Vancouver, British Columbia -- May 3, 2012. Abacus Mining & Exploration Corporation (TSXV: AME "Abacus" or the "Company") announced today that its Board of Directors has accepted the resignation of Andrew F. Pooler as Executive Vice President and Chief Operating Officer. Mr. Pooler is resigning to pursue other opportunities.
On behalf of the Board of Directors of Abacus, Jim Excell, President & CEO commented, "Andy's foresight and leadership since the Ajax Project's early development under Abacus have helped navigate the Project's successful transition through feasibility towards production. Andy leaves in place an excellent team that he assembled to continue this mission."
"I would like to express my sincerest gratitude to Abacus for my experience here over the last several years," Andy added. "I have every confidence that the project will successfully pass through the next steps to become a premier mine."
Following the exercise by KGHM Polska Miedz S.A. (KGHM) on April 2, 2012 of its option to acquire a further 29% interest in the Joint Venture Company, KGHM Ajax Mining Inc., increasing its ownership to 80%, it is expected that KGHM will appoint a new operator for the Ajax Project in the coming months.
Abacus is currently engaged in a process that aims to maximize the value of its 20% interest in the Ajax Project. With a robust feasibility study, the financing obligation of global copper partner KGHM for the required capital to build the mine, and approximately $30 million in cash for Abacus' use towards its portion of the Ajax Project's initial capital, Abacus is in a favourable position to realize the full value of its interest in the project.
On Behalf of the Board,
ABACUS MINING AND EXPLORATION CORPORATION
James D. Excell
President & CEO
Director, Investor Relations
Abacus is a mineral exploration and mine development company with a 20% interest in the feasibility stage Ajax copper-gold project located near Kamloops, B.C. The Ajax project is a joint venture between Abacus Mining & Exploration Corp. and KGHM Polska Miedz S.A. ("KGHM") through KGHM Ajax Mining Inc. ("KGHM Ajax").
The Ajax project feasibility study supports production of a total of 2.5 billion lbs of copper and 2.28 million ozs of gold in concentrate, or an average of approximately 109 million lbs of copper and 99,000 ozs of gold annually, over a 23 year mine life. Total proven and probable mineral reserves are estimated at 3 billion lbs Cu and 2.7 million ozs Au at 0.27% Cu and 0.17 g/t Au based on $2.50 Cu and $1,085 Au. The proposed mine plan envisages a conventional open pit operation processing 60,000 tonnes per day or 21.9 million tonnes per year of ore. [see Report titled "Ajax Copper/Gold Project -- Kamloops, British Columbia Feasibility Study Technical Report" by Wardrop (a Tetra Tech Company) dated January 6, 2012 ("FS")]
This release includes certain statements that are deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that Abacus 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 changes to commodity prices, mine and metallurgical recovery, operating and capital costs ,foreign exchange rates, ability to obtain required permits on a timely basis, exploitation and exploration successes, 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.
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