Abacus Announces James D. Excell as President & CEO
July 21 2010 - 8:00AM
Marketwired
Abacus Mining & Exploration Corporation (TSX VENTURE: AME)
("Abacus" or the "Company") is pleased to announce the appointment
of James D. (Jim) Excell, B.A.Sc., to the position of President
& Chief Executive Officer of the Company effective immediately.
Mr. Excell is a Metallurgical Engineer with extensive senior
executive, mine management and process engineering experience. His
career includes more than three decades with BHP Billiton in Canada
and internationally, serving as President and COO of BHP Billiton
Diamonds Inc. from 1999 to 2003, and as its Chairman to June 2005.
He has been responsible for overseeing the management and
development some of the world's premier mining projects, including
the EKATI diamond mine in the Northwest Territories, where he led
the construction, commissioning and subsequent operation of the
$700 million development. 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.
A recipient of numerous awards for his significant contributions
to the business community at large and mining industry in
particular, Jim was nominated Resource Person of the Year by the
Alberta Chamber of Commerce, Businessman of the Year from the NWT
Chamber of Commerce, 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.
He takes over from Douglas Fulcher who has held the office since
2003, from the acquisition of the Afton-Ajax project through to its
current status as an advanced stage development project.
Tom McKeever, Executive Chairman of Abacus offered his gratitude
on behalf of the Board: "Doug has been a forerunner in junior
exploration and his involvement in Abacus as a director goes back
to 1993. He has built a proven team which has brought the project
to a successful juncture that a strong mining management team led
by Jim Excell and Andy Pooler can drive it forward with the
expertise required. This transition would not be possible without
the foresight and unwavering belief in the Company and the project
that Doug has demonstrated. We are grateful for his leadership and
dedication."
Doug Fulcher commented, "It was always the belief that when
Abacus was ready to transition from an early
exploration-development company to an advanced stage development
and mining company it would be appropriate to put in place a CEO
with a strong mining and operating management background. That time
has come, and I am proud to have led Abacus through this
transformation to an exciting future with joint venture partner
KGHM for the Afton-Ajax project and other opportunities." Doug has
agreed to be available to the Joint Venture company upon closing as
a consultant.
The Company expects to be in a position to close the Definitive
Agreement with KGHM for the Joint Venture by mid-August.
On Behalf of the Board,
ABACUS MINING AND EXPLORATION CORPORATION
Tom McKeever, Executive Chairman
About Abacus
Abacus is an exploration and mine development company with a
43-101 compliant positive preliminary economic assessment report
(announced June 22, 2009) for its Ajax copper/gold project located
10 kms 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 Tom
McKeever Executive Chairman 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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