VANCOUVER, BC January 20, 2010 Abacus Mining & Exploration Corp. ("Abacus" or the "Company") (TSX.V:AME) is pleased to announce that it has accelerated environmental and socio-economic studies to support future Environmental Assessment and permitting of the 100 percent owned Ajax copper-gold deposit. Knight Piésold Ltd, an international group of consulting engineers and environmental scientists, has been retained to undertake comprehensive studies of aquatic and terrestrial ecosystems, physical environmental parameters, and socio-economic data. The studies will expand the significant existing environmental database collected in recent years during Abacus' exploration programs, and will be coupled with analysis of in situ parameters created by past mining activities at the site.
Doug Fulcher, president of Abacus states "We are pleased to have initiated focused environmental and socio-economic studies to enhance the continued development of our Ajax deposit. This represents an important step in the on-going advancement of the Ajax Project and ensures that we will be well positioned to enter the environmental assessment process."
About the Ajax Project
Abacus is an 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 of approximately 110 million pounds of copper and 100,000 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. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
Eco Tech Laboratory Ltd. of Kamloops, B.C., will complete all of Abacus' analytical work on the project. A quality-control program, using specific standards and blank samples is in place. Robert G. Friesen, P.Geo., the Company's Senior Geologist, is the Qualified Person responsible for the design and conduct of the work performed.
On Behalf of the Board,
ABACUS MINING & EXPLORATION CORPORATION
President and Chief Executive Officer
Contact: Donna Yoshimatsu, Director of Investor Relations email@example.com or Tim Mikula, Investor Relations 866-834-0301 firstname.lastname@example.org
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. 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.
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