Vancouver, British Columbia -- June 23rd, 2010. Abacus Mining & Exploration Corporation ("Abacus" or the "Company") (TSXV: AME) is very pleased to announce that shareholders of the Company overwhelmingly approved the Joint Venture ("JV") transaction with KGHM Polska Miedz S.A. ("KGHM") at the Special Meeting of Shareholders held in Vancouver, B.C. on June 22, 2010 .
More than 90% of the shares represented at the meeting were voted in favour of the Joint Venture transaction. This clears the way for the finalization of the Definitive Joint Venture Agreement that sets out the parameters to fast track and fully fund the development of the Afton-Ajax copper-gold project near Kamloops, B.C. through bankable feasibility study ("BFS") and into production. The Definitive Agreement is expected to be finalized and the JV launched in early July.
Tom McKeever, Abacus' Executive Chairman commented, "Today's results are conclusive and significant. Shareholders recognize the transaction as truly transformational for Abacus. It largely de-risks the Afton-Ajax project through BFS and initial production while also providing the opportunity to build additional value for the shareholders of both Abacus and KGHM by leveraging our respective strengths in joint pursuit of other exceptional opportunities in Canada and elsewhere. We look forward to working with KGHM to successfully achieve these goals."
On Behalf of the Board,
ABACUS MINING AND EXPLORATION CORPORATION
President and Chief Executive Officer
For further information, please contact:
Donna Yoshimatsu, Director of Investor Relations firstname.lastname@example.org, or
Tim Mikula, Investor Relations 866‐834‐0301 email@example.com
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 (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.
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.
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