Intersects 356 metres (1168 feet) of 0.37% copper and 0.22 g/t gold
Goal is to Expand Resource Between Ajax East and Ajax West Pits for Planned 40,000 to 60,000 Tonne Per Day Operation
VANCOUVER, BC April 30, 2008 Abacus Mining & Exploration Corp. ("Abacus" or "the Company") (TSX.V:AME) is pleased to announce the release of assay results from the Ajax joint venture area with New Gold Inc., in which Abacus is earning a 60% interest.
The eighteen holes reported were drilled on the property in 2007 and are located in two separate areas of the property: immediately east of the Ajax West pit (Sections 1700E and 1800E) and south of the Ajax East pit (Sections 2200E and 2300E). The focus of this and subsequent drilling in 2008 has been to identify extensions to existing mineralized zones and/or locate new zones that will allow expansion of the East and West pits into one large open pit, capable of producing 40,000 to 60,000 tonnes per day. The information from this drilling will be incorporated into the combined Ajax resource estimate planned for completion by the end of June.
"Assay results on the joint venture ground between Ajax West and Ajax East continue to fit with our overall model for the planned development of the Ajax area", said Doug Fulcher, President and CEO. "The extensive infill drilling program is demonstrating that the Ajax area is supporting a large open pit operation, a preliminary economic assessment encompassing Ajax West, Ajax East and the area in between is expected by mid-2008 and a full feasibility study on the combined Ajax area is anticipated in 2009."
Within the next few weeks Abacus expects to announce the appointment of a Chief Operating Officer who will oversee the development, construction and eventual operations at the Afton-Ajax Project.
Abacus has set the following goals for the project in the second quarter of 2008:
A drill plan map showing the location of these holes will be posted on the Company's website at www.amemining.com as soon as possible.
The following table lists the most significant drill intercepts from the joint venture area that were drilled in 2007. Intercept lengths are core lengths, which do not necessarily reflect true width. To date, 65 holes have been collared on the joint Venture property totaling 23,643.8 metres (77570.5 feet). Section spacing for the drill coverage was 50 metres and for the most part, the holes were oriented along the Ajax West grid (0280 and 2080).
|Cu %||Au g/t|
|1700E||AN-07-002||-47.9||26||Very short hole; drilled into waste wallrock; NSV|
Discussion of Results
These drill holes were all drilled in late 2007 and provide coverage on two different portions of the joint venture property. The results to date support our target of defining extensions to the mineralization at the Ajax East and West pits to support a single large open pit mining operation. It is encouraging to note that fourteen of the holes had one or more significant mineralized intercepts greater than 30 metres (about 100 feet) in length; including six holes which had one or more significant mineralized intercepts ranging in length from 100 metres (328.1 feet) to 356.1 metres (1168.3 feet).
2008 drilling to date has filled in the gap between the above mentioned areas and the results are pending.
About the Afton Project
The Afton properties belonging to the Company lie within a mining camp hosting a number of mined and un-mined alkalic copper-gold, porphyry style deposits. Since 2002, Abacus has redefined several known deposits through expansion of copper -- gold mineralization down dip and along strike. The Company has completed approximately 480,000 feet (146,304 metres) of drilling and developed NI 43-101 compliant indicated resources on the DM and Rainbow deposits, totaling 60.1 million tonnes and an inferred resource at the Ajax West deposit totaling 147,000,000 tonnes (all resources calculated at 0.20% copper cut-off).
The Ajax property comprises of eight 100% owned Crown grants which include the historic Ajax East and West pits. Also included is an interest in claims between the pits acquired from a joint-venture agreement signed with New Gold Inc. The Ajax area lies nine kilometres southeast along an existing haul road from the Afton mill, shop facilities and tailings area which Abacus agreed to purchase in 2005 from Teck-Cominco. The high priority, Phase 1, drilling on the Joint Venture ground has been completed. Two drills are active on the property to maximize the assignment of resources to measured and indicated categories.
The updated DM zone resource will be completed within the next few weeks and the greater Ajax area will have a compliant resource estimate scheduled for completion by the end of June. Upon completion of the resource estimates, Abacus intends to progress the Afton project through preliminary economic studies and into feasibility during the second half of 2008 and completed in early 2009. The Company's goal is to develop, large-scale surface mining operations at Afton producing between 40,000 and 60,000 tonnes per day by 2010.
Eco Tech Laboratory Ltd. of Kamloops, B.C., has completed all of Abacus' analytical work on the project. A quality-control program, using specific standards and blank samples is in place. Robert G. Friesen, P.Geo. is the qualified person responsible for the design and conduct of the work performed.
On Behalf of the Board,
ABACUS MINING AND EXPLORATION CORPORATION
President and Chief Executive Officer
Contact: Tim Mikula, Investor Relations 866-834-0301 [email protected]
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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