This is the latest from AME.v They are right next door to NGD.t and evan thou things are quiet right now with NGD I expect at some point they will take AME out.Both already share ....
< Abacus Mining & Exploration Corp. has signed definitive agreements with New Gold Inc. and Teck Cominco Ltd. relating to the company's Afton-Ajax project, located near Kamloops, B.C. These agreements resolve certain issues related to land access, and surface and mineral rights so that Abacus can vigorously pursue development of a large-scale surface mining operation at the Afton-Ajax project, with production planned in 2010. >
Abacus hires AMEC as engineers for Afton-Ajax
2008-06-26 12:12 ET - News Release
Mr. Doug Fulcher reports
ABACUS MINING & EXPLORATION CORP.: AMEC APPOINTED AS ENGINEERING TEAM FOR AFTON/AJAX PROJECT
Abacus Mining & Exploration Corp. has retained the services of AMEC Americas Ltd. to build an updated mineral resource model and carry out the needed engineering work to advance the Afton-Ajax project located near Kamloops, B.C., through a preliminary economic assessment. Since Andrew Pooler was appointed Chief Operating Officer, the Company has focused on accelerating the project towards development and AMEC has an excellent track record of working with these types of projects around the world. Mr. Scott Ansell, Project Manager with AMEC, has organized a team of highly experienced engineers and geologists to work on the project including Dr. Harry Parker RG, Ch P.Geo., who will be conducting the peer review on the mineral resource model. Dr. Parker is a recognized industry leader with more than 40 years of experience in mineral exploration, geostatistical studies, and ore reserve calculations.
"Andrew Pooler, Executive Vice President and Chief Operating Officer of Abacus, continues to build the development team for our Afton- Ajax project," said Doug Fulcher, President and CEO. "We are excited about working with AMEC to complete a new 43-101 resource on the entire Ajax Area as well as the other Abacus deposits in the camp, which will include over 280,000 feet (approximately 85,000 metres) of additional drill data since the last resource work was done. This new resource estimate is scheduled for completion in the third quarter of 2008 followed by the Preliminary Economic Assessment which is expected to be finalized before the end of the year. This is a slightly revised schedule to what was originally anticipated but will yield a high quality comprehensive technical report providing the foundation to move the project forward."
About the Afton-Ajax project
The Afton properties belonging to the Company lie within a mining camp hosting a number of mined and un-mined alkalic copper-gold, porphyry style deposits. Since 2002, Abacus has redefined several known deposits through expansion of copper - gold mineralization down dip and along strike. The Company has completed over 520,000 feet (approximately 158,000 metres) of drilling and developed NI 43-101 compliant Indicated resources on the DM and Rainbow deposits, totaling 60.1 million tonnes and an Inferred resource at the Ajax West deposit totaling 147,000,000 tonnes (all resources estimated at 0.20% copper cut-off).
The Ajax property comprises of eight 100% owned Crown grants which include the historic Ajax East and West pits. Also included is an interest in claims between the pits acquired as a result of a joint-venture agreement signed with New Gold Inc. The Ajax area lies nine kilometres southeast along an existing haul road from the Afton mill, shop facilities and tailings area which Abacus agreed to purchase along with the water rights in 2005 from Teck-Cominco. The high priority, Phase 1, drilling on the Joint Venture ground has been completed. Two drills are active on the property to upgrade and expand the existing resource.
Eco Tech Laboratory Ltd. of Kamloops, B.C., has completed all of Abacus' analytical work on the project. A quality-control program, using specific standards and blank samples is in place. Robert G. Friesen, P.Geo. is the qualified person responsible for the design and conduct of the work performed.
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