Abacus Mining and Exploration Corp.

Abacus Mining and Exploration Corp.

November 09, 2009 08:00 ET

Abacus Completes Earn In Agreement with New Gold Inc.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 9, 2009) - Abacus Mining & Exploration Corporation ("Abacus") (TSX VENTURE:AME) is pleased to announce that pursuant to the agreement signed with New Gold Inc. ("New Gold") on March 19, 2008, Abacus has earned a 100% interest in certain mineral claims surrounding the Company's wholly owned Ajax copper-gold properties. New Gold has elected to retain a 10% Net Profits Interest Royalty ("NPI") in the mineral claims.

"Completing the earn in has allowed Abacus to move forward aggressively with the development of its Ajax property," states Doug Fulcher, President and CEO. "Key milestones have been the delineation of a significant copper-gold resource and the successful completion of the Preliminary Economic Analysis. We are now focused on completing the Prefeasibility Study that contemplates a 60,000 tonne per day mining operation and a resource containing over 2.6 billion pounds copper and over 2.4 million ounces gold."

About the Company

Abacus Mining is a junior exploration and development company with a 43-101 compliant positive preliminary economic assessment report (announced June 22, 2009) for its Ajax copper/gold project located 10 kilometres southwest of Kamloops, British Columbia. The report contemplates a 60,000 tonne per day operation producing an average 106 million pounds of copper and 99,400 ounces of gold in concentrate annually. Sensitivity analyses approximating metal prices (US$2.75 per pound copper and US$1,000 per ounce gold) in the assessment indicate a NPV of $1.2 billion discounted 8% over a 23 year mine life, with an IRR of 31.3%, cash costs of $0.90 per pound copper, and payback of 2.3 years. The Ajax extension remains open along strike and at depth.

On Behalf of the Board

Doug Fulcher, President and Chief Executive Officer


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 Corporation (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.

Contact Information

  • Abacus Mining & Exploration Corporation
    Donna Yoshimatsu
    Director of Investor Relations
    Abacus Mining & Exploration Corporation
    Tim Mikula
    Investor Relations