| ||May 17, 2010|
Abacus Mining announces James D. Excell to Board of Directors
| ||Vancouver, British Columbia - (May 17, 2010) Abacus Mining & Exploration Corporation ("Abacus" or the "Company") (TSXV: AME) is pleased to announce the appointment of James D. (Jim) Excell, B.A.Sc. to the Board of Directors of the Corporation. |
During an international career spanning more than three decades with BHP Billiton Diamonds Inc., Mr. Excell managed and developed some of the world's premier mining projects in the United States, Australia and Canada. He led the construction, commissioning and subsequent operation of the $700 million development of the Ekati Diamond Mine, Canada's first diamond mine. From 1999 to 2003, he was President and COO of BHP Billiton Diamonds Inc. and served as its Chairman to June 2005. Jim also managed copper operations in British Columbia, as well as metallurgical and thermal coal mines in Australia and the U.S. In addition to his outstanding industry experience, he is recognized for fostering goodwill relations with government and aboriginal groups.
For his contributions to the mining industry, Jim Excell has been recognized with such awards as Businessman of the Year from the NWT Chamber of Commerce, Resource Person of the Year by the Alberta Chamber of Resources, and on behalf of BHP Billiton Diamonds Inc., the Viola R. MacMillan Developers Award for outstanding leadership in management and financing for exploration and development of mineral resources.
Tom McKeever, Executive Chairman of Abacus commented, "We are very pleased to welcome Jim to the Board at this defining stage in our transition to mid-tier producer and as we forge new ground with our joint venture partner KGHM Polska Miedz. Jim's accomplishments in the mining field are remarkable, his dedication to building goodwill among all stakeholders in the mining community legendary. His expertise will be of tremendous value to the development of our Afton-Ajax Project and beyond."
Mr. Excell serves as a board member for Advanced Explorations Inc., Canterra Minerals Corporation and Fortune Minerals Inc. and is a director of the Prospectors and Developers Association of Canada and serves on its Aboriginal Affairs Committee.
On Behalf of the Board,
ABACUS MINING AND EXPLORATION CORPORATION
President and Chief Executive Officer
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Abacus is an 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 kilometres southwest of Kamloops, British Columbia. The report 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.
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. 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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