Abacus Mining & Exploration Corporation: News Release
December 17 2010 - 6:30PM
Marketwired
Abacus Mining & Exploration Corporation ("Abacus" or the
"Company") (TSX VENTURE: AME) announces the Company has agreed to
grant 600,000 incentive stock options at a price of $0.24 per share
for a period of five years.
The foregoing is subject to regulatory acceptance.
On Behalf of the Board,
ABACUS MINING AND EXPLORATION CORPORATION
James D. Excell, President & CEO
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 Donna
Yoshimatsu Director of Investor Relations dyoshimatsu@amemining.com
Abacus Mining & Exploration Corporation Tim Mikula Investor
Relations 866-834-0301 or 604-682-0301 604-682-0307 (FAX)
tmikula@amemining.com www.amemining.com
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