VANCOUVER, BC March 15, 2010 Abacus Mining & Exploration Corp. ("Abacus" or the "Company") (TSX.V:AME) is pleased to announce results from diamond drilling in the Ajax East Extension ("AEE") area, a fault offset extension of the coppergold rich Ajax deposit, near Kamloops, British Columbia. The drill holes targeted near-surface higher grade copper-gold mineralization with the intent to upgrade previously existing NI 43-101 compliant mineral resources in the AEE (announced June 22, 2009), and to explore the potential for hosting a "starter pit", which could be delineated for the ongoing Prefeasibility Study. The Ajax deposit is currently estimated to contain approximately 2.9 billion pounds copper and 2.7 million ounces gold with the potential for a 60,000 ton per day mining operation producing an average of 110 million pounds of copper and 100,000 ounces of gold in concentrate annually over a 23 year mine life. Both the AEE and Ajax area is 100 per cent owned by Abacus.
The drilling occurs within a 500 metre by 200 metre zone of favourable Sugarloaf Diorite between the AEE and Ajax deposit. Fifteen relatively short vertical drill holes were completed on a 50 metre - 100 metre grid pattern while three deeper inclined holes tested the main AEE offset zone for continuity of deeper copper‐gold mineralization, and to convert inferred resources into measured and/or indicated status. In total, 3,616 metres (11,862 feet) of drilling was completed in this phase.
Doug Fulcher, President of Abacus stated, "We are extremely pleased with the outcome of this phase of drilling. The results demonstrate the presence of a zone or zones of near-surface copper-gold mineralization that when combined with previous near-surface intercepts, may host a "starter pit" that could supply early, higher-grade mill feed, and potentially enhance the economics of the Ajax deposit. We are also encouraged that deep drilling in the AEE confirms the future 'bluesky' potential as the entire Ajax deposit remains open at depth."
ABACUS DRILL RESULTS - JAN-FEB 2010
|Section||Hole No.||Dip Deg||Az. Deg||From (m)||To (m)||Length
|Cu %||Au g/t|
Only Narrow Scattered Mineralized Intercepts
|2775E||AM-10-045||-90||-||Only Narrow Scattered Mineralized Intercepts|
|2475E||AM-10-046||-90||-||Only Narrow Scattered Mineralized Intercepts|
|2575E||AM-10-048||-90||-||Only Narrow Scattered Mineralized Intercepts|
|2925E||AM-10-053||-90||-||Only Narrow Scattered Mineralized Intercepts|
|1725N||AM-09-034||-47.8||296.1||Hole Deepened in 2010 from 441.05m to 693.72m (252.67m)|
|Additional Intercepts after Deepening:|
NOTE: Intercept lengths are core lengths, which do not necessarily reflect true width
*indicates individual copper grade(s) cut to 2.1% and/or individual gold grade(s) cut to 1.25g/t as per AMEC discussion on Metal at Risk in their section on mineral resource and mineral reserve estimate for the Preliminary Assessment Technical Report on the Ajax Copper/Gold Project, Kamloops, British Columbia, completed July 21, 2009.
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., completed all of Abacus' analytical work on the aforementioned drill 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 AND 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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