Abacus Mining & Exploration Corporation (“Abacus” or the
“Company”) (TSXV: AME) wishes to provide an update on the Ajax
copper-gold project, located near Kamloops, British Columbia.
The Company meets regularly with its partner on
the project, base metal major KGHM Polska Miedź S.A. In a recent
meeting, we were pleased to learn that KGHM plans to devote more
attention to the project, including continued engagement with First
Nations. Abacus holds a 20% interest in the project, carried
through production with KGHM holding the remainder.
“I am pleased that the Ajax project remains a
priority for our partner and that they continue to engage about the
project with First Nations” commented Paul G. Anderson, President
and CEO of Abacus. “With copper and gold prices near all-time highs
we would be happy to see this project advance more quickly, to the
benefit of all stakeholders.”
The Ajax Project contains significant remaining
quantities of copper and gold, within a NI 43-101 Proven and
Probable Mineral Reserve of 426 Mt at 0.29% Cu, 0.19 g/t Au and
0.39 g/t Ag. Contained metal is in the order of 2.7 billion lbs Cu,
2.6 million oz Au and 5.3 million oz Ag. *
Ajax was mined in the late 1980’s by Teck as
part of their Afton operation. Abacus acquired the Ajax project
from Teck and advanced it until 2010, when KGHM was brought
onboard. The old Afton Mine just west of Ajax was put back into
production in 2012 by New Gold as the New Afton Mine.
Ajax last underwent a Feasibility Study in 2016
*, where the project at that time was designed to mine 65,000
tonnes per day over an 18-year mine life. The mine would provide
significant employment during both construction and operation and
substantial tax revenues would accrue to all levels of government.
It should be noted that the 2016 Feasibility Study used metal
prices of US$3.21/lb Cu, US$1200/oz. Au, and US$17/oz. Ag, which
are significantly lower than current prices.
The Ajax Project underwent a joint provincial
and federal environmental review starting in 2011, which culminated
in the decision by the B.C. Minister of Environment and Climate
Change Strategy and the Minister of Energy, Mines and Petroleum
Resources to decline to issue an environmental assessment
certificate for the Project in December of 2017. Since then, KGHM
in consultation with Abacus has worked to re-evaluate the project,
taking into account relations with all project stakeholders,
especially First Nations. KGHM opened a new Kamloops office
for the Ajax project late in 2020 following the appointment of a
new Ajax Superintendent.
Abacus also holds an option to earn a 75%
ownership interest in the Willow copper-molybdenum porphyry
property in Yerington, Nevada from Almadex America Inc, a wholly
owned subsidiary of Almadex Minerals Ltd. The Company has a lease
on the contiguous Nev-Lorraine claims giving it the right to
explore and to elect to purchase these claims outright over a
ten-year period. The entire claim group is known as the Willow
Property. The Company continues to wait on analytical results from
the 2021 drill program, and further work will be planned once these
are received.
The technical information in this news release
has been reviewed and approved by Paul G. Anderson, M.Sc., P.Geo.,
a Qualified Person within the meaning of National Instrument
43-101.
* M3 Engineering and Technology Corp., February
19, 2016. Ajax Project NI 43-101 Technical Report Feasibility Study
Update.
On Behalf of the Board,ABACUS MINING
& EXPLORATION CORPORATION
Paul G. Anderson, P.Geo.President and CEO
About Abacus
Abacus is a mineral exploration and mine
development company currently focused on copper and gold in B.C.
and Nevada. The Company’s main asset is a 20% ownership interest,
together with KGHM Polska Miedź S.A. (80%), in the proposed
copper-gold Ajax Mine located southwest of Kamloops, B.C., which
has undergone a joint provincial and federal environmental
assessment process. On December 14, 2017, a decision was made by
the B.C. Minister of Environment and Climate Change Strategy and
the Minister of Energy, Mines and Petroleum resources to decline to
issue an environmental assessment certificate for the Project. KGHM
have recently reopened an office in Kamloops, B.C. to facilitate
First Nation, community and governmental engagement in order to
advance the project towards a potential resubmission of the
environmental application.
Abacus also holds an option on the Willow
copper-gold property located near Yerington, Nevada in which it can
acquire up to a 75% ownership interest, and the contiguous
Nev-Lorraine claims subject to a ten-year lease agreement.
For the latest reports and information on
Abacus’ projects, please refer to the Company’s website at
www.amemining.com.
Forward-Looking Information
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.
Tel: 604.682.0301
email: info@amemining.com
website: www.amemining.com
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