| ||September 17, 2009|
Abacus Appoints Director of Investor Relations
| ||VANCOUVER, B.C. September 17th, 2009 - Abacus Mining & Exploration Corporation ("Abacus" or the "Company") (TSX.V:AME) is pleased to announce the appointment of Ms. Donna Yoshimatsu as Director of Investor Relations, effective immediately. |
Prior to joining Abacus, Ms. Yoshimatsu has held senior investor relations and communications positions developing key strategies to maximize shareholder value. Most notably, Ms. Yoshimatsu worked with SNC Lavalin Group, Franco-Nevada and Euro-Nevada Mining, Beutel, Goodman Investment Counsel, and a number of TSX-Venture listed companies. She holds a Bachelor's degree in Languages, Linguistics, and English Literature from the University of Toronto. Ms. Yoshimatsu has completed the Canadian Securities Course and Level II of the Chartered Financial Analyst program. She is a long standing member of the Canadian Investor Relations Institute and serves in its mentorship program for capital markets.
The Company and Ms. Yoshimatsu have entered into an Agreement (the "IR Agreement") whereby Ms Yoshimatsu will, from her base in Toronto, provide investor relations, communications and corporate finance services to the Company, which will be focused on analysts and institutional investors in Toronto and throughout North America. The IR Agreement is subject to TSX Venture Exchange acceptance and is for an initial one year term (including a three month probationary period), and renewable thereafter annually at the mutual agreement of the parties. For her services under the IR Agreement, Ms. Yoshimatsu will receive compensation of $5,500 per month and has been granted 100,000 incentive stock options at a price of $0.25 per share, for a period of five years from the date of grant. Other than such stock options and her position as set forth in the IR Agreement, the Company understands that Ms. Yoshimatsu does not, directly or indirectly, have any interest in the Company or any securities of the Company.
About the Company
Abacus Mining is a junior exploration and development company with a 43-101 compliant positive preliminary economic assessment report (announced June 22, 2009) for its Ajax copper/gold project located 10 km southwest of Kamloops, British Columbia. The report contemplates a 60,000 tonne per day operation producing an average 106 million pounds of copper and 99,400 ounces of gold in concentrate annually. Sensitivity analyses approximating metal prices (US$2.75 per pound copper and US$1,000 per ounce gold) in the assessment indicate a NPV of $1.2 billion discounted 8% over a 23 year mine life, with an IRR of 31.3%, cash costs of $0.90 per pound copper, and payback of 2.3 years. The Ajax extension remains open along strike and at depth.
On Behalf of the Board
ABACUS MINING & EXPLORATION CORPORATION
President and Chief Executive Officer
Contact: Tim Mikula, Investor Relations 866-834-0301
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 Corporation (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.
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