KGHM Ajax appoints BNP Paribas as exclusive financial advisor for Ajax
copper-gold project
Vancouver, British Columbia -- June 2, 2011. Abacus Mining &
Exploration Corporation (TSXV: AME "Abacus") reports that KGHM
Ajax Mining Inc. ("KGHM Ajax"), the joint venture development
company between Abacus and KGHM Polska Miedz S.A., has executed an engagement letter with
BNP Paribas ("BNP Paribas"), appointing BNP Paribas as
exclusive financial advisor in connection with the project financing for
the Ajax copper-gold project near Kamloops, B.C.
Ian MacNeily, Chief Financial Officer of Abacus
and KGHM Ajax stated, "We are pleased to engage BNP Paribas, a
leading international project financing institution, as advisor to the
Ajax project to assist us in structuring the most effective financing
arrangement for the development of the Ajax copper-gold project."
The Ajax Project is currently undergoing environmental review and
permitting, with a bankable feasibility study ("BFS"), managed
by a team of renowned consultants, expected to be completed in the fall
of this year. The BFS contemplates construction of an open pit copper and
gold mine in the Ajax camp 10 kms southwest of
Kamloops, B.C. where its proximity to infrastructure and its significant
gold content is expected to have a favourable
impact on the project's economics. The BFS follows the NI 43-101
compliant Preliminary Economic Assessment (the "PEA") of June
22, 2009 by Wardrop Engineering Inc., which
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.
On Behalf of the Board,
ABACUS MINING AND EXPLORATION CORPORATION
Ian M. MacNeily
EVP & CFO
imacneily@amemining.com
Donna Yoshimatsu
Director, Investor
Relations
dyoshimatsu@amemining.com
Tim Mikula, Investor Relations, tmikula@amemining.com
866-834-0301
About Abacus
Abacus is an exploration and mine development company focused on the
development of the Ajax copper-gold project located 10 km southwest of
Kamloops, B.C. With major copper producer and joint venture partner, KGHM
Polska Miedz S.A.,
Abacus, as operator, is currently completing the feasibility study on the
Ajax project, which is expected to be completed in the fall of 2011. The
project is in the permitting phase with environmental assessment
underway. Please refer to the Company's website for further information
at www.amemining.com.
Forward-Looking
Information
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"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
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such statements are not guarantees of future performance and actual
results or developments may differ materially from those projected in the
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