Abacus and KGHM Ajax Appoint New Chief Financial Officer
January 13 2011 - 8:00AM
Marketwired
Abacus Mining & Exploration Corporation (TSX VENTURE: AME)
("Abacus") is pleased to announce the appointment of Ian M.
MacNeily, C.A. as Executive Vice President and Chief Financial
Officer effective February 1, 2011.
Mr. MacNeily brings more than 15 years of executive financial
management and leadership experience in the mining sector. As a
senior executive for a number of global mining and development
companies, he has considerable experience in strategic planning,
acquisitions, financial controls and reporting, capital
restructuring and funding, metal trading, and implementing
successful finance programs that have resulted in improved
financial position and increased shareholder value. Prior to
entering the resource sector, his experience includes seven years
with Burns Fry (now BMO Nesbitt Burns) in both Toronto and London,
U.K., managing treasury and operational activities of the firm. Mr.
MacNeily is a Chartered Accountant.
Mr. MacNeily takes over from Mr. Paddy Nicol, who has been with
Abacus since 1995 serving as a director from 1999 to 2009 and as
its CFO since 2003. Mr. Nicol is leaving to take on a leadership
role in a new venture. Jim Excell, President & CEO of Abacus,
recognizes with appreciation his significant contribution to the
Company: "Paddy has been a tremendous asset to the Company. On
behalf of the Board of Directors, I thank him for his outstanding
service and contribution to Abacus over the years."
Mr. Excell continued, "I am also pleased to welcome Ian to our
team. His leadership and considerable relevant experience in the
mining industry will further enhance the Company's management depth
and I look forward to his significant contributions as the Company
develops the Ajax copper-gold property and accelerates growth
through acquisition of additional accretive assets."
Mr. MacNeily will be responsible for the financial operations
and management of Abacus and the KGHM Ajax joint venture. He will
be based in the Company's new downtown Toronto office location at
55 York Street.
On Behalf of the Board,
ABACUS MINING AND EXPLORATION CORPORATION
James D. Excell, President & CEO
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 kms 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 (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.
Contacts: Abacus Mining & Exploration Corporation Tim Mikula
Investor Relations 866-834-0301 tmikula@amemining.com
www.amemining.com
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