Abacus Provides Update on Feasibility Study Progress
20 Ottobre 2011 - 2:00PM
Marketwired
Abacus Mining & Exploration Corporation (TSX VENTURE:AME)
("Abacus") is pleased to provide an update on the progress of the
Feasibility Study (the "FS") on its jointly owned Ajax copper-gold
project.
The majority of the project inputs have now been received from a
team of widely recognized consultants led by Wardrop Engineering as
the project's general QP. Comprehensive trade-off studies have been
incorporated to maximize operations over the life of mine and
enhance project value, over the original Preliminary Economic
Assessment (PEA) of June 22, 2009. These studies include the use of
high pressure grinding rolls vs SAG mill technology for reduced
costs and improved recoveries, in-pit crushing and conveying of
both ore and waste vs truck and shovel operations, and high density
tailings deposition vs conventional tailings storage to improve
location logistics and reduce the environmental footprint. A new
reserve and resource estimate will also be reported following the
extensive delineation and infill diamond drilling programs
undertaken by Abacus since the PEA to further define and upgrade
resources. The results of the studies are being incorporated into
the FS which is anticipated in the fourth quarter of 2011.
Once the FS is delivered to joint venture partner KGHM Polska
Miedz SA, KGHM will have a maximum of 90 days from the date of
delivery of the FS to acquire a further 29% in the joint venture
company for a cash consideration equal to 29% of the Proven and
Probable copper equivalent reserve in the FS, to a maximum of US$35
million. Thereafter, KGHM will arrange the financing for its (80%)
proportionate interest in the project capex, and Abacus has the
option to arrange its own financing for its (20%) proportionate
interest or elect to have KGHM do so on commercially reasonable
terms.
In the event that KGHM chooses not to increase its interest in
the Joint Venture, Abacus has the right to purchase KGHM's 51%
interest within a period of 90 days following the above timeframe
for a total consideration of US$37 million. Should KGHM choose not
to increase its interest and Abacus does not purchase KGHM's
interest in its entirety, Abacus' interest in the Joint Venture can
be increased to 51% for a consideration of approximately US$1.5
million payable to KGHM.
On Behalf of the Board,
ABACUS MINING AND EXPLORATION CORPORATION
James D. Excell, President & CEO
Donna Yoshimatsu, Director, Investor Relations
About Abacus
Abacus Mining is an exploration and mine development company
focused on the development of the Ajax copper-gold project located
near 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. A Feasibility Study is anticipated in the
fourth quarter of 2011. The environmental review and permitting
process was initiated in January of this year with the submission
of the Project Description, a copy of which is available on the
Company's website and www.eao.gov.bc.ca.
Forward-Looking Information
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.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Abacus Mining & Exploration Corporation James D.
Excell President & CEOjexcell@amemining.com Abacus Mining &
Exploration Corporation Donna Yoshimatsu Director, Investor
Relations 604-682-0301 or 647-345-0826 604-682-0307
(FAX)dyoshimatsu@amemining.comwww.amemining.com
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