Vancouver, British Columbia - June 23, 2011. Abacus Mining & Exploration Corporation (TSXV: AME "Abacus") through its joint venture development company KGHM Ajax, participated in the first of several public comment sessions regarding the proposed Ajax copper-gold project located southwest of Kamloops, B.C.
An open house was conducted on June 16, 2011 by the Canadian Environmental Assessment Agency (CEAA) and the B.C. Environmental Assessment Office (EAO) as part of the public review process. The forum was presented in a town hall format, seeking comments from the public to ensure that all issues are appropriately considered for evaluation in the environmental assessment. Representatives from KGHM Ajax met with the public to discuss the project, and provided information to the assembled attendees as part of the government presentation.
Jim Excell, President & CEO of Abacus commented, "The open house was a positive step in interfacing with the community and listening to their views, building on the many focused meetings we've conducted over the past months with local stakeholder groups. We aim to work alongside each and every person involved or impacted and demonstrate that we will minimize, to the best that modern technology can provide, the environmental footprint while generating significant long-term employment and economic benefits to Kamloops, the local workforce and First Nations groups."
The Environmental Assessment Review Process was initiated in February this year with the submission of the Project Description of the Ajax copper-gold project to the British Columbia Environmental Assessment Office and the Canadian Environmental Assessment Agency. This description is available on the website of the British Columbia Environmental Assessment Office (www.eao.gov.bc.ca). The Environmental Assessment Process is being managed by Knight Piésold, an international group of consulting engineers and environmental scientists, who since 2007 has been engaged in extensive environmental baseline studies, archaeological work, and analysis of in situ parameters at the site.
The Ajax Project is being developed by KGHM Ajax Mining Inc., a B.C. corporation held 49% by Abacus, the operator, and 51% by KGHM Polska Miedz S.A. ("KGHM"). The project involves a previously mined area and is equipped with excellent access to infrastructure put in place by former mining operations.
With a currently projected mine life of 23 years, the Ajax project is being planned to be an integral part of the community, creating several hundred jobs in the construction and operational stages, contributing to the local economy in Kamloops and the Province as a whole, and providing economic stimulus to businesses in the region.
KGHM Ajax has recently established a community relations office in Kamloops at 330 Seymour Street to encourage community involvement and provide effective two-way communication and outreach with residents. Further contact details will be available shortly.
On Behalf of the Board,
ABACUS MINING AND EXPLORATION CORPORATION
James D. Excell
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 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.
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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