KGHM Ajax Appoints BNP Paribas as Exclusive Financial Advisor For Ajax Copper-Gold Project
June 02 2011 - 9:15AM
Marketwired
Abacus Mining & Exploration Corporation (TSX VENTURE: AME)
("Abacus") reports that KGHM Ajax Mining Inc. ("KGHM Ajax"), the
joint venture development company between Abacus and KGHM Polska
Miedz S.A., has executed an engagement letter with BNP Paribas
("BNP Paribas"), appointing BNP Paribas as exclusive financial
advisor in connection with the project financing for the Ajax
copper-gold project near Kamloops, B.C.
Ian MacNeily, Chief Financial Officer of Abacus and KGHM Ajax
stated, "We are pleased to engage BNP Paribas, a leading
international project financing institution, as advisor to the Ajax
project to assist us in structuring the most effective financing
arrangement for the development of the Ajax copper-gold
project."
The Ajax Project is currently undergoing environmental review
and permitting, with a bankable feasibility study ("BFS"), managed
by a team of renowned consultants, expected to be completed in the
fall of this year. The BFS contemplates construction of an open pit
copper and gold mine in the Ajax camp 10 kms southwest of Kamloops,
B.C. where its proximity to infrastructure and its significant gold
content is expected to have a favourable impact on the project's
economics. The BFS follows the NI 43-101 compliant Preliminary
Economic Assessment (the "PEA") of June 22, 2009 by Wardrop
Engineering Inc., which 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.
On Behalf of the Board,
ABACUS MINING AND EXPLORATION CORPORATION
Ian M. MacNeily, EVP & CFO
Donna Yoshimatsu, Director, Investor Relations
About Abacus
Abacus is an exploration and mine development company focused on
the development of the Ajax copper-gold project located 10 km
southwest of Kamloops, B.C. With major copper producer and joint
venture partner, KGHM Polska Miedz S.A., Abacus, as operator, is
currently completing the feasibility study on the Ajax project,
which is expected to be completed in the fall of 2011. The project
is in the permitting phase with environmental assessment
underway.
Please refer to the Company's website for further information at
www.amemining.com.
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 Ian M.
MacNeily EVP & CFO imacneily@amemining.com Abacus Mining &
Exploration Corporation Donna Yoshimatsu Director, Investor
Relations dyoshimatsu@amemining.com Abacus Mining & Exploration
Corporation Tim Mikula Investor Relations 1.866.834.0301
tmikula@amemining.com www.amemining.com
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