Abacus Mining Announces Independent Recommendation in Favour of the Joint Venture with KGHM
June 10 2010 - 12:19PM
Marketwired
Abacus Mining & Exploration Corporation ("Abacus" or the
"Company") (TSX VENTURE: AME) announces that the RiskMetrics Group,
a leading provider of risk management and corporate governance
products and services, has recommended that Abacus shareholders
vote in favour of the Joint Venture with KGHM Polska Miedz S.A.
("KGHM") at the upcoming Special Meeting of Shareholders to be held
on June 22, 2010. The analyses and recommendations of the
RiskMetrics Group are relied upon by major institutional investors,
investment firms and mutual fund managers throughout North America.
In making its recommendation in favour of the Joint Venture with
KGHM, the RiskMetrics Group cited numerous reasons in their report
released on June 6, 2010(i). "Based on a review of the terms of the
transaction, that the JV partner would provide all the required
funding and the fresh investment available to the company,
shareholder approval is warranted."
Other factors mentioned in their report were the fact that KGHM
is stated to be Europe's second largest copper producer and, as
such, the JV may have longer term strategic benefits, as well as
there being no superior proposals at this stage.
(i) Permission to quote from the RiskMetrics report was neither
sought nor obtained.
About the Special Meeting
Abacus will be holding its Special Meeting of Shareholders on
June 22, 2010 at 10:00 am at 2800 Park Place, room 2807, 666
Burrard Street, Vancouver, B.C. To ensure your vote is registered,
management proxies should be submitted prior to 10:00 am (Vancouver
time) on Friday, June 18, 2010 using one of the methods described
on the form of proxy. For more information on how to vote proxies
or where to receive the Abacus management proxy circular, investors
should contact Georgeson Shareholder Communications Canada Inc.,
Abacus' proxy solicitation agent, toll free within North America at
1-866-656-4117.
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. 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. Doug Fulcher
President and Chief Executive Officer 604-682-0301 Abacus Mining
and Exploration Corp. Donna Yoshimatsu Director of Investor
Relations dyoshimatsu@amemining.com Abacus Mining and Exploration
Corp. Tim Mikula Investor Relations 866-834-0301 604-682-0307 (FAX)
tmikula@amemining.com www.amemining.com
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