Abacus Announces James D. Excell as President & CEO
Mr. Excell is a Metallurgical Engineer with extensive senior executive, mine management and process engineering experience. His career includes more than three decades with BHP Billiton in Canada and internationally, serving as President and COO of BHP Billiton Diamonds Inc. from 1999 to 2003, and as its Chairman to June 2005. He has been responsible for overseeing the management and development some of the world's premier mining projects, including the EKATI diamond mine in the Northwest Territories, where he led the construction, commissioning and subsequent operation of the $700 million development. 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.
A recipient of numerous awards for his significant contributions to the business community at large and mining industry in particular, Jim was nominated Resource Person of the Year by the Alberta Chamber of Commerce, Businessman of the Year from the NWT Chamber of Commerce, 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.
He takes over from Douglas Fulcher who has held the office since 2003, from the acquisition of the Afton-Ajax project through to its current status as an advanced stage development project.
Tom McKeever, Executive Chairman of Abacus offered his gratitude on behalf of the Board: "Doug has been a forerunner in junior exploration and his involvement in Abacus as a director goes back to 1993. He has built a proven team which has brought the project to a successful juncture that a strong mining management team led by Jim Excell and Andy Pooler can drive it forward with the expertise required. This transition would not be possible without the foresight and unwavering belief in the Company and the project that Doug has demonstrated. We are grateful for his leadership and dedication."
Doug Fulcher commented, "It was always the belief that when Abacus was ready to transition from an early exploration-development company to an advanced stage development and mining company it would be appropriate to put in place a CEO with a strong mining and operating management background. That time has come, and I am proud to have led Abacus through this transformation to an exciting future with joint venture partner KGHM for the Afton-Ajax project and other opportunities." Doug has agreed to be available to the Joint Venture company upon closing as a consultant.
The Company expects to be in a position to close the Definitive Agreement with KGHM for the Joint Venture by mid-August.
On Behalf of the Board,
ABACUS MINING AND EXPLORATION CORPORATION
Tom McKeever
Executive Chairman
604-682-0301
For further information, please contact:
Donna Yoshimatsu, Director of Investor Relations dyoshimatsu@amemining.com, or
Tim Mikula, Investor Relations 866-834-0301 tmikula@amemining.com
About Abacus
Abacus is an exploration and mine development company with a 43-101 compliant positive preliminary economic assessment report (announced June 22, 2009) for its Ajax copper/gold project located 10 kms 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.
Forward-Looking Information
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. 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 Announces Overwhelming Shareholder Approval for Joint Venture with KGHM
More than 90% of the shares represented at the meeting were voted in favour of the Joint Venture transaction. This clears the way for the finalization of the Definitive Joint Venture Agreement that sets out the parameters to fast track and fully fund the development of the Afton-Ajax copper-gold project near Kamloops, B.C. through bankable feasibility study ("BFS") and into production. The Definitive Agreement is expected to be finalized and the JV launched in early July.
Tom McKeever, Abacus' Executive Chairman commented, "Today's results are conclusive and significant. Shareholders recognize the transaction as truly transformational for Abacus. It largely de-risks the Afton-Ajax project through BFS and initial production while also providing the opportunity to build additional value for the shareholders of both Abacus and KGHM by leveraging our respective strengths in joint pursuit of other exceptional opportunities in Canada and elsewhere. We look forward to working with KGHM to successfully achieve these goals."
On Behalf of the Board,
ABACUS MINING AND EXPLORATION CORPORATION
Doug Fulcher
President and Chief Executive Officer
604-682-0301
Tom McKeever
Executive Chairman
For further information, please contact:
Donna Yoshimatsu, Director of Investor Relations dyoshimatsu@amemining.com, or
Tim Mikula, Investor Relations 866‐834‐0301 tmikula@amemining.com
About Abacus
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.
Forward-Looking Information
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. 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 and KGHM Outline Plans to Develop Copper Projects Jointly
Abacus has experience and expertise in exploration for base and precious metals, and will continue to seek additional prospective projects in Canada and elsewhere.
KGHM, Europe's second largest copper producer, has expressed its desire and intention to work with Abacus in evaluating and developing other copper projects to grow its production profile.
Commenting on its intention to pursue further opportunities with KGHM, Tom McKeever, Executive Chairman of Abacus said: "The leveraging of the combined strengths of our experienced exploration and development team with the considerable operational experience and resources of a major global copper producer such as KGHM provides, we believe, exciting opportunities to identify and develop additional copper and precious metals projects in the Americas that will be accretive to shareholder value in both companies."
Mr. Herbert Wirth, President of The Management Board of KGHM added: "In addition to entering into a joint venture with Abacus to develop the Afton-Ajax project, we are very pleased to work with Abacus to identify other prospective copper projects in Canada and elsewhere, which will assist us to meet our growing production profile."
About the Special Meeting
Abacus will be holding its Special Meeting of Shareholders on June 22, 2010 at 10:00 am at 2800 Park Place, room 2807, 666 Burrard Street, Vancouver, B.C. to vote on the Transaction. To ensure your vote is registered, management proxies should be submitted prior to 10:00 am (Vancouver time) on Friday, June 18, 2010 using one of the methods described on the form of proxy. For more information on how to vote proxies or where to receive the Abacus management proxy circular, investors should contact Georgeson Shareholder Communications Canada Inc., Abacus' proxy solicitation agent, toll free within North America at 1-866-1-866-656-4117.
On Behalf of the Board,
ABACUS MINING AND EXPLORATION CORPORATION
Doug Fulcher
President and Chief Executive Officer
604-682-0301
Tom McKeever
Executive Chairman
For further information, please contact:
Donna Yoshimatsu, Director of Investor Relations dyoshimatsu@amemining.com, or
Tim Mikula, Investor Relations 866-834-0301 tmikula@amemining.com
About Abacus
Abacus is an exploration and development company with a 43-101 compliant positive preliminary economic assessment report (announced June 22, 2009) for its Afton-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 Afton-Ajax extension remains open along strike and at depth. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
Forward-Looking Information
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.
Abacus Mining Announces Independent Recommendation in Favour of the Joint Venture with KGHM
In making its recommendation in favour of the Joint Venture with KGHM, the RiskMetrics Group cited numerous reasons in their report released on June 6, 2010*. "Based on a review of the terms of the transaction, that the JV partner would provide all the required funding and the fresh investment available to the company, shareholder approval is warranted."
Other factors mentioned in their report were the fact that KGHM is stated to be Europe's second largest copper producer and, as such, the JV may have longer term strategic benefits, as well as there being no superior proposals at this stage.
* Permission to quote from the RiskMetrics report was neither sought nor obtained.
About the Special Meeting
Abacus will be holding its Special Meeting of Shareholders on June 22, 2010 at 10:00 am at 2800 Park Place, room 2807, 666 Burrard Street, Vancouver, B.C. To ensure your vote is registered, management proxies should be submitted prior to 10:00 am (Vancouver time) on Friday, June 18, 2010 using one of the methods described on the form of proxy. For more information on how to vote proxies or where to receive the Abacus management proxy circular, investors should contact Georgeson Shareholder Communications Canada Inc., Abacus' proxy solicitation agent, toll free within North America at 1-866-656-4117.
On Behalf of the Board,
ABACUS MINING AND EXPLORATION CORPORATION
Doug Fulcher
President and Chief Executive Officer
604-682-0301
Tom McKeever
Executive Chairman
For further information, please contact:
Donna Yoshimatsu, Director of Investor Relations dyoshimatsu@amemining.com, or
Tim Mikula, Investor Relations 866-834-0301 tmikula@amemining.com
About Abacus
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.
Forward-Looking Information
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. 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 announces James D. Excell to Board of Directors
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
Doug Fulcher
President and Chief Executive Officer
Tom McKeever
Executive Chairman
604-682-0301
For further information, please contact:
Donna Yoshimatsu, Director of Investor Relations dyoshimatsu@amemining.com, or
Tim Mikula, Investor Relations 866_834_0301 tmikula@amemining.com
About Abacus
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.
Forward-Looking Information
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.