Abacus and KGHM Ajax Appoint New Chief Financial Officer
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/13/11 -- Abacus Mining & Exploration Corporation (TSX VENTURE: AME) ('Abacus') is pleased to announce the appointment of Ian M. MacNeily, C.A. as Executive Vice President and Chief Financial Officer effective February 1, 2011.
Mr. MacNeily brings more than 15 years of executive financial management and leadership experience in the mining sector. As a senior executive for a number of global mining and development companies, he has considerable experience in strategic planning, acquisitions, financial controls and reporting, capital restructuring and funding, metal trading, and implementing successful finance programs that have resulted in improved financial position and increased shareholder value. Prior to entering the resource sector, his experience includes seven years with Burns Fry (now BMO Nesbitt Burns) in both Toronto and London, U.K., managing treasury and operational activities of the firm. Mr. MacNeily is a Chartered Accountant.
Mr. MacNeily takes over from Mr. Paddy Nicol, who has been with Abacus since 1995 serving as a director from 1999 to 2009 and as its CFO since 2003. Mr. Nicol is leaving to take on a leadership role in a new venture. Jim Excell, President & CEO of Abacus, recognizes with appreciation his significant contribution to the Company: 'Paddy has been a tremendous asset to the Company. On behalf of the Board of Directors, I thank him for his outstanding service and contribution to Abacus over the years.'
Mr. Excell continued, 'I am also pleased to welcome Ian to our team. His leadership and considerable relevant experience in the mining industry will further enhance the Company's management depth and I look forward to his significant contributions as the Company develops the Ajax copper-gold property and accelerates growth through acquisition of additional accretive assets.'
Mr. MacNeily will be responsible for the financial operations and management of Abacus and the KGHM Ajax joint venture. He will be based in the Company's new downtown Toronto office location at 55 York Street.
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 10 kms southwest of 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. 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 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 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.
Contacts:
Abacus Mining & Exploration Corporation
Tim Mikula
Investor Relations
866-834-0301
tmikula@amemining.com
www.amemining.com