Abacus Mining Announces James D. Excell to Board of Directors
May 17 2010 - 7:30AM
Marketwired
Abacus Mining & Exploration Corporation ("Abacus" or the
"Company") (TSX VENTURE: AME) is pleased to announce the
appointment of James D. (Jim) Excell, B.A.Sc. to the Board of
Directors of the Corporation.
During an international career spanning more than three decades
with BHP Billiton Diamonds Inc., Mr. Excell managed and developed
some of the world's premier mining projects in the United States,
Australia and Canada. He led the construction, commissioning and
subsequent operation of the $700 million development of the Ekati
Diamond Mine, Canada's first diamond mine. From 1999 to 2003, he
was President and COO of BHP Billiton Diamonds Inc. and served as
its Chairman to June 2005. Jim also managed copper operations in
British Columbia, as well as metallurgical and thermal coal mines
in Australia and the U.S. In addition to his outstanding industry
experience, he is recognized for fostering goodwill relations with
government and aboriginal groups.
For his contributions to the mining industry, Jim Excell has
been recognized with such awards as Businessman of the Year from
the NWT Chamber of Commerce, Resource Person of the Year by the
Alberta Chamber of Resources, and on behalf of BHP Billiton
Diamonds Inc., the Viola R. MacMillan Developers Award for
outstanding leadership in management and financing for exploration
and development of mineral resources.
Tom McKeever, Executive Chairman of Abacus commented, "We are
very pleased to welcome Jim to the Board at this defining stage in
our transition to mid-tier producer and as we forge new ground with
our joint venture partner KGHM Polska Miedz. Jim's accomplishments
in the mining field are remarkable, his dedication to building
goodwill among all stakeholders in the mining community legendary.
His expertise will be of tremendous value to the development of our
Afton-Ajax Project and beyond."
Mr. Excell serves as a board member for Advanced Explorations
Inc., Canterra Minerals Corporation and Fortune Minerals Inc. and
is a director of the Prospectors and Developers Association of
Canada and serves on its Aboriginal Affairs Committee.
On Behalf of the Board,
ABACUS MINING AND EXPLORATION CORPORATION
Doug Fulcher, President and Chief Executive Officer
Tom McKeever, Executive Chairman
About Abacus
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 (approx. 50,000
tonnes) and 100,000 ounces of gold in concentrate annually.
Sensitivity analyses approximating metal prices (US$3.00 per pound
copper and US$1,000 per ounce gold) in the assessment indicate a
NPV of $1.46 billion discounted 8% over a 23 year mine life, with
an IRR of 35.4%, cash costs of $0.90 per pound copper, and payback
of 2.0 years. The Ajax extension remains open along strike and at
depth. Mineral resources that are not mineral reserves do not have
demonstrated economic viability.
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
dyoshimatsu@amemining.com Abacus Mining and Exploration Corp. Tim
Mikula Investor Relations 866-834-0301 tmikula@amemining.com
www.amemining.com
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