Abacus and KGHM Ajax Initiate Environmental Assessment Review Process
January 10 2011 - 8:00AM
Marketwired
Abacus Mining & Exploration Corporation (TSX VENTURE: AME)
("Abacus") is pleased to announce the initiation of the
Environmental Assessment Review Process for the Ajax Project, a
proposed copper-gold mine located 10 kilometres southwest of
Kamloops, B.C.
The Ajax Project is being developed by KGHM Ajax Mining Inc., a
joint venture between Abacus and KGHM Polska Miedz S.A. ("KGHM").
The Environmental Assessment Review and permitting phase for the
Ajax Project has now been launched with the submission of the
Project Description to the British Columbia Environmental
Assessment Office and the Canadian Environmental Assessment Agency.
The Project Description will be reviewed for completeness by
government agencies, to be followed by official receipt and posting
on the website of the British Columbia Environmental Assessment
Office (www.eao.gov.bc.ca).
Earlier last year, Abacus, the Project's operator, accelerated
environmental and socio-economic studies by retaining Knight
Piesold Ltd., an international group of consulting engineers and
environmental scientists, to undertake comprehensive studies of
aquatic and terrestrial ecosystems, physical environmental
parameters, and socio-economic data. This follows several years of
environmental database collection and analysis of in situ
parameters from past mining activities at the site.
The NI-43-101 compliant Preliminary Economic Assessment Report
for the Ajax copper-gold project was completed by Wardrop
Engineering Inc. on June 22, 2009 and 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.
The technical information in this news release has been reviewed
and approved by Dave Laudrum, P.Geo., the Company's Chief Geologist
who is a Qualified Person within the meaning of National Instrument
43-101.
On Behalf of the Board,
ABACUS MINING AND EXPLORATION CORPORATION
Jim Excell, President & CEO
jexcell@amemining.com
Donna Yoshimatsu, Director, Investor Relations
dyoshimatsu@amemining.com
About Abacus
Abacus Mining is an exploration and mine development company
focused on the development of the Ajax copper-gold project located
10 kilometres southwest of Kamloops, B.C. through the KGHM Ajax
Joint Venture with KGHM Polska Miedz SA. The project has a positive
preliminary economic assessment report (June 22, 2009) that
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 of US$3.00 per
pound copper and US$1,000 per ounce gold in the assessment indicate
a NPV of $1.46 billion discounted at 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. Tim Mikula
Investor Relations 866-834-0301 tmikula@amemining.com
www.amemining.com
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