Abacus Signs Option Agreements With Teck to Purchase 6,000 Acres of Land at Ajax
July 13 2009 - 8:00AM
Marketwired
Abacus Mining & Exploration Corporation (the "Company") (TSX
VENTURE: AME) is pleased to announce that it has signed Option to
Purchase Agreements ("Option Agreements") with subsidiaries of Teck
Resources Limited - Afton Operating Corporation and Surgarloaf
Ranches Limited (collectively "Teck") to acquire approximately
6,000 acres of land around our Afton Ajax deposit.
Under the terms of the Option Agreements the Company will pay an
aggregate of $100,000 to Teck for the options and will then have 2
years to elect to exercise the options, or have the right to extend
the exercise period of the options by an additional 1 year by
making further option payments to Teck of an additional $100,000.
The exercise price of the options is $2,500 per acre, exercisable
at any time during the two year period, less amounts paid to Teck
for the options.
"We are extremely pleased to have secured options on the surface
rights in and around our Ajax Deposit," states Doug Fulcher,
President, CEO of Abacus. "By completing this Option Agreements we
have now secured an option on the surface rights in addition to our
existing mineral rights to our Ajax copper/gold project. This is a
key transaction as we move beyond our recently announced
Preliminary Economic Assessment (PEA) and toward a prefeasibility
and feasibility study."
The Company is a junior exploration and development company with
a 43-101 compliant positive preliminary economic assessment report
(announced June 22, 2009) for its Ajax property. The report
contemplates a 60,000 tonne per day operation producing an average
106 million pounds of copper and 99,400 ounces of gold in
concentrate annually. Sensitivity analyses approximating current
metal prices (US$2.25 per pound copper and US$900 per ounce gold)
in the assessment indicate a NPV of $622.3 million discounted 8%
over a 23 year mine life, with an IRR of 20.9%, cash costs of $0.99
per pound copper, and payback of 4.3 years. The Ajax extension
remains open along strike and at depth.
On Behalf of the Board
ABACUS MINING & EXPLORATION CORPORATION
Doug Fulcher, President and Chief Executive Officer
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 Corporation (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 and Exploration Corp. Tim Mikula
Investor Relations 866-834-0301 info@amemining.com
www.amemining.com
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