Vancouver, British Columbia - January 10, 2011. Abacus Mining & Exploration Corporation (TSXV: AME "Abacus") is pleased to announce the initiation of the Environmental Assessment Review Process for the Ajax Project, a proposed copper-gold mine located 10 kilometres southwest of Kamloops, B.C.
The Ajax Project is being developed by KGHM Ajax Mining Inc., a joint venture between Abacus and KGHM Polska Miedz S.A. ("KGHM"). The Environmental Assessment Review and permitting phase for the Ajax Project has now been launched with the submission of the Project Description to the British Columbia Environmental Assessment Office and the Canadian Environmental Assessment Agency. The Project Description will be reviewed for completeness by government agencies, to be followed by official receipt and posting on the website of the British Columbia Environmental Assessment Office (www.eao.gov.bc.ca).
Earlier last year, Abacus, the Project's operator, accelerated environmental and socio-economic studies by retaining Knight Piésold Ltd., an international group of consulting engineers and environmental scientists, to undertake comprehensive studies of aquatic and terrestrial ecosystems, physical environmental parameters, and socio-economic data. This follows several years of environmental database collection and analysis of in situ parameters from past mining activities at the site.
The NI-43-101 compliant Preliminary Economic Assessment Report for the Ajax copper-gold project was completed by Wardrop Engineering Inc. on June 22, 2009 and 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.
The technical information in this news release has been reviewed and approved by Dave Laudrum, P.Geo., the Company's Chief Geologist who is a Qualified Person within the meaning of National Instrument 43-101.
On Behalf of the Board,
ABACUS MINING AND EXPLORATION CORPORATION
President & CEO
Director, Investor Relations
For further information, please contact:
Tim Mikula, Investor Relations, [email protected] 866-834-0301
Abacus Mining is an exploration and mine development company focused on the development of the Ajax copper-gold project located 10 kilometres southwest of Kamloops, B.C. through the KGHM Ajax Joint Venture with KGHM Polska Miedz SA. The project has a positive preliminary economic assessment report (June 22, 2009) that 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 of US$3.00 per pound copper and US$1,000 per ounce gold in the assessment indicate a NPV of $1.46 billion discounted at 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. 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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