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Abacus Provides Update on the Ajax Copper-Gold Project
Published : November 21, 2012
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VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 21, 2012) - Abacus Mining & Exploration Corporation (News - Market indicators) ("Abacus" or the "Company") announces that in a letter addressed to the community of Kamloops, B.C., the operator of its 20% interest Ajax copper-gold project, KGHM International Ltd. ("KGHMI") provided assurance of their commitment and expertise to advance the Ajax project to the highest social and environmental standards.

In the statement, KGHMI outlined their approach since becoming operator of the Ajax copper-gold project on September 1, 2012:

"We have dedicated all necessary resources, both internal and external, to ensure that our approach to the development of this project is socially and environmentally responsible, innovative yet sound, and technically viable. We are committed to earning the social license needed to develop this project and to gain the community's trust by demonstrating that we will build and operate the Ajax mine according to the same high standards to which we conduct all of our operations."

Currently KGHMI operates six mines in Canada, the United States and Chile and is advancing two other development projects in Canada and Chile. Since taking over operatorship of the Ajax project, KGHMI has appointed a new management team to the project and is continuing to advance the permitting process while conducting a technical review. Public information sessions are being planned for the month of January 2013, during which KGHMI will introduce itself to the community and to allow the community to personally meet the new project leadership team. These information sessions will provide an open forum to further engage the people of Kamloops and to establish ongoing dialogue that is a key to developing a successful, long-term partnership.

Jim Excell, CEO of Abacus commented, "KGHM International Ltd. (formerly Quadra FNX Mining Ltd.) is a respected Canadian mining company with an extensive record of developing mining operations. We are pleased that they are fully engaged in continuing to advance the permitting process for the Ajax project, building on the foundation put in place by the Abacus team since early 2011. We have every confidence in their capabilities to develop the project in a manner that will be positive for the City of Kamloops and the Province of British Columbia."

To view the letter addressed to the community of Kamloops, B.C., visit the following link: http://media3.marketwire.com/docs/KGHM_Letter.pdf

Abacus continues to work with its financial advisor Stifel Nicolaus Canada Inc. in the process of realizing potential strategic opportunities to maximize the value of its 20% interest in the Ajax Project and will announce developments as appropriate.

On Behalf of the Board,

ABACUS MINING AND EXPLORATION CORPORATION

James D. Excell, President & CEO

Donna Yoshimatsu, Director, Investor Relations

About Abacus

Abacus is a mineral exploration and mine development company with a 20% interest in the feasibility stage Ajax copper-gold project located near Kamloops, B.C. The Ajax Project is a joint venture between Abacus Mining & Exploration Corporation and KGHM Polska Miedz S.A. ("KGHM") through KGHM Ajax Mining Inc. ("KGHM Ajax"), and is operated by KGHM International Ltd., a subsidiary of KGHM.

The Ajax project NI 43-101 Feasibility Study supports production of a total of 2.5 billion lbs of copper and 2.28 million ozs of gold in concentrate, or an average of approximately 109 million lbs of copper and 99,000 ozs of gold annually, over a 23 year mine life. Total proven and probable mineral reserves are estimated at 3 billion lbs Cu and 2.7 million ozs Au at 0.27% Cu and 0.17 g/t Au based on $2.50 Cu and $1,085 Au. The proposed mine plan envisages a conventional open pit operation processing 60,000 tonnes per day or 21.9 million tonnes per year of ore. [see Report titled "Ajax Copper/Gold Project -- Kamloops, British Columbia Feasibility Study Technical Report" by Wardrop (a Tetra Tech Company) dated January 6, 2012 ("FS")].

Forward-Looking Information

This release includes certain statements that are deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that Abacus 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 changes to commodity prices, mine and metallurgical recovery, operating and capital costs, foreign exchange rates, ability to obtain required permits on a timely basis, exploitation and exploration successes, 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 & Exploration Corporation
James D. Excell
President & CEO
jexcell@amemining.com
or
Abacus Mining & Exploration Corporation
Donna Yoshimatsu
Director, Investor Relations
(647) 345-0826
dyoshimatsu@amemining.com
or
Abacus Mining & Exploration Corporation
604.682.0301
604.682.0307 (FAX)
info@amemining.com
www.amemining.com
Data and Statistics for these countries : Canada | Chile | All
Gold and Silver Prices for these countries : Canada | Chile | All
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Abacus Mining and Exploration

EXPLORATION STAGE
CODE : AME.V
ISIN : CA0025552096
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Corporate Presentations of Abacus Mining and Exploration
9/3/2009New Gold Financing a Positive Sign for Abacus
Annual reports of Abacus Mining and Exploration
2007 Annual report
Annual Report 2006
Financings of Abacus Mining and Exploration
5/10/2010Closes C$4.5 Million Private Placement with KGHM
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
9/17/2009Appoints Director of Investor Relations
Project news of Abacus Mining and Exploration
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 ...
1/10/2011(Afton - Ajax Camp)KGHM Ajax Initiate Environmental Assessment Review Process
12/15/2010(Afton - Ajax Camp)KGHM Ajax and Abacus reach Advanced Exploration Agreement wi...
12/1/2010(Afton - Ajax Camp)Feasibility Study Underway on Ajax Copper-Gold Project, B.C.
11/2/2010(Afton - Ajax Camp)reports on 18,000 metre drill program underway at Ajax
3/15/2010(Afton - Ajax Camp)Abacus' Ajax East Extension Area Drilling Highlights Potenti...
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
8/2/2013& Exploration Corporation: Ajax Project Update
5/17/2013Adopts New Shareholder Rights Plan
3/13/2013Extension of Warrants Approved
3/1/2013Applies for Extension of Term of Warrants
11/21/2012Provides Update on the Ajax Copper-Gold Project
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
10/20/2011provides update on Feasibility Study progress
9/22/2011' Ajax JV and New Gold sign Asset Exchange Agreement
4/9/2011Completes Asset Purchase Agreement with Teck
1/13/2011KGHM Ajax appoint new Chief Financial Officer
10/12/2010closes Definitive Joint Venture Agreement with KGHM JV Compa...
6/23/2010Announces Overwhelming Shareholder Approval for Joint Ventur...
5/17/2010announces James D. Excell to Board of Directors
9/22/2009Details on the company
4/30/2008 Releases First Drill Results From Ajax Joint Venture Area
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