Abacus and KGHM Outline Plans to Develop Copper Projects Jointly
June 14 2010 - 7:00AM
Marketwired
Abacus Mining & Exploration Corporation ("Abacus" or the
"Company") (TSX VENTURE: AME) wishes to comment on its relationship
with KGHM Polska Miedz S.A. ("KGHM") and their plans for
cooperative ventures in the future, in addition to development of
the Afton-Ajax project near Kamloops, British Columbia announced on
May 4, 2010 (the "Transaction").
Abacus has experience and expertise in exploration for base and
precious metals, and will continue to seek additional prospective
projects in Canada and elsewhere.
KGHM, Europe's second largest copper producer, has expressed its
desire and intention to work with Abacus in evaluating and
developing other copper projects to grow its production
profile.
Commenting on its intention to pursue further opportunities with
KGHM, Tom McKeever, Executive Chairman of Abacus said: "The
leveraging of the combined strengths of our experienced exploration
and development team with the considerable operational experience
and resources of a major global copper producer such as KGHM
provides, we believe, exciting opportunities to identify and
develop additional copper and precious metals projects in the
Americas that will be accretive to shareholder value in both
companies."
Mr. Herbert Wirth, President of The Management Board of KGHM
added: "In addition to entering into a joint venture with Abacus to
develop the Afton-Ajax project, we are very pleased to work with
Abacus to identify other prospective copper projects in Canada and
elsewhere, which will assist us to meet our growing production
profile."
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 vote on the Transaction. 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
1-866-1-866-656-4117.
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 Afton-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 Afton-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 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 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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