Abacus Mining Announces Management and Board of Director Changes
February 03 2014 - 8:00AM
Marketwired
Abacus Mining Announces Management and Board of Director Changes
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 3, 2014) -
Abacus Mining and Exploration Corporation (TSX-VENTURE:AME)
("Abacus" or the "Company") announces that effective February 1,
2014, the following management and board of director changes have
been made.
Mr. James Excell has resigned as President, CEO and a director
of Abacus effective immediately, in order to pursue other business
opportunities. Mr. Thomas McKeever will retire as Executive
Chairman of the Company, but will remain a director of Abacus.
Effective immediately, Mr. Michael McInnis will assume the role of
Chairman, President & CEO of the Company.
Mr. McInnis is a professional geologist with over 25 years of
experience successfully managing junior mining companies, most
recently as President and CEO of Riverstone Resources Inc., now
True Gold Mining Inc. where he is presently Vice-Chairman. He has
been a director of Abacus since 2002 and is a director of a number
of other junior mining companies.
Mr. McInnis said: "On behalf of the Board, I would like to thank
Jim and Tom for all their efforts over the years in managing the
Company and overseeing our Ajax Joint Venture. Abacus remains
committed to increasing the value of our 20% interest in the Ajax
copper/gold project near Kamloops, B.C. as well as pursuing other
opportunities to increase shareholder value."
On Behalf of the Board,
ABACUS MINING AND EXPLORATION CORPORATION
Michael McInnis, Chairman, President & CEO
About Abacus
Abacus is a mineral exploration and mine development company
with a 20% interest in the feasibility stage Ajax copper-gold
project located near Kamloops, B.C. The Ajax Project is a joint
venture between Abacus Mining & Exploration Corporation and
KGHM Polska Miedz S.A. through KGHM Ajax. The Ajax project
feasibility study supports production of a total of 2.5 billion lbs
of copper and 2.28 million ozs of gold in concentrate, or an
average of approximately 109 million lbs of copper and 99,000 ozs
of gold annually, over a 23 year mine life. Total proven and
probable mineral reserves are estimated at 3 billion lbs Cu and 2.7
million ozs Au at 0.27% Cu and 0.17 g/t Au based on $2.50 Cu and
$1,085 Au. The proposed mine plan envisages a conventional open pit
operation processing 60,000 tonnes per day or 21.9 million tonnes
per year of ore. [see Report titled "Ajax Copper/Gold Project
-- Kamloops, British Columbia Feasibility Study Technical Report"
by Wardrop (a Tetra Tech Company) dated January 6, 2012
("FS")].
Forward-Looking Information
This release includes certain statements that are deemed
"forward-looking statements". All statements in this release, other
than statements of historical facts, that address events or
developments that Abacus 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 changes to commodity prices,
mine and metallurgical recovery, operating and capital costs,
foreign exchange rates, ability to obtain required permits on a
timely basis, exploitation and exploration successes, 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.
Abacus Mining and Exploration
Corporation604.682.0301604.682.0307info@amemining.comwww.amemining.com
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