Vancouver B.C., November 29, 2007, Abacus Mining and Exploration Corp. (TSX.V:AME) (the "Company") is pleased to announce that Mr. Thomas A. McKeever has been appointed as Chairman of the Company. As Chairman, Mr. McKeever will provide oversight and guidance to management, particularly in the strategic planning for and development of the Company's Afton copper-gold properties near Kamloops, B.C.
Abacus President, Doug Fulcher commented: "Abacus is extremely pleased that a person with Mr. McKeever's vast experience with senior metals and mining companies has agreed to take a more active role on the Board. His forty years of business experience, mostly in the global metals and mining industry, will prove invaluable as we transition Abacus from exploration to development and ultimately to production in early 2010.
Mr. McKeever's career in the metals and mining industry commenced in 1977 when he joined AMAX Inc., then a NYSE/Fortune 500 global metals and energy producer. Mr. McKeever held various positions of increasing responsibility with AMAX, including serving as President and CEO of its AMAX Coal Company before returning to the corporate headquarters in 1985 as Executive Vice President, and joining the Board of Directors on AMAX Inc. in 1988. Mr. McKeever also served on behalf of AMAX on the Boards of AMAX-affiliated companies in Canada and Australia. Mr. McKeever later served as Executive Chairman of MG plc upon its successful IPO on the London Stock Exchange in 1999 and subsequently as Chairman of Sempra Metals Limited, a London-based global leader in both physical and financial metals trading. Mr. McKeever retired from Sempra Metals at the end of 2006.
"I am pleased to be able to work with the management of Abacus at this very important time in its evolution," said Mr. McKeever. "Since joining the Board in March of this year, I have learned much about the Afton properties and the team that has been assembled to lead it into development. I look forward to adding my experience and expertise to this effort over the next twenty four months, and beyond."
About the Company
Abacus Mining & Exploration Corp. is the 100% owner of the new Afton properties situated 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 down-dip and strike extensions. In doing so, the Company has completed over 370,000 feet (113,000 metres) of drilling. To date, the Company has 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 million tonnes (all resources calculated at 0.20% copper cutoff).
The Company is completing drilling in the Ajax East and Ajax West areas to provide additional data to potentially define a large open pit resource encompassing both Ajax pits, and areas in between. A 43-101 compliant resource for the entire Ajax area is expected in the second quarter of 2008. In addition, a resource update at the DM zone will be recalculated to reflect drilling in 2005 and 2006.
Ultimately, the Company plans to develop large scale surface mining operations at Afton, producing between 40,000 and 60,000 tonnes per day, with production commencing in early 2010.
For further information, please visit our website at www.amemining.com.
On Behalf of the Board,
ABACUS MINING AND EXPLORATION CORP.
President and Chief Executive Officer
Contact: Tim Mikula, 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. Forward-looking statements in this release include statements regarding the Company's rights and benefits under the letters of intent with New Gold and Teck Cominco; the Company's future exploration and development plans; and the timing and nature of any future resource estimates, economic analyses or feasibility studies. 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, 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. These statements are based on a number of assumptions, including, among others, assumptions regarding general business and economic conditions, the ability of the Company and other relevant parties to satisfy stock exchange and other regulatory requirements in timely manner, the availability of financing for the Company's proposed transactions and exploration and development programs on reasonable terms and the ability of third-party service providers to deliver services in a timely manner.
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