Appointment Adds Operating Expertise for Planned Mine at Afton-Ajax Project
VANCOUVER, BC MAY 5Th , 2008 - Abacus Mining & Exploration Corporation ("Abacus") (TSX.V:AME) is pleased to announce the appointment of Andrew Pooler as Executive Vice President and Chief Operating Officer. Pooler will oversee the development, construction and eventual operations at Abacus' Afton-Ajax Project.
Pooler has more than 20 years of experience as a mining engineer and operations executive working in North, Central and South America. For the last five years, Pooler has been Senior Vice President, Mine Operations for Pan American Silver Corporation. Pan American Silver has six producing properties and two under development.
"Andy's experience in successfully developing and managing mining operations adds new breadth to Abacus' senior management team as we enter a key phase at the Afton-Ajax Project", said Doug Fulcher, President and CEO. "The creation of this position, and the appointment of a professional with Andy's credentials, enables Abacus to aggressively move the Afton-Ajax project forward.
Prior to Pan American Silver, Pooler held executive positions with several mining companies, including Vice President of Operations at Amax Gold, where Abacus' current Chairman, Tom McKeever, served as a Director as well as Executive Vice President and a Board member of its parent, AMAX Inc. "It is great to have the opportunity to again work with Andy Pooler, " said Mr. McKeever. "He is a solid professional with a proven track record of success, and exactly what Abacus needs to move forward at Afton-Ajax."
Pooler holds a Bachelor of Science degree in Mining Engineering from the University of Idaho.
About Abacus and the Afton-Ajax Project
Abacus is an exploration and development company that holds a 100% interest in five significant mineral properties in the prolific Afton-Ajax Camp near Kamloops, British Columbia. Abacus also has the added advantage of owning significant infrastructure in the Afton Camp including tailings dams, mill infrastructure, water rights, and all relevant permits.
Abacus has just completed an extensive drilling program in the joint venture area between the previously drilled Ajax West and Ajax East pits at Afton. A preliminary economic assessment encompassing Ajax West, Ajax East and the area in between is expected by mid-2008 and a full feasibility study on the combined Ajax area is anticipated in 2009. An extensive infill drilling program will continue at Ajax to support the feasibility study, which will examine a 40,000 to 60,000 tonne per day surface mining operation at Ajax.
On Behalf of the Board,
ABACUS MINING AND EXPLORATION CORPORATION
President and Chief Executive Officer
Contact: Tim Mikula, Investor Relations 866-834-0301
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. Forward looking statements in this release include statements regarding the Company's rights and benefits under the letters of intent with New Gold and Teck Cominco; the Company's future exploration and development plans; and the timing and nature of any future resource estimates, economic analyses or feasibility studies. 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, 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. These statements are based on a number of assumptions, including, among others, assumptions regarding general business and economic conditions, the ability of the Company and other relevant parties to satisfy stock exchange and other regulatory requirements in timely manner, the availability of financing for the Company's proposed transactions and exploration and development programs on reasonable terms and the ability of third-party service providers to deliver services in a timely manner.
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