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Abacus Mining and Exploration

Publié le 10 janvier 2012

Files Ajax Copper-Gold Project Feasibility Study Technical Report

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Mots clés associés :   Copper |

Abacus Files Ajax Copper-Gold Project Feasibility Study Technical Report


Vancouver, British Columbia -- January 10, 2012. Abacus Mining & Exploration Corporation (TSXV: AME "Abacus") is pleased to announce that further to its news release of December 21, 2011, the Ajax Project Feasibility Study Technical Report has been filed under AME's profile on SEDAR at www.sedar.com and on AME's website at www.amemining.com.

The NI 43-101 compliant independent Feasibility Study supports a 60,000 tonne per day conventional milling plant, producing a copper-gold concentrate containing 25% Cu and 18 g/t Au. The Study was led by Tetra Tech WEI (Wardrop) in conjunction with a team of globally recognized consultants.

The previously announced highlights of the Ajax Project include:

Base Case Highlights: (all economic figures in US$)
  • Total proven and probable mineral reserves of 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
  • 23 year mine life at a processing rate of 60,000 t/d or 21.9 million t/a at a LOM stripping ratio of 2.4:1
  • LOM production of 2.5 billion lbs Cu and 2.28 million ozs Au in concentrate
  • Initial capital costs of $795 million, including contingency of $87 million
  • Cash cost per lb of copper of $1.28 net of gold credits
The base case of the pre-tax economic model has an internal rate of return (IRR) of 14.5% and a net present value (NPV) of US$416 million at an 8% discount rate, with payback of the initial capital of 7.8 years. The following table shows the leverage to increases in metal prices from the base case scenario.

  Base Case Scenario Alternate Case Scenario1 Alternate Case Scenario2
Cu US$/lb $2.75 $3.00 $ 3.50
Au US$/oz $1,085 $1,300 $1,700
Exchange Rate (US$:C$) 0.92 0.94 0.98
Pre-tax Internal Rate of Return 14.5% 19.5% 30.3%
Cash Cost per lb Cu (net of gold credits) $1.28 $1.11 $0.79
Pre-Tax Net Present Value
(8% discount rate)
$416 million $818 million $1,601 million
Payback Years 7.8 3.8 2.2


Joint Venture Next Steps
Abacus delivered the final Feasibility Study to KGHM in late December 2011 in accordance with the provisions of the Joint Venture Shareholders' Agreement of October 12, 2010. KGHM will have 90 days to acquire a further 29% in the Joint Venture company for a cash consideration equal to 29% of the Proven and Probable copper equivalent reserve in the FS, to a maximum of US$35 million, towards use by Abacus for its share of project capital.

In the event that KGHM chooses not to increase its interest in the joint venture, Abacus then has 90 days to elect to purchase KGHM's 51% interest for US$37 million, and 90 days thereafter to close on this purchase. Should Abacus choose not to purchase KGHM's interest in its entirety, Abacus' interest in the Joint Venture can be increased to 51% by paying approximately US$1.5 million to KGHM.

The technical information in this news release has been reviewed and approved by Dave Laudrum, P.Geo., Abacus's Chief Geologist and qualified person for the Ajax Project within the meaning of National Instrument 43-101.

On Behalf of the Board,
ABACUS MINING AND EXPLORATION CORPORATION

James D. Excell
President & CEO

jexcell@amemining.com

Donna Yoshimatsu
Director, Investor Relations

dyoshimatsu@amemining.com
(647) 345-0826

About Abacus
Abacus Mining is a mineral exploration and mine development company with a feasibility stage copper-gold project located in the Ajax Mining Camp southwest of Kamloops, B.C. The Ajax copper-gold project is a joint venture between Abacus Mining & Exploration and KGHM Polska Miedz through KGHM Ajax Mining Inc. owned 49% by Abacus and 51% by KGHM. The December 2011 feasibility study confirms a proven and probable reserve of approximately 3 billion lbs copper and 2.7 million ozs gold supporting an average annual production of 109 million lbs copper and 99,000 oz gold over 23 years at a rate of 60,000 tonnes per day. The environmental review and permitting process was initiated in early 2011 with the submission of the Project Description, a copy of which is available on the Company's website and www.eao.gov.bc.ca.

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 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 changes to commodity prices, mine and metallurgical recovery, operating and capital costs ,foreign exchange rate, and ability to obtain required permits on a timely basis including permission from Kinder Morgan to have access to the pipeline right-of-way, 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.
 

 

Abacus Mining and Exploration

EXPLORATEUR
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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