VANCOUVER, BC February 18, 2009 Abacus Mining & Exploration Corp. ("Abacus" or "the Company") (TSX.V:AME) is pleased to announce that a $2,500,000 loan has been arranged with Maxtech Ventures Inc. Proceeds from the loan will allow the company to complete the ongoing preliminary economic assessment ("PEA") and subsequent prefeasibility study on the Company's Ajax properties near Kamloops, British Columbia.
The term of the loan agreement is for a period of one year bearing an interest rate of 12% per annum. The loan may be repaid at any time after a six month period without penalty. Pursuant to TSX Venture Exchange policies, the Company has also agreed to pay the lender 1,250,000 shares at a deemed price of $0.10 per share. A finder's fee of up to 5% of the principle of the loan may be payable in cash and/or shares.
"Abacus is very pleased to secure this loan to continue ongoing engineering studies and to complete both the PEA and prefeasibility study on the Company's Ajax Deposit, states Doug Fulcher, President and CEO. The Company is also in the process of filing the Mineral Exploration Tax Credit (METC) with the British Columbia Government. Partial funds received from the METC will repay the loan. Abacus is committed to the development of the Ajax deposit in the quickest and most cost effective manner possible."
About the Ajax Project
Abacus is an exploration and development company that holds a 100% interest in five significant copper-gold mineral properties in the prolific Afton Camp near Kamloops, British Columbia.
On the Ajax property, Abacus owns 100% interest in 8 crown granted claims and is earning a 60% interest in intervening ground from New Gold Inc. Based on 621 historic and recent holes drilled by Abacus since late 2005, AMEC Americas Limited recently estimated measured and indicated resources on the property totaling 365 million tonnes grading 0.31% copper and 0.20 g/t gold using a 0.20% copper equivalent cutoff; containing over 2.5 billion pounds of copper and 2.3 million ounces of gold. Abacus now plans to complete a preliminary economic assessment ("PEA") that contemplates a 60,000 tonne per day operation. The Ajax deposit remains open along strike and at depth.
Additional drilling completed on the eastern extension of the Ajax Deposit (Monte Carlo area) at the end of 2008 indicates excellent potential to expand the known area of mineralization. Results from this drilling will be released when received.
The Ajax area lies nine kilometres southeast along an existing haul road from the Afton mill, shop facilities and tailings area which Abacus agreed to purchase along with the water rights in 2005 from Teck-Cominco. Eco Tech Laboratory Ltd. of Kamloops, B.C., has completed 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 AND EXPLORATION CORPORATION
President and Chief Executive Officer
Contact: Tim Mikula, Investor Relations 866-834-0301 email@example.com
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.
You can view the Next News Releases item: February 25, 2009,Abacus Discovers New Mineralized Extension To The Ajax Deposit
You can view the Previous News Releases item: February 9, 2009,Abacus Releases Final 2008 Drill Results From Ajax East And West Pit Areas
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