Abacus Files Preliminary Economic Assessment Report on SEDAR; Discussions with Strategic Partners Begin
August 05 2009 - 8:00AM
Marketwired
Abacus Mining & Exploration Corporation (the "Company") (TSX
VENTURE: AME) is pleased to announce that the independent
Preliminary Economic Assessment report ("PEA") for the Company's
copper-gold Ajax property has now been filed on SEDAR. The report
is also available on the Company's website at www.amemining.com.
The National Instrument 43-101 ("NI 43-101") compliant study was
completed by Wardrop, a Tetra Tech Company as the project QP, and
supported by AMEC Americas LTD as the QP for mine planning, GBC
Engineering as the QP for geotechnical pit slope stability, Knight
Piesold as QP for environmental baseline studies and tailing
impoundment design, and G&T Labs who conducted the
metallurgical test work. The report contains production parameters,
capital costs, operating costs, and other financial projections for
an open pit mine processing 60,000 tonnes of mill feed per day. The
metal prices used for the base case are US $2.00 per pound copper
and US $700 per ounce gold (announced June 22, 2009).
Tom McKeever, Executive Chairman of Abacus, states, "Over the
past two years our team has worked diligently to define a sizeable,
high quality resource that will support a large-scale, long-life
copper/gold mine at Ajax. This PEA, which in many areas is as
advanced as a prefeasibility study, clearly demonstrates the long
term viability of this brownfield project. While the base case
economics are themselves attractive, the significant economic value
of this deposit is clearly demonstrated when using today's
commodity market prices (approximately US $2.50 per pound copper;
approximately US $940 per ounce gold), which generate a pre-tax NPV
at 8% discount of US $944 million, an IRR of 26.7%, and payback of
all initial capital in less than 3 years. Furthermore, we are
confident that as we move through prefeasibility and full
feasibility studies, the economics of the Ajax property will
improve due to higher metal grades and engineering improvements
currently being evaluated.
With this well engineered report, and assisted by our outside
advisor, we have begun discussions with potential strategic
partners to join with us in bringing the Ajax mine into production
as soon as possible."
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 & Exploration Corporation Tim Mikula
Investor Relations 866-834-0301 info@amemining.com
www.amemining.com
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