Abacus Accelerates Environmental and Socio-Economic Studies
January 20 2010 - 8:00AM
Marketwired
Abacus Mining & Exploration Corp. ("Abacus" or the "Company")
(TSX VENTURE: AME) is pleased to announce that it has accelerated
environmental and socio-economic studies to support future
Environmental Assessment and permitting of the 100 percent owned
Ajax copper-gold deposit. Knight Piesold Ltd., an international
group of consulting engineers and environmental scientists, has
been retained to undertake comprehensive studies of aquatic and
terrestrial ecosystems, physical environmental parameters, and
socio-economic data. The studies will expand the significant
existing environmental database collected in recent years during
Abacus' exploration programs, and will be coupled with analysis of
in situ parameters created by past mining activities at the site.
Doug Fulcher, president of Abacus states, "We are pleased to
have initiated focused environmental and socio-economic studies to
enhance the continued development of our Ajax deposit. This
represents an important step in the on-going advancement of the
Ajax Project and ensures that we will be well positioned to enter
the environmental assessment process."
About the Ajax Project
Abacus 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
of approximately 110 million pounds of copper and 100,000 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. Mineral resources that are not
mineral reserves do not have demonstrated economic viability.
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 AND 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 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. 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. Donna Yoshimatsu
Director of Investor Relations 866-834-0301 Abacus Mining and
Exploration Corp. Tim Mikula Investor Relations 866-834-0301
info@amemining.com www.amemining.com
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