Latest Press Release
Good to see continued support by Teck and a little more cash in the bank. FYI - I contacted Abacus and got them to fax me a report from Research Capital Corp...can't post it here but those interested should give them a call or check out the web page, its worth the effort.
Cheers,
Craig
Abacus Minerals: Teck Corporation Exercises 500,000 Warrants at $0.42
VANCOUVER, BRITISH COLUMBIA--Abacus Minerals Corporation (the
"Company") is pleased to announce that Teck Corporation has
exercised their 500,000 warrants at $0.42 (proceeds of $210,000).
These warrants have recently been repriced to $0.42 from the
original exercise price of $1.30. There are 3,500,000 warrants at
$0.42 of which Abacus is presently seeking to have exercised prior
to their expiry date of March 31, 1998.
The proceeds of Teck's warrant exercise will go directly towards
ongoing development of Abacus' Niblack polymetallic prospect in
southeast Alaska. Extensive drilling (significantly funded by
Teck Corporation) since 1996 has identified a resource to date of
2,780,000 tons grading 0.089 oz/t gold, 1.17 oz/t silver, 1.71
percent copper and 3.22 percent zinc. Excellent potential exists
to increase this resource immediately downdip and along strike.
In early December 1997, Abacus submitted, to the appropriate
Alaska State Agencies, permit applications for an advanced staged
underground exploration program for 1998. This program was
designed by Abacus and Teck cooperatively.
Teck Corporation now holds 3,475,000 shares of Abacus and is the
Company's single largest shareholder. On the Niblack project,
Teck has the right to back-in at pre-feasibility stage and earn a
51 percent interest in the project by placing an economic deposit
into production.
Abacus also has projects in Argentina (under option from Barrick
Gold Corp.) and Portugal (US $7,000,000 joint venture partnership
fully funded by Phelps Dodge Exploration Corporation).
ABACUS MINERALS CORPORATION
Steve L. Todoruk, P.Geo., President
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Abacus Minerals Corporation
Steve Todoruk, P.Geo.
President
(604) 682-0301 or 1-800-811-5388 (Toll Free)
(604) 682-0307 (FAX)
E-mail: info@abacusminerals.com
Website: abacusminerals.com
The Vancouver Stock Exchange has not reviewed and does not accept
the responsibility for the adequacy or accuracy of this release.
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