Abacus Provides Update on Ajax
Abacus Provides Update on Ajax
Vancouver, BC – February 3, 2022. 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 N ations. KGHM opened a new Kamloops office
for the Ajax project late in 2020 following the appointment of a new Ajax Superintendent.
Suite 1000 – 1050 West Pender Street
Vancouver, B.C. V6E 3S7 Canada
Tel: 604.682.0301
email: [email protected]
website: www.amemining.com
TSX Venture Exchange Symbol: AME
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% owne rship 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 ar e 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 commo dity prices, mine and metallurgical recovery,
operating and capital costs, foreign exchange rates, ability to obtain required permits on a timely basis, exploitation and e xploration 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.