VANCOUVER, B.C. March 3, 2009 -- Abacus Mining & Exploration Corporation ("Abacus") (TSX.V:AME) is pleased to announce the appointment of Mr. Gordon Frost as Chief Mine Engineer for the development of the Afton -- Ajax mine near Kamloops, B.C. Mr. Frost will work directly with Andrew Pooler, Executive Vice President and Chief Operating Officer and Jim Whittaker, Project Manager.
Gordon has more than ten years experience in the mining industry working for mining and consulting companies based in British Columbia. For the last five years, Gordon was with AMEC Americans Limited ("AMEC") where he worked on projects and mines in Latin America, Central Asia and Canada including Abacus' Afton-Ajax project. Prior to joining AMEC Gordon held various positions with Imperial Metals including Mine Engineer at the Huckleberry Mine.
Mr. Frost holds a Bachelors of Science degree in Mining Engineering from Queen's University and a Diploma in Mining Technology (Honours) from the British Columbia Institute of Technology.
"I am very pleased to welcome Gordon to the Abacus team. His vast experience with mine planning and scheduling, pit design and optimization will contribute immensely in the development of the Afton -- Ajax Project. We now have a solid senior management team which will allow us to aggressively develop the Afton-Ajax project" said Doug Fulcher, President and CEO.
Abacus recently announced a 43-101 compliant resource (January 14th, 2009) prepared by AMEC Americas Limited that totals 365 million tonnes grading 0.31% copper and 0.20 g/t gold using a 0.20% copper equivalent cutoff. This resource demonstrates the large size of Ajax with approximately 2.5 billion pounds of copper and 2.3 million ounces of gold in a measured and indicated category. Abacus is now conducting a preliminary economic assessment ("PEA") that contemplates a 60,000 tonne per day operation. The Ajax deposit remains open along strike and at depth.
The Company also announces it has agreed to grant 300,000 employee incentive stock options at an exercise price of $0.10 for a period of five years.
On Behalf of the Board
ABACUS MINING & EXPLORATION CORP.
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. 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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