Vancouver, British Columbia -- May 16, 2013. Abacus Mining & Exploration Corporation (TSXV: AME) ("Abacus" or the "Company") announces today that its Board of Directors has adopted a new shareholder rights plan (the "Plan"). In making this announcement, the Company emphasizes that it is not aware of any pending or threatened takeover bid.
The Company is adopting the new Plan as the current shareholder rights plan originally adopted by the Company in 2006, and reconfirmed in 2010, is scheduled to expire at the close of the Company's 2013 annual general meeting. The provisions of the new Plan are substantially similar to those of the 2006 shareholder rights plan.
The Plan is effective May 16, 2013, but in accordance with stock exchange requirements, it will be submitted to the shareholders of the Company for confirmation at the Company's next shareholders' meeting, which is set to occur on June 20, 2013 (the "Meeting"). If shareholders do not confirm the Plan at the Meeting, the Plan and the rights thereunder will terminate and cease to be effective.
A summary of the provisions of the Plan will be included in the management information circular to be mailed in respect of the Meeting and a complete copy of the Plan will be available on SEDAR (www.sedar.com).
On Behalf of the Board,
ABACUS MINING AND EXPLORATION CORPORATION
James D. Excell
President & CEO
Executive Vice President & CFO
Abacus is a mineral exploration and mine development company with a 20% interest in the feasibility stage Ajax copper-gold project located near Kamloops, B.C. The Ajax Project is a joint venture between Abacus Mining & Exploration Corporation and KGHM Polska Miedź S.A. through KGHM-Ajax. The Ajax project feasibility study supports production of a total of 2.5 billion lbs of copper and 2.28 million ozs of gold in concentrate, or an average of approximately 109 million lbs of copper and 99,000 ozs of gold annually, over a 23 year mine life. Total proven and probable mineral reserves are estimated at 3 billion lbs Cu and 2.7 million ozs Au at 0.27% Cu and 0.17 g/t Au based on $2.50 Cu and $1,085 Au. The proposed mine plan envisages a conventional open pit operation processing 60,000 tonnes per day or 21.9 million tonnes per year of ore. [see Report titled "Ajax Copper/Gold Project - Kamloops, British Columbia Feasibility Study Technical Report" by Wardrop (a Tetra Tech Company) dated January 6, 2012 ("FS")].
This release includes certain statements that are deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that Abacus 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 changes to commodity prices, mine and metallurgical recovery, operating and capital costs, foreign exchange rates, ability to obtain required permits on a timely basis, exploitation and exploration successes, 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
You can view the Next News Releases item: July 4, 2013, Shareholders approve adoption of the Shareholder Rights Plan at the annual meeting held on June 20, 2013.
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