Abacus and KGHM Outline Plans to Develop Copper Projects Jointly
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 06/14/10 -- Abacus Mining & Exploration Corporation ('Abacus' or the 'Company') (TSX VENTURE: AME) wishes to comment on its relationship with KGHM Polska Miedz S.A. ('KGHM') and their plans for cooperative ventures in the future, in addition to development of the Afton-Ajax project near Kamloops, British Columbia announced on May 4, 2010 (the 'Transaction').
Abacus has experience and expertise in exploration for base and precious metals, and will continue to seek additional prospective projects in Canada and elsewhere.
KGHM, Europe's second largest copper producer, has expressed its desire and intention to work with Abacus in evaluating and developing other copper projects to grow its production profile.
Commenting on its intention to pursue further opportunities with KGHM, Tom McKeever, Executive Chairman of Abacus said: 'The leveraging of the combined strengths of our experienced exploration and development team with the considerable operational experience and resources of a major global copper producer such as KGHM provides, we believe, exciting opportunities to identify and develop additional copper and precious metals projects in the Americas that will be accretive to shareholder value in both companies.'
Mr. Herbert Wirth, President of The Management Board of KGHM added: 'In addition to entering into a joint venture with Abacus to develop the Afton-Ajax project, we are very pleased to work with Abacus to identify other prospective copper projects in Canada and elsewhere, which will assist us to meet our growing production profile.'
About the Special Meeting
Abacus will be holding its Special Meeting of Shareholders on June 22, 2010 at 10:00 am at 2800 Park Place, room 2807, 666 Burrard Street, Vancouver, B.C. to vote on the Transaction. To ensure your vote is registered, management proxies should be submitted prior to 10:00 am (Vancouver time) on Friday, June 18, 2010 using one of the methods described on the form of proxy. For more information on how to vote proxies or where to receive the Abacus management proxy circular, investors should contact Georgeson Shareholder Communications Canada Inc., Abacus' proxy solicitation agent, toll free within North America at 1-866-1-866-656-4117.
On Behalf of the Board,
ABACUS MINING AND EXPLORATION CORPORATION
Doug Fulcher, President and Chief Executive Officer
Tom McKeever, Executive Chairman
About Abacus
Abacus is an exploration and development company with a 43-101 compliant positive preliminary economic assessment report (announced June 22, 2009) for its Afton-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 of approximately 110 million pounds of copper (approx. 50,000 tonnes) and 100,000 ounces of gold in concentrate annually. Sensitivity analyses approximating metal prices (US$3.00 per pound copper and US$1,000 per ounce gold) in the assessment 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. The Afton-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 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.
Contacts:
Abacus Mining and Exploration Corp.
Doug Fulcher
President and Chief Executive Officer
604-682-0301
Abacus Mining and Exploration Corp.
Donna Yoshimatsu
Director of Investor Relations
dyoshimatsu@amemining.com
Abacus Mining and Exploration Corp.
Tim Mikula
Investor Relations
866-834-0301
604-682-0307 (FAX)
tmikula@amemining.com
www.amemining.com