
incl.
|
12.19
|
36
|
23.81
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2100E
|
AE-10-072
|
-90.0
|
0.0
|
12.19
|
45
|
32.81
|
0.67
|
0.46
|
In East Ajax pit
|
|
incl.
|
12.19
|
30
|
17.81
|
1.08
|
0.71
|
|
|
|
|
|
|
|
|
|
|
|
2000E
|
AE-10-073
|
-60.3
|
27.0
|
33
|
51
|
18
|
0.57
|
0.47
|
In East Ajax pit
|
|
|
|
|
|
|
|
|
|
|
2000E
|
AE-10-075
|
-44.6
|
208.7
|
27
|
78
|
51
|
0.59
|
0.41
|
In East Ajax pit
|
|
incl.
|
45
|
78
|
33
|
0.65
|
0.45
|
|
|
|
|
|
|
|
|
|
|
|
2375E
|
AE-10-076
|
-80.6
|
27.0
|
9
|
36
|
27
|
0.43
|
0.23
|
Conversion infill
|
|
|
|
|
63
|
81
|
18
|
0.59
|
0.41
|
|
|
|
|
|
|
|
|
|
|
|
2025E
|
AE-10-077
|
-47.0
|
26.1
|
62
|
101
|
39
|
0.77
|
0.57
|
In East Ajax pit
|
|
|
|
|
|
|
|
|
|
|
1775E
|
AE-10-081
|
-84.8
|
231.0
|
429
|
495
|
66
|
0.45
|
0.25
|
Conversion infill
|
|
|
|
|
|
|
|
|
|
|
2300E
|
AE-10-085
|
-75.6
|
20.3
|
351
|
470
|
119
|
0.56
|
0.57
|
Conversion infill
|
|
incl.
|
351
|
393
|
42
|
0.73
|
0.78
|
|
|
incl.
|
399
|
438
|
39
|
0.58
|
0.54
|
|
|
|
|
|
|
|
|
|
|
|
1550N
|
AE-10-086
|
-80.7
|
118.7
|
228
|
264
|
36
|
0.62
|
0.48
|
Conversion infill
|
|
|
|
|
|
|
|
|
|
|
1400N
|
AE-10-094
|
-75.3
|
117.3
|
299
|
419
|
120
|
0.47
|
0.32
|
Conversion infill
|
|
incl.
|
299
|
317
|
18
|
0.41
|
0.37
|
|
|
incl.
|
329
|
344
|
15
|
0.61
|
0.5
|
|
|
|
|
|
|
|
|
|
|
|
|
incl.
|
371
|
410
|
39
|
0.77
|
0.46
|
|
1350E
|
AW-10-108
|
-90.0
|
0.0
|
373
|
487
|
114
|
0.84
|
0.63
|
Conversion infill
|
|
incl.
|
382
|
469
|
87
|
0.94
|
0.67
|
|
|
incl.
|
478
|
487
|
9
|
1.34
|
1.16
|
|
|
|
|
|
|
|
|
|
|
|
1225E
|
AW-10-111
|
-74.4
|
27.5
|
57
|
132
|
75
|
0.61
|
0.51
|
In West pit
|
|
|
|
|
|
|
|
|
|
|
1225E
|
AW-10-113
|
-59.9
|
28.7
|
74.93
|
140
|
65.07
|
0.68
|
0.63
|
In West pit
|
|
incl.
|
|
|
74.93
|
98
|
23.07
|
1.31
|
1.23
|
|
|
incl.
|
|
|
116
|
125
|
9
|
0.63
|
0.53
|
|
|
|
|
|
|
|
|
|
|
|
1200E
|
AW-10-117
|
-82.3
|
28.1
|
59
|
142.34
|
80.34
|
0.47
|
0.45
|
In West pit
|
|
|
|
|
|
|
|
|
|
|
1175E
|
AW-10-120
|
-56.4
|
28.1
|
44
|
131
|
87
|
0.53
|
0.36
|
In West pit
|
|
incl.
|
83
|
95
|
12
|
1.34
|
0.7
|
|
|
|
|
|
|
|
|
|
|
|
750N
|
AW-10-124
|
-49.9
|
118.0
|
36
|
151.49
|
115.49
|
0.46
|
0.39
|
In West pit
|
|
incl.
|
36
|
81
|
45
|
0.41
|
0.28
|
|
|
incl.
|
96
|
151.49
|
55.49
|
0.59
|
0.57
|
|
Based on the existing NI-43-101 compliant Preliminary Economic
Assessment, the Ajax deposit is estimated to contain an in-pit measured
and indicated resource of 442 million tonnes at
an average grade of 0.30% copper and 0.19 g/t gold (2.6 billion pounds copper
and 2.4 million ounces gold), with an additional 80.6 million tonnes of inferred resource at 0.22% copper and 0.16
g/t gold (0.3 billion pounds of copper and 0.3 million ounces of gold).
This is sufficient to support a 60,000 tonne
per day mining operation producing an average of 110 million pounds of
copper and 100,000 ounces of gold in concentrate annually over a 23 year
mine life.
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
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 is an exploration and mine development company with a
43‐101 compliant positive preliminary economic assessment
report (June 22, 2009) for its Ajax copper-gold project located 10 km
southwest of Kamloops, British Columbia. Sensitivity analyses therein 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 using metal prices approximating US$3.00 per pound copper and
US$1,000 per ounce gold. 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.
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.
|