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Abacus Mining & Exploration Corp.


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Ajax Cu-Au Project
South Central British Columbia, Canada

Overview

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Open Pit Ajax Mining Camp

The Ajax property comprises eight Crown grants including the historic Ajax East and West pits. The property is 100% owned by KGHM Ajax Mining Inc., a joint venture company owned 80% by KGHM Polska Miedz S.A. (KGHM) and 20% by Abacus Mining & Exploration Corp (Abacus). The Ajax project site is located at the southern extremity of the boundaries of the City of Kamloops and southeast along an existing haul road from the Afton mill, shop facilities, tailings area, and water rights which Abacus purchased in 2005 from Teck-Cominco.

In June 2009 Abacus completed a compliant positive preliminary economic analysis (PEA) on the Ajax property, after a series of successful drill programs from 2005-2008. The preliminary analysis on Ajax underscored the potential for a robust mining operation.

In May 2010 Abacus commissioned an independent Feasibility Study Technical Report on the Ajax Project prepared in accordance with National Instrument 43-101. The Study was led by Tetra Tech as the project's lead consultant, in conjunction with a team of globally recognized consultants comprising AMEC Americas Limited, Knight Piésold Ltd., Golder Associates Ltd. and BGC Engineering Inc., with test work by G&T Metallurgical Services Ltd. (G&T) and Krupp Polysius.

On January 13, 2016, Abacus announced a positive Feasibility Study Update superseding the Feasibility Study of January 6, 2012 and incorporating an updated reserve and significantly updated engineering. The updated FS was prepared in accordance with NI 43-101 by a consortium of independent consultants under the direction of M3 Engineering and Technology Corp., a recognized global provider of design and construction services. Several significant changes were introduced to the project scope and layout which yielded positive economic, processing and environmental impacts for the Ajax Project.

On February 23, 2016, Abacus announced that the updated feasibility study (the "updated FS") for the Ajax copper-gold-silver deposit entitled "Ajax Project, NI 43-101 Technical Report, Feasibility Study Update" dated February 19, 2016 was subsequently filed on Sedar (www.sedar.com) and the Company's website at www.amemining.com.

Please also refer to the section on Environmental & Permitting on this website for latest decisions on the Ajax Mine project.


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