Abacus Completes Major Definition and Infill Drill Program at Ajax as Part of Ongoing Feasibility Study
January 24 2011 - 7:00AM
Marketwired Canada
Abacus Mining & Exploration Corporation ("Abacus" or the "Company") (TSX
VENTURE:AME) is pleased to announce highlights from a major program of
delineation and infill diamond drilling on the Ajax copper-gold project located
10 km southwest of Kamloops, British Columbia.
The drill program was carried out as part of the Feasibility Study currently
underway on the Ajax copper-gold project being developed by KGHM Ajax Mining
Inc., a joint venture between Abacus and KGHM Polska Miedz S.A. ("KGHM"). The
objective of the drilling was to upgrade a portion of the near-surface
copper-gold mineralization in the existing NI 43-101 compliant inferred resource
(See Ajax Copper/Gold Project, Kamloops, BC Preliminary Assessment Technical
Report by Wardrop Engineering Inc., July 22, 2009) to the measured and indicated
categories.
A total of 27,332 meters of drilling was completed between July and December
2010 with up to five drills operating on the property. Drill hole spacings were
based on criteria defined in the NI 43-101 report on the project by AMEC in
October 2008. The program confirmed key aspects of the understanding of the Ajax
deposit, further increasing confidence in the geological and economic models.
Jim Excell, President & CEO of Abacus stated, "We are very pleased with the
results of this major drill program, having positive implications to upgrade a
significant percentage of inferred resources to measured and indicated
categories. With the Feasibility Study well underway, these results together
with our other initiatives provide an encouraging outlook for the robustness of
the Ajax project."
Abacus is currently updating the geological model with data from this drill
program in preparation for an updated resource estimate which will commence in
February.
Highlights of the drill program results are presented in the following table:
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Hole Cu Au Purpose
Section Number Dip Azimuth From To Length % g/t /Area
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(Deg.) (Deg.) (m) (m) (m)
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1800N East Ajax
AM-10-075 -54.3 301.1 264 297 33 0.42 0.29 Ext.
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456 516 60 0.61 0.49
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1800N East Ajax
AM-10-076 -69.7 301.6 230 432 202 0.51 0.35 Ext.
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incl. 230 309.93 79.93 0.66 0.5
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incl. 340.89 404 63.11 0.51 0.31
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2350E Conversion
AE-10-067 -53.9 26.5 228 306.95 78.95 0.4 0.35 Infill
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incl. 237 263.75 26.75 0.48 0.4
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incl. 288.5 306.95 18.45 0.52 0.47
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365 431.9 66.9 0.42 0.39
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2350E Conversion
AE-10-068 -65.3 24.2 359.1 500 140.9 0.44 0.4 Infill
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incl. 416 500 84 0.48 0.44
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2100E In East
AE-10-070 -90.0 0.0 12.19 60.04 47.85 0.39 0.32 Ajax pit
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incl. 12.19 36 23.81
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2100E In East
AE-10-072 -90.0 0.0 12.19 45 32.81 0.67 0.46 Ajax pit
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incl. 12.19 30 17.81 1.08 0.71
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2000E In East
AE-10-073 -60.3 27.0 33 51 18 0.57 0.47 Ajax pit
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2000E In East
AE-10-075 -44.6 208.7 27 78 51 0.59 0.41 Ajax pit
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incl. 45 78 33 0.65 0.45
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2375E Conversion
AE-10-076 -80.6 27.0 9 36 27 0.43 0.23 infill
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63 81 18 0.59 0.41
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2025E In East
AE-10-077 -47.0 26.1 62 101 39 0.77 0.57 Ajax pit
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1775E Conversion
AE-10-081 -84.8 231.0 429 495 66 0.45 0.25 infill
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2300E Conversion
AE-10-085 -75.6 20.3 351 470 119 0.56 0.57 infill
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incl. 351 393 42 0.73 0.78
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incl. 399 438 39 0.58 0.54
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1550N Conversion
AE-10-086 -80.7 118.7 228 264 36 0.62 0.48 infill
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1400N Conversion
AE-10-094 -75.3 117.3 299 419 120 0.47 0.32 infill
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incl. 299 317 18 0.41 0.37
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incl. 329 344 15 0.61 0.5
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incl. 371 410 39 0.77 0.46
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1350E Conversion
AW-10-108 -90.0 0.0 373 487 114 0.84 0.63 infill
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incl. 382 469 87 0.94 0.67
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incl. 478 487 9 1.34 1.16
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1225E In
AW-10-111 -74.4 27.5 57 132 75 0.61 0.51 West pit
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1225E In
AW-10-113 -59.9 28.7 74.93 140 65.07 0.68 0.63 West pit
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incl. 74.93 98 23.07 1.31 1.23
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incl. 116 125 9 0.63 0.53
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1200E In
AW-10-117 -82.3 28.1 59 142.34 80.34 0.47 0.45 West pit
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1175E In
AW-10-120 -56.4 28.1 44 131 87 0.53 0.36 West pit
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incl. 83 95 12 1.34 0.7
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750N In
AW-10-124 -49.9 118.0 36 151.49 115.49 0.46 0.39 West pit
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incl. 36 81 45 0.41 0.28
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incl. 96 151.49 55.49 0.59 0.57
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Based on the existing NI-43-101 compliant Preliminary Economic Assessment, the
Ajax deposit is estimated to contain an in-pit measured and indicated resource
of 442 million tonnes at an average grade of 0.30% copper and 0.19 g/t gold (2.6
billion pounds copper and 2.4 million ounces gold), with an additional 80.6
million tonnes of inferred resource at 0.22% copper and 0.16 g/t gold (0.3
billion pounds of copper and 0.3 million ounces of gold). This is sufficient to
support a 60,000 tonne per day mining operation producing an average of 110
million pounds of copper and 100,000 ounces of gold in concentrate annually over
a 23 year mine life.
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
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 (June 22, 2009) for its Ajax
copper-gold project located 10 km southwest of Kamloops, British Columbia.
Sensitivity analyses therein 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 using metal prices approximating US$3.00 per pound
copper and US$1,000 per ounce gold. 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.
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