Abacus Mining Announces Overwhelming Shareholder Approval for Joint Venture with KGHM
June 23 2010 - 7:30AM
Marketwired
Abacus Mining & Exploration Corporation ("Abacus" or the
"Company") (TSX VENTURE: AME) is very pleased to announce that
shareholders of the Company overwhelmingly approved the Joint
Venture ("JV") transaction with KGHM Polska Miedz S.A. ("KGHM") at
the Special Meeting of Shareholders held in Vancouver, B.C. on June
22, 2010.
More than 90% of the shares represented at the meeting were
voted in favour of the Joint Venture transaction. This clears the
way for the finalization of the Definitive Joint Venture Agreement
that sets out the parameters to fast track and fully fund the
development of the Afton-Ajax copper-gold project near Kamloops,
B.C. through bankable feasibility study ("BFS") and into
production. The Definitive Agreement is expected to be finalized
and the JV launched in early July.
Tom McKeever, Abacus' Executive Chairman commented, "Today's
results are conclusive and significant. Shareholders recognize the
transaction as truly transformational for Abacus. It largely
de-risks the Afton-Ajax project through BFS and initial production
while also providing the opportunity to build additional value for
the shareholders of both Abacus and KGHM by leveraging our
respective strengths in joint pursuit of other exceptional
opportunities in Canada and elsewhere. We look forward to working
with KGHM to successfully achieve these goals."
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 & Exploration Corporation Doug
Fulcher President and Chief Executive Officer 604-682-0301
604-682-0307 (FAX) info@amemining.com Abacus Mining &
Exploration Corporation Donna Yoshimatsu Director of Investor
Relations dyoshimatsu@amemining.com Abacus Mining & Exploration
Corporation Tim Mikula Investor Relations 866-834-0301
tmikula@amemining.com www.amemining.com
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