VANCOUVER, BC June 26th, 2008 Abacus Mining & Exploration Corp. ("Abacus" or "the Company") (TSX.V:AME) is pleased to announce it has retained the services of AMEC Americas Limited ("AMEC") to build an updated mineral resource model and carry out the needed engineering work to advance the Afton -- Ajax Project located near Kamloops, B.C., through a Preliminary Economic Assessment. Since Andrew Pooler was appointed Chief Operating Officer, the Company has focused on accelerating the project towards development and AMEC has an excellent track record of working with these types of projects around the world. Mr. Scott Ansell, Project Manager with AMEC, has organized a team of highly experienced engineers and geologists to work on the project including Dr. Harry Parker RG, Ch P.Geo., who will be conducting the peer review on the mineral resource model. Dr. Parker is a recognized industry leader with more than 40 years of experience in mineral exploration, geostatistical studies, and ore reserve calculations.
"Andrew Pooler, Executive Vice President and Chief Operating Officer of Abacus, continues to build the development team for our Afton- Ajax project", said Doug Fulcher, President and CEO. "We are excited about working with AMEC to complete a new 43-101 resource on the entire Ajax Area as well as the other Abacus deposits in the camp, which will include over 280,000 feet (approximately 85,000 metres) of additional drill data since the last resource work was done. This new resource estimate is scheduled for completion in the third quarter of 2008 followed by the Preliminary Economic Assessment which is expected to be finalized before the end of the year. This is a slightly revised schedule to what was originally anticipated but will yield a high quality comprehensive technical report providing the foundation to move the project forward."
About Abacus and the Afton -- Ajax Project
Abacus is an exploration and development company that holds a 100% interest in five significant mineral properties in the prolific Afton-Ajax Camp near Kamloops, British Columbia.
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 over 520,000 feet (approximately 158,000 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 estimated 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 as a result of 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 along with the water rights 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 upgrade and expand the existing resource.
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.
You can view the Next News Releases item: July 2, 2008,Mr. Louis Montpellier Joins Abacus Board Mr. Thomas A. Mckeever Appointed Executive Chairman
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