Abacus Mining & Exploration Corporation (“Abacus” or the
“Company”) (TSXV:AME) wishes to provide an update to its
shareholders on the status of the Ajax copper-gold project, located
near Kamloops, British Columbia. Abacus holds a 20% ownership
interest in the project, which is managed by base metal major KGHM
Polska Miedź S.A., who hold the remaining 80%.
Ajax remains a priority for both Abacus and for
our partner, who have begun the process of re-engaging the project
stakeholders. This process is being undertaken with a view to
satisfying new provincial and federal environmental regulations
which are now, or are about to be in effect, which include advance
reconciliation with Indigenous Peoples.
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. Despite this
setback, KGHM in consultation with Abacus has continued to work to
advance the project, including evaluating various strategies geared
toward potentially resubmitting the environmental application.
The Ajax Project contains significant 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 Bil lbs Cu, 2.6 Moz Au and
5.3 Moz Ag. *
Besides Ajax, the Company holds options and
leases on the Willow and adjacent Nev-Lorraine copper-molybdenum
properties in the Yerington copper camp, southeast of Reno, Nevada.
Drilling by the Company in 2018 intersected a key intrusive rock
unit on Willow that hosts all known porphyry Cu-Mo deposits at
Yerington. This rock unit was not previously known to exist on the
Company’s property, and it represents a key new discovery. The
target is large and robust, and it remains essentially
untested.
The Yerington copper camp contains several past
producing porphyry and skarn deposits, including the Yerington Mine
that produced approximately 1.6 billion pounds of copper for
Anaconda between 1952 until 1978. Advanced projects in the camp
include Ann Mason (M&I of 1.4BT at 0.32% Cu), owned by Hudbay
Mining, Nevada Coppers’ Pumpkin Hollow (P&P of 572 MT at 0.4%
Cu) which is in mine construction, and Quaterra Resources’
MacArthur oxide project (M&I of 159MT at 0.212% Cu) which is in
prefeasibility.
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.
* Wardrop Engineering Inc. 2012. Ajax
Copper/Gold Project, Kamloops, British Columbia – Feasibility Study
Technical Report. Doc. No. 1054610300-REP-R0004-02. January
2012.
On Behalf of the Board, ABACUS MINING & EXPLORATION
CORPORATION
Paul G. Anderson President and COO
About AbacusAbacus is a mineral exploration and
mine development company currently focused on its optioned 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.
The Company also holds a 20% ownership interest, together
with KGHM Polska MiedźS.A. (80%), in the proposed copper-gold Ajax
Mine located southwest of Kamloops, B.C., which has recently
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.
For the latest reports and information on Abacus’ projects,
please refer to the Company’s website at www.amemining.com.
Forward-Looking InformationThis 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.
Suite 1000 – 1050 West Pender Street
Vancouver, B.C. V6E 3S7 Canada
Tel: 604.682.0301
email: info@amemining.com
website: www.amemining.com
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