Abacus Commences Drilling Programs at Ajax East Extension
November 24 2009 - 8:00AM
Marketwired
Abacus Mining & Exploration Corporation (the "Company" or
"Abacus") (TSX VENTURE: AME) is pleased to announce the start of
drill programs at the Ajax deposit and Ajax East Extension ("AEE")
area, a near-surface copper-gold rich zone fault offset immediately
east of the Ajax deposit. Three drill rigs have been assigned to
the programs and are expected to be completed by mid-December. Both
the Ajax deposit and the AEE are 100 per cent owned by Abacus.
The focus of the drill programs is two-fold: to convert
approximately 80 million tonnes of inferred resources to a measured
and indicated status (announced June 22, 2009) for Prefeasibility
work, and to determine the viability of including the AEE in the
Prefeasibility Study mine plan. Two drill rigs currently assigned
to the Ajax deposit and the AEE plan to complete approximately
7,500 metres of drilling over 25 holes.
Doug Fulcher, President of Abacus states, "We are pleased that
this phase of work is now underway as it upgrades the status of our
deposit, estimated to contain approximately 3.0 billion pounds
copper and 2.7 million ounces gold. In addition, drilling in the
AEE could provide additional tonnage to the Ajax deposit, and could
have a positive impact on our strip ratio, decrease the pay-back
period, and increase the overall value of the project. This data
will be incorporated into the Company's Prefeasibility Study,
planned to commence shortly."
One drill rig assigned to geotechnical work at the Ajax deposit
is based on recommendations from the Preliminary Economic
Assessment ("PEA") for Prefeasibility Studies. The geotechnical
drilling will provide an evaluation of the potential pore pressures
of the pit walls along with associated groundwater inflows to
define slope stability and dewatering cost estimates. Sub-surface
structural geology data will also be collected to confirm that the
orientations of the geologic structures mapped at surface are
consistent with those at depth.
About the Company
Abacus Mining is an exploration and development company with a
43-101 compliant positive preliminary economic assessment report
(announced June 22, 2009) for its Ajax copper/gold project located
10 kilometres southwest of Kamloops, British Columbia. 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 metal
prices (US$2.75 per pound copper and US$1,000 per ounce gold) in
the assessment indicate a NPV of $1.2 billion discounted 8% over a
23 year mine life, with an IRR of 31.3%, cash costs of $0.90 per
pound copper, and payback of 2.3 years. The Ajax extension remains
open along strike and at depth.
Eco Tech Laboratory Ltd. of Kamloops, B.C., will complete all of
Abacus' analytical work on the project. A quality-control program,
using specific standards and blank samples is in place. Robert G.
Friesen, P.Geo., the Company's Senior Geologist, is the Qualified
Person responsible for the design and conduct of the work
performed.
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 Donna
Yoshimatsu Director of Investor Relations 416-722-2456 Abacus
Mining & Exploration Corporation Tim Mikula Investor Relations
866-834-0301 info@amemining.com www.amemining.com
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