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Abacus Mining and Exploration

Publié le 12 février 2015

Abacus Provides Review of 2014 Program at Ajax Copper-Gold Project in B.C.

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Abacus Provides Review of 2014 Program at Ajax Copper-Gold Project in B.C.

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 12, 2015) - Abacus Mining & Exploration Corporation ("Abacus" or the "Company") (TSX VENTURE:AME) is pleased to provide a review of the 2014 program completed on the feasibility stage Ajax copper-gold project located near Kamloops, B.C. The Ajax project is 100% owned by KGHM Ajax Mining Inc. (KGHM-Ajax), a joint venture between Abacus (20% ownership), and KGHM Polska Miedz SA (KGHM) (80% ownership).

A significant work program was completed in 2014 by the operator of the Ajax project, KGHM International, a wholly-owned subsidiary of KGHM, consisting of various permitting activities, engineering work, metallurgical test work, optimization studies, exploration and condemnation drilling. These achievements are expected to have a positive impact on the advancement of the project towards a production decision.

Total expenditures for the 2014 program were estimated at $59.3 million, contributed by both Abacus and KGHM in proportion to their ownership interest in the project. Details of the planned 2015 program and budget will be released shortly.

Notable areas of progress during 2014 are outlined below.

Technical Feasibility Review

A major technical effort during 2014 was the initiation of a Feasibility Gap Analysis to update the 2012 Feasibility Study and to maximize the project's economic return. The work to date indicates a robust project with positive financial implications. Several high value trade-off studies are underway which are expected to further enhance the economics of the project. The results from these trade-off studies will be incorporated into the Feasibility Study update and reported by the end of this year.

In response to and in consultation with the neighbouring communities over concerns, a redesigned and improved site plan was presented wherein several of the proposed mine's industrial facilities have been moved farther from the City of Kamloops neighbourhoods. The concentrated mine footprint is expected to considerably decrease on-site truck traffic, emissions and dust, and should be positively reflected in the Environmental Assessment (EA) Application/EIS expected to be filed in the second quarter of 2015.

The Ajax Project is a proposed open-pit mine with an estimated approximate 23-year mine life expected to yield approximately 109 million pounds of copper and 99,000 ounces of gold annually. 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. [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")].

Exploration Drilling

During the year over 55 kilometres of drilling was completed. The objective of the exploration drilling program was to identify mineral resources in the vicinity of the Ajax mining complex for future resource definition, as well as to test several highly-prospective regional targets outside the Ajax area, which resources could add significant value to the project. Drilling within the proposed pit returned encouraging results which will be incorporated into a new block model in 2015. Drill testing of several satellite deposits was also carried out and results are pending.

Permitting

The EA Application/EIS is scheduled to be submitted in the second quarter of 2015, and will be followed by a 30-45 day assessment period to determine whether the application will be received for formal review. This review process is expected to take approximately one year in parallel with which the MEMA permit application will be submitted. This schedule will enable mine construction to begin in 2016 with production commencing towards the end of 2018.

A number of potential delays associated with material changes or additions to the AIR/EIS guidelines may prolong this schedule. Other risks and uncertainties are listed in the Company's regulatory filings on Sedar (www.sedar.com) or its website (www.amemining.com).

Community Affairs

2014 proved to be an important year for the Ajax project Community Affairs group with many critical milestones reached. The project team worked more than 350,000 hours across a wide variety of programs and hosted several public events during the year including tours of the Ajax site, sharing the vision for the Ajax project with various stakeholders in and around the community. No lost-time injuries or reportable environmental incidents occurred on site throughout the year, a remarkable achievement.

The Ajax project continues to fulfil a responsible role in the community partnering and supporting over 150 individuals and organizations during the year, and was a strong contender for a top Business Award though the Chamber of Commerce.

First Nations

The project lies within the asserted traditional territories of the Skeetchestn Indian Band and the T'Kemlups Indian Band. To ensure that First Nations share in the benefits the project will provide and as part of the EA process, the two bands are actively being consulted at the technical and Chief to Chief levels with respect to their interests in the Ajax project.

Abacus Corporate - Strategic Review

Abacus carried out a review of several strategic opportunities during the year towards increasing shareholder value. Although no transactions were completed, the company will continue to evaluate opportunities that the current market presents.

As at December 31, 2014, Abacus had approximately $2.1 million in cash and equivalents. This is expected to be sufficient for the foreseeable future as the company has a very low monthly cash requirement.

On Behalf of the Board, ABACUS MINING & EXPLORATION CORPORATION

Michael McInnis, Chairman, President & CEO

About Abacus

Abacus is a mineral exploration and mine development company with a 20% interest in the Ajax copper-gold project located at the historic Ajax-Afton site southwest of Kamloops, B.C. Through a joint venture between Abacus and KGHM Polska Miedz S.A. through KGHM Ajax, the Ajax project is a proposed open-pit mine with an estimated approximate 23-year mine life expected to yield approximately 109 million pounds of copper and 99,000 ounces of gold annually. [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")].

The technical information in this news release has been reviewed and approved by Michael McInnis, P.Eng., Abacus's Chairman, President & CEO and a qualified person within the meaning of National Instrument 43-101.

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.

Lire la suite de l'article sur finance.yahoo.com

Abacus Mining and Exploration

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CODE : AME.V
ISIN : CA0025552096
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Abacus Mining est une société de production minière de cuivre et d'or basée au Canada.

Abacus Mining est productrice de cuivre, d'or, d'argent et de palladium au Canada, et détient divers projets d'exploration au Canada.

Son principal projet en production est AFTON au Canada et ses principaux projets en exploration sont THE MONTE CARLO ZONE, DM AUDRA DEPOSIT, AFTON - AJAX CAMP et RAINBOW au Canada.

Abacus Mining est cotée au Canada. Sa capitalisation boursière aujourd'hui est 978 250 CA$ (719 460 US$, 646 291 €).

La valeur de son action a atteint son plus haut niveau récent le 07 juin 1996 à 1,66 CA$, et son plus bas niveau récent le 20 avril 2001 à 0,01 CA$.

Abacus Mining possède 39 130 000 actions en circulation.

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Rapports annuels de Abacus Mining and Exploration
2007 Annual report
Annual Report 2006
Attributions d'options de Abacus Mining and Exploration
10/10/2013Compensation Reductions and Stock Option Grants
Nominations de Abacus Mining and Exploration
04/05/2012announces resignation of Andrew Pooler
17/04/2012appoints Stifel Nicolaus Canada as financial advisor
Projets de Abacus Mining and Exploration
15/09/2015Poland's KGHM says applied for mine permit in Canada
19/03/2013provides update on Ajax Copper-Gold Project in B.C.
23/08/2012KGHM aligned on Ajax Project development KGHM International ...
02/04/2012KGHM exercises option to increase interest in Ajax project t...
10/01/2012Files Ajax Copper-Gold Project Feasibility Study Technical R...
21/12/2011announces robust Feasibility Study results for Ajax Copper-G...
23/06/2011KGHM Ajax participates in open house for Ajax Project Commun...
02/06/2011(Afton - Ajax Camp)KGHM Ajax appoints BNP Paribas as exclusive financial adviso...
24/01/2011(Afton - Ajax Camp)completes major definition and infill drill program at Ajax ...
01/12/2010(Afton - Ajax Camp)Feasibility Study Underway on Ajax Copper-Gold Project, B.C.
23/06/2008(Afton - Ajax Camp)Ajax Joint Venture Area Drilling Continues To Expands The Re...
28/04/2008Intersects 318 metres (1043.3 feet) of 0.43% copper and 0.26...
09/04/2008(Afton - Ajax Camp)Releases Drill Results From Monte Carlo, an Eastern Extensio...
25/03/2008(Afton - Ajax Camp)Sign Definitive Agreements
Communiqués de Presse de Abacus Mining and Exploration
19/04/2016Abacus Stock Option Grant
01/04/2016Abacus Board Appointment
24/02/2016Abacus Announces Filing of Updated Feasibility Study for Aja...
13/01/2016Abacus announces positive feasibility study update on Ajax C...
29/12/2015Abacus announces grant of stock options
19/10/2015Abacus Announces Ajax Copper-Gold Project Update
14/09/2015Abacus Announces Submission of Environmental Assessment Appl...
24/03/2015Provides Overview of 2015 Program at Ajax Copper-Gold Projec...
24/03/2015Abacus Provides Overview of 2015 Program at Ajax Copper-Gold...
20/02/2015Abacus Announces Grant of Stock Options
12/02/2015Abacus Provides Review of 2014 Program at Ajax Copper-Gold P...
31/07/2014IIROC Trading Resumption - AME
31/07/2014Abacus Arranges CAD$3 Million Loan and Signs Agreement for t...
31/07/2014IIROC Trading Halt - AME
04/06/2014Abacus Mining Completes Shares for Debt Transaction
29/05/2014KGHM aims to start producing copper at Canadian site at end-...
29/05/2014Abacus Mining Announces New Ajax Project Site Plan
25/04/2014Abacus Mining Announces Issuance of Shares for Debt
02/08/2013& Exploration Corporation: Ajax Project Update
17/05/2013Adopts New Shareholder Rights Plan
13/03/2013Extension of Warrants Approved
02/04/2012initiates strategic review to maximize shareholder value
15/03/2012closes unit offering of C$3.18 million
02/03/2012to close $3.0 million unit offering
16/02/2012announces up to $2.5 million unit offering
22/09/2011' Ajax JV and New Gold sign Asset Exchange Agreement
09/04/2011Completes Asset Purchase Agreement with Teck
22/09/2009Details on the company
30/04/2008 Releases First Drill Results From Ajax Joint Venture Area
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