VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 1, 2013) - Abacus Mining & Exploration Corporation (TSX VENTURE:AME) ("Abacus" or the "Company") has applied to the TSX Venture Exchange (the "Exchange") to extend the expiry date of previously issued warrants of the Company ("Warrants") by a further six (6) months.
The Warrants were issued pursuant to a non-brokered private placement unit offering completed on March 14, 2012. Each Warrant is exercisable to purchase one common share at a price of C$0.32 per common share until March 14, 2013. If accepted by the Exchange, the expiry date of the Warrants shall be extended from March 14, 2013 to September 13, 2013. All other terms and conditions of the Warrants will remain the same.
The application to amend the Warrants is subject to the Exchange's acceptance, and the Company makes no assurances that the required acceptance for the extension of the term of the Warrants will be granted.
On Behalf of the Board,
ABACUS MINING AND EXPLORATION CORPORATION
James D. Excell, President & CEO
Ian M. MacNeily, Executive Vice President & CFO
Abacus is a mineral exploration and mine development company with a 20% interest in the feasibility stage Ajax copper-gold project located near Kamloops, B.C. The Ajax Project is a joint venture between Abacus Mining & Exploration Corporation and KGHM Polska Miedz S.A. ("KGHM") through KGHM Ajax Mining Inc. ("KGHM Ajax"), and is operated by KGHM International Ltd., a subsidiary of KGHM.
The Ajax project NI 43-101 Feasibility Study supports production of a total of 2.5 billion lbs of copper and 2.28 million ozs of gold in concentrate, or an average of approximately 109 million lbs of copper and 99,000 ozs of gold annually, over a 23 year mine life. Total proven and probable mineral reserves are estimated at 3 billion lbs Cu and 2.7 million ozs Au at 0.27% Cu and 0.17 g/t Au based on $2.50 Cu and $1,085 Au. The proposed mine plan envisages a conventional open pit operation processing 60,000 tonnes per day or 21.9 million tonnes per year of ore. (see Report titled "Ajax Copper/Gold Project -- Kamloops, British Columbia Feasibility Study Technical Report" by Wardrop (a Tetra Tech Company) dated January 6, 2012 ("FS")).
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.
Abacus Mining and Exploration Corp.
James D. Excell
President & CEO
Abacus Mining and Exploration Corp.
Ian M. MacNeily
Executive Vice President & CFO