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Abacus Mining and Exploration

Publié le 01 décembre 2010

Feasibility Study Underway on Ajax Copper-Gold Project, B.C.

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Mots clés associés :   Copper |

Wednesday, December 01, 2010
Feasibility Study Underway on Ajax Copper-Gold Project, B.C.

Vancouver, British Columbia - December 1, 2010. Abacus Mining & Exploration Corporation (TSXV: AME "Abacus") through the KGHM Ajax Joint Venture with KGHM Polska Miedz S.A. ("KGHM"), is pleased to provide an update on the Feasibility Study currently underway on the Ajax copper-gold project located 10 kilometres southwest of Kamloops, B.C.

The Feasibility Study commenced shortly after Abacus and KGHM announced the formation of the Joint Venture in May 2010, and is expected to be completed next year. The purpose of the Study is to determine updated estimates for the life of mine production schedule of the Ajax project, initial and sustaining capital, as well as operational costs.

The study is being managed by a team of highly recognized consultants:

Wardrop Engineering Inc. (Wardrop) - mineral processing, surface site infrastructure financial analysis and general QP for the 43-101 feasibility report

AMEC Americas Ltd. (AMEC) -- geology, mineral resource estimate and mine design

Knight Pi�sold Ltd. (Knight Pi�sold) -- environmental base line studies and facilitation of the permitting process

Golder Engineering Ltd. (Golder) -- slurry transport, tailings design and water management

BGC Engineering Inc. (BGC) -- pit slope design and pit hydrogeology

G&T Metallurgical Services Ltd. (G&T) -- metallurgical test work

In its NI-43-101 compliant Preliminary Economic Assessment Report dated June 22, 2009, Wardrop contemplated a 60,000 tonne per day plant producing on average 110 million pounds of copper (approx. 50,000 tonnes) and 100,000 ounces of gold in concentrate annually. The report shows the Ajax deposit to be amenable to bulk mining with straight forward ore control and process. The Ajax Mine will benefit significantly from nearby infrastructure which, together with the significant gold content, should translate into a low cost copper operation. The Ajax extension remains open along strike and at depth.

Field work and engineering studies are underway to further define measured and indicated mineral resources, process plant milling circuit, mine haulage and in-pit crushing, and tailing deposition methods to increase project value.

An infill drill hole program is being completed in, around, and between the Ajax East and West pits where approximately 85% of the 502 million tonnes of 43-101 compliant estimated pit inventory resource is classified as measured and indicated. Continued drilling in the Ajax East Extension could provide additional tonnage to the Ajax deposit which will have a positive impact on the project's economics. This data will be incorporated into the Feasibility Study.

On Behalf of the Board,

Jim Excell
President & CEO

Donna Yoshimatsu
Director, Investor Relations


For further information, please contact:
Tim Mikula, Investor Relations, tmikula@amemining.com

About Abacus
Abacus Mining is an exploration and mine development company focused on the development of the Ajax copper-gold project located 10 kms southwest of Kamloops, B.C. with joint venture partner 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. Sensitivity analyses approximating metal prices (US$3.00 per pound copper and US$1,000 per ounce gold) in the assessment 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. 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.

You can also view this News Release on our website at:


Abacus Mining and Exploration

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 7,8 millions CA$ (6,1 millions US$, 5,0 millions €).

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
Financements de Abacus Mining and Exploration
10/05/2010Closes C$4.5 Million Private Placement with KGHM
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 ...
10/01/2011(Afton - Ajax Camp)KGHM Ajax Initiate Environmental Assessment Review Process
15/12/2010(Afton - Ajax Camp)KGHM Ajax and Abacus reach Advanced Exploration Agreement wi...
01/12/2010(Afton - Ajax Camp)Feasibility Study Underway on Ajax Copper-Gold Project, B.C.
02/11/2010(Afton - Ajax Camp)reports on 18,000 metre drill program underway at Ajax
15/03/2010(Afton - Ajax Camp)Abacus' Ajax East Extension Area Drilling Highlights Potenti...
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
09/12/2015Abacus announces Ajax Project Application/EIS passes governm...
09/12/2015Abacus announces grant of stock options
24/11/2015Abacus Announces Ajax Project Application/EIS Passes Governm...
17/11/2015Abacus Announces Grant of Stock Options
19/10/2015Abacus Announces Ajax Copper-Gold Project Update
14/09/2015Abacus Announces Submission of Environmental Assessment Appl...
24/03/2015Abacus Provides Overview of 2015 Program at Ajax Copper-Gold...
24/03/2015Provides Overview of 2015 Program at Ajax Copper-Gold Projec...
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
01/03/2013Applies for Extension of Term of Warrants
21/11/2012Provides Update on the Ajax Copper-Gold Project
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
13/01/2011KGHM Ajax appoint new Chief Financial Officer
22/09/2009Details on the company
30/04/2008 Releases First Drill Results From Ajax Joint Venture Area
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