Abacus' Ajax JV and New Gold Sign Asset Exchange Agreement
September 22 2011 - 8:00AM
Marketwired
Abacus Mining & Exploration Corporation (TSX VENTURE: AME)
("Abacus") announces that its 49% owned joint venture company, KGHM
Ajax Mining Inc. ("Ajax"), has signed and completed the
transactions pursuant to an Asset Exchange Agreement with New Gold
Inc. ("New Gold") for certain assets and property claims in the
Afton-Ajax mining area and New Gold's 10% net profits interest
(NPI) royalty. The 10% NPI covers certain mineral claims within the
Ajax pit area.
As part of a previous Asset Purchase Agreement between Abacus,
Teck Resources Limited and Afton Operating Corporation, Abacus had
acquired the Afton mill building, office and maintenance shop
("Teck buildings").
New Gold has acquired from Ajax the Teck buildings and the lot
on which they are located. These buildings are not currently being
used by Ajax and are not required for future operations.
In exchange, Ajax has acquired from New Gold the NPI royalty
(for subsequent cancellation) and mining claims which extend Ajax's
claim block to the north of the proposed Ajax mining area.
Jim Excell, President & CEO of Abacus commented, "The
agreement with New Gold settles certain access and ownership issues
that are mutually beneficial and brings efficiencies to both our
operations. It also further strengthens our ownership of the Ajax
project through the cancellation of New Gold's 10% NPI. With the
Feasibility Study in the final stage of completion and the
environmental review and permitting process well underway, we
anticipate an exciting and eventful fall."
On Behalf of the Board,
ABACUS MINING AND EXPLORATION CORPORATION
James D. Excell, President & CEO
Donna Yoshimatsu, Director, Investor Relations
About Abacus
Abacus Mining is an exploration and mine development company
focused on the development of the Ajax copper-gold project located
near 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. A Feasibility Study is in the final stage
of completion and is expected to be available in Autumn 2011. The
environmental review and permitting process was initiated in
January of this year with the submission of the Project
Description, a copy of which is available on the Company's website
and www.eao.gov.bc.ca.
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. James D. Excell
President & CEO jexcell@amemining.com Abacus Mining and
Exploration Corp. Donna Yoshimatsu Director, Investor Relations
604.682.0301 604.682.0307 (FAX) dyoshimatsu@amemining.com
www.amemining.com
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