Vancouver, British Columbia - July 21, 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 position of President & Chief Executive Officer of the Company effective immediately.
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
For further information, please contact:
Donna Yoshimatsu, Director of Investor Relations [email protected], or
Tim Mikula, Investor Relations 866-834-0301 [email protected]
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.
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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