Abacus Achieves First Quarter 2008 Goals; Outlines 2nd Quarter 2008 Goals
Thursday April 10, 8:00 am ET
ca.us.biz.yahoo.com
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Apr 10, 2008 -- Abacus Mining & Exploration Corp. ("Abacus" or "the Company") (CDNX:AME.V - News) is pleased to announce it has achieved its primary first quarter, 2008 goals, as established by its Board of Directors in December, 2007.
1. Completed an extensive drilling program in the joint venture area between the previously drilled Ajax West and Ajax East pits at Afton.
2. Executed definitive agreements with New Gold and Teck Cominco. (see news release dated October 30, 2007 and March 25, 2008)
3. Executed Amendment to the Asset Purchase Agreement with Teck Cominco. (see news release dated November 25th, 2005 and March 25, 2008)
4. Hired a senior mining executive to lead project development and operations. (see news release dated November 15th, 2007)
"We are pleased that management has met the goals we established for Abacus at the outset of this year," said Tom McKeever, Chairman. "We have established equally aggressive goals for the second quarter as we drive the Company forward, with our focus on near-term mine development at Ajax."
The Board of Directors has established the following objectives for Abacus to achieve during the second quarter of 2008:
1. Complete a 43-101 compliant resource encompassing Ajax West, Ajax East and the area in between.
2. Conduct an extensive infill drilling program at Ajax to support a feasibility study commencing later this year that will examine a 40,000 to 60,000 tonne per day surface mining operation at Ajax.
3. Evaluate financing alternatives to fund mine evaluation and development at Ajax.
4. Add two new independent directors to the Abacus Board in preparation for a TSX listing in 2008.
5. Conduct a robust investor relations program.
About Abacus and the Afton-Ajax Project
Abacus is an exploration and development company that holds a 100% interest in five significant mineral properties in the prolific Afton-Ajax Camp near Kamloops, British Columbia. Abacus also has the added advantage of owning significant infrastructure in the Afton Camp including tailings dams, mill infrastructure, water rights, and all relevant permits.
A preliminary economic assessment encompassing Ajax West, Ajax East and the area in between is expected by mid-2008 and a full feasibility study on the combined Ajax area is anticipated in 2009. An extensive infill drilling program will continue at Ajax to support the feasibility study, which will examine a 40,000 to 60,000 tonne per day surface mining operation at Ajax, planned for as early as 2010.
On Behalf of the Board,
ABACUS MINING AND EXPLORATION CORPORATION
Doug Fulcher, President and Chief Executive Officer
Forward-Looking Information
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that Abacus Mining and Exploration Corp. (the "Company") 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 market prices, exploitation and exploration successes, and 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. 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.
The TSX Venture Exchange has not reviewed and does not accept the responsibility for the adequacy or accuracy of this news release.
Contact:
Contacts:
Abacus Mining and Exploration Corp.
Tim Mikula
Investor Relations
1-866-834-0301 or (604) 682-0301
(604) 682-0307 (FAX)
Email: tmikula@amemining.com
Website: amemining.com
Source: Abacus Mining and Exploration Corp. |
