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COPPER-GOLD EXPLORATION - Ajax drilling returns solid results
www.canadianminingjournal.com | Apr 30, 2008
Current and archived articles from Canadian Mining Journal, reader and advertiser services, a chatroom, reader research contest, Buyers' Guide, and a detailed equipment guide.
http://www.canadianminingjournal.com/issues/ISArticle.asp?id=83713&issue=04302008&ref=rss
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Teck Cominco: Mining Company News Release
Vancouver, B.C. -- Teck Cominco Limited (“Teck Cominco”) today announced the private acquisition on December 14th, 2005 of 8,500,000 common shares (the “Shares”) of Abacus Mining & Exploration Corporation (“Abacus”), representing approximately 18.
http://www.teckcominco.com/Default.aspx?PAGE=Media+Pages%2fMedia+Detail&releaseNumber=05-30-TC
northernminer.com - Mining Company Data - 7/13/2008
(AME-TSXV) 615-800 Pender St W Vancouver, BC V6C 2V6 Tel: 604 682-0301 Fax: 604 682-0307.
http://www.northernminer.com/esource/profile.asp?oid=1859963337
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Abacus Mining and Exploration Corp.: Ajax Joint Venture Area Drilling Continues to Expands the
VANCOUVER, BRITISH COLUMBIA, Jun 23, 2008 (Marketwire via COMTEX) --
Abacus Mining & Exploration Corp. ("Abacus" or "the Company") (TSX VENTURE:AME) is pleased to announce the release of assay results from 29 more drill holes on the Ajax joint venture area with New Gold Inc.; in which Abacus may earn a 60% interest. All 29 holes reported here were drilled on the property in 2008 from Sections 1750E to 2000E inclusive, covering a strike length of 250 metres east of the Ajax West pit. The focus of this joint venture drill program has been to test for continuity of copper, gold mineralization between the Ajax West and East pits. This could allow for the expansion of the East and West pits into one large scale open pit mining operation. The information from this drilling will be incorporated into the combined Ajax resource estimation which is currently in progress.
Seventy-three holes totaling 30,625 metres (100,476 feet) were collared on the joint venture property from November 2007 until April, 2008. Eighteen holes drilled in late 2007 were reported previously and twenty-six holes remain to be released that cover the area further east from sections 2050E to 2250E.
A drill plan map showing the location of these holes will be posted on the Company's website at www.amemining.com as soon as possible.
Drill Highlights
- Hole AN-08-021 intersected 92 metres (301.8 feet) grading 0.39% copper and 0.19 g/t gold, and a 43 metre (141.1 feet) intercept averaging 0.58% copper and 0.21 g/t gold.
- Hole AN-08-024 intersected 124 metres (406.8 feet) grading 0.42% copper and 0.26 g/t gold.
- Hole AN-08-026 intersected 246 metres (807.1 feet) grading 0.32% copper and 0.21 g/t gold, including a 106 metre (347.8 feet) intercept averaging 0.44% copper and 0.34 g/t gold.
- Hole AN-08-043 intersected 146 metres (479 feet) grading 0.43% copper and 0.18 g/t gold, including a 29.66 metre (97.3 feet) intercept averaging 1.00% copper and 0.26 g/t gold.
- Hole AN-08-048 intersected 183.3 metres (601.4 feet) grading 0.39% copper and 0.27 g/t gold (uncut copper and gold), or 0.36% copper and 0.25 g/t gold (cut copper and gold); including an 83 metre (272.3 feet) intercept averaging 0.64% copper and 0.48 g/t gold (uncut copper and gold); or 0.58% copper and 0.44 g/t gold (cut copper and gold). High copper and gold values cut to 5% and 5 g/t respectively.
- Hole AN-08-055 intersected 31 metres (101.7 feet) grading 0.84% copper and 0.40 g/t gold.
- Hole AN-08-058 intersected 184 metres (603.7 feet) grading 0.38% copper and 0.15 g/t gold.
- Hole AN-08-065 intersected 65 metres (213.3 feet) grading 0.44% copper and 0.17 g/t gold.
- Hole AN-08-067 intersected 92 metres (301.8 feet) grading 0.40% copper and 0.15 g/t gold, including a 50 metre (164 feet) intercept averaging 0.53% copper and 0.23 g/t gold.
- Hole AN-08-072 intersected 319.52 metres (1048.3 feet) grading 0.26% copper and 0.16 g/t gold, including a 108 metre (354.3 feet) intercept averaging 0.34% copper and 0.20 g/t gold.
The following table lists the most significant drill intercepts from holes drilled in the joint venture area mentioned in this release. Intercept lengths are core lengths, which do not necessarily reflect true width.
---------------------------------------------------------------------------
ABACUS/NEW GOLD JOINT VENTURE - AJAX 2008 DRILL RESULTS
---------------------------------------------------------------------------
Ajax West Grid
---------------------------------------------------------------------------
Dip Az. From To Length Length Au
Section Hole No. Deg Deg (m) (m) (metres) (feet) Cu % g/t
---------------------------------------------------------------------------
1750E AN-08-022 -45.7 26.8 Scattered individual values greater than 0.20%
copper
---------------------------------------------------------------------------
---------------------------------------------------------------------------
1750E AN-08-026 -68.5 26 31 56 25 82 0.32 0.31
---------------------------------------------------------------------------
251 497 246 807.1 0.32 0.21
---------------------------------------------------------------------------
Incl 318 497 179 587.3 0.36 0.25
---------------------------------------------------------------------------
And 333 439 106 347.8 0.44 0.34
---------------------------------------------------------------------------
And 333 359.87 26.87 88.2 0.63 0.77
---------------------------------------------------------------------------
---------------------------------------------------------------------------
1750E AN-08-029 -89 26 37.49 84 46.51 152.6 0.26 0.14
---------------------------------------------------------------------------
221.48 291 69.52 228.1 0.45 0.23
---------------------------------------------------------------------------
Incl 224 265.45 41.45 136 0.59 0.32
---------------------------------------------------------------------------
---------------------------------------------------------------------------
1750E AN-08-042 -44.6 207.5 30.7 52 21.3 69.9 0.30 0.19
---------------------------------------------------------------------------
199 211 12 39.4 0.40 0.13
---------------------------------------------------------------------------
251 264.13 13.13 43.1 0.91 0.32
---------------------------------------------------------------------------
---------------------------------------------------------------------------
1750E An-08-037 -65.5 212.1 230 288.55 58.55 192.1 0.54 0.25
---------------------------------------------------------------------------
Incl 230 256 26 85.3 0.60 0.29
---------------------------------------------------------------------------
And 271 288.55 17.55 57.6 0.81 0.38
---------------------------------------------------------------------------
413 436 23 75.5 0.37 0.12
---------------------------------------------------------------------------
---------------------------------------------------------------------------
1800E AN-08-021 -70.5 204.2 54 190 136 446.2 0.32 0.18
---------------------------------------------------------------------------
Incl 98 190 92 301.8 0.39 0.19
---------------------------------------------------------------------------
And 118 145 27 88.6 0.65 0.34
---------------------------------------------------------------------------
241 284 43 141.1 0.58 0.21
---------------------------------------------------------------------------
Incl 241 262 21 69 0.99 0.35
---------------------------------------------------------------------------
---------------------------------------------------------------------------
1850E AN-08-024 -46 24.1 353 501 148 485.6 0.39 0.24
---------------------------------------------------------------------------
Incl 353 477 124 406.8 0.42 0.26
---------------------------------------------------------------------------
And 465 477 12 39.4 1.55 0.87
---------------------------------------------------------------------------
---------------------------------------------------------------------------
1850E AN-08-031 -65.2 25 102.72 209 106.28 348.7 0.26 0.14
---------------------------------------------------------------------------
Incl 114 131.25 17.25 56.6 0.50 0.31
---------------------------------------------------------------------------
336 447 111 364.2 0.28 0.10
---------------------------------------------------------------------------
Incl 348 378 30 98.4 0.49 0.16
---------------------------------------------------------------------------
---------------------------------------------------------------------------
1850E AN-08-036 -88.7 25 195.07 254 58.93 193.3 0.27 0.11
---------------------------------------------------------------------------
Incl 224 254 30 98.4 0.32 0.11
---------------------------------------------------------------------------
401 430 29 95.1 0.29 0.10
---------------------------------------------------------------------------
---------------------------------------------------------------------------
1850E AN-08-039 -43.9 208.1 74 125 51 167.3 0.38 0.22
---------------------------------------------------------------------------
Incl 74 119 45 147.6 0.41 0.24
---------------------------------------------------------------------------
196 207.5 11.5 37.7 0.77 0.29
---------------------------------------------------------------------------
---------------------------------------------------------------------------
1850E AN-08-043 -64.9 209.5 74 220 146 479 0.43 0.18
---------------------------------------------------------------------------
Incl 74 94 20 65.6 0.67 0.39
---------------------------------------------------------------------------
And 176 205.66 29.66 97.3 1.00 0.26
---------------------------------------------------------------------------
274 294 20 65.6 0.30 0.10
---------------------------------------------------------------------------
---------------------------------------------------------------------------
1900E AN-08-046 -43.2 26.5 255 424 169 554.5 0.26 0.18
---------------------------------------------------------------------------
Incl 270 285 15 49.2 0.49 0.47
---------------------------------------------------------------------------
And 379 415 36 118.1 0.41 0.25
---------------------------------------------------------------------------
---------------------------------------------------------------------------
1900E AN-08-048 -44.5 26 72 176.35 104.35 324.4 0.23 0.17
---------------------------------------------------------------------------
323 506.3 183.3 601.4 0.39 0.27
---------------------------------------------------------------------------
Or 323 506.3 183.3 601.4 0.36 0.25
Cu cut Au cut
---------------------------------------------------------------------------
Incl 323 406 83 272.3 0.64 0.48
Cu Au
uncut uncut
---------------------------------------------------------------------------
Or 323 406 83 272.3 0.58 0.44
Cu cut Au cut
to 5% to 5g/t
---------------------------------------------------------------------------
Incl 365.57 385 19.43 63.7 1.32 0.91
---------------------------------------------------------------------------
---------------------------------------------------------------------------
1900E AN-08-054 -65.3 24.7 90 127 37 121.4 0.36 0.21
---------------------------------------------------------------------------
417 448.1 31.1 102 0.31 0.12
---------------------------------------------------------------------------
---------------------------------------------------------------------------
1900E AN-08-061 -88.1 24.7 169.55 213 43.45 142.6 0.43 0.18
---------------------------------------------------------------------------
---------------------------------------------------------------------------
1900E AN-08-067 -46.9 207.7 56 98 42 137.8 0.36 0.17
---------------------------------------------------------------------------
200 292 92 301.8 0.40 0.15
---------------------------------------------------------------------------
Incl 242 292 50 164 0.53 0.23
---------------------------------------------------------------------------
---------------------------------------------------------------------------
1900E AN-08-069 -65.3 209 33 48.45 15.45 50.7 0.62 0.28
---------------------------------------------------------------------------
175 205 30 98.4 0.32 0.12
---------------------------------------------------------------------------
271 319 48 157.5 0.39 0.10
---------------------------------------------------------------------------
Incl 304 319 15 49.2 0.72 0.18
---------------------------------------------------------------------------
---------------------------------------------------------------------------
1950E AN-08-051 -44.8 26 101.38 121 19.62 64.4 0.34 0.17
---------------------------------------------------------------------------
415 445 30 98.4 0.22 0.13
---------------------------------------------------------------------------
502 526 24 78.7 0.27 0.18
---------------------------------------------------------------------------
---------------------------------------------------------------------------
1950E AN-08-053 -45.4 25.7 288 425.2 137.2 450.1 0.26 0.20
---------------------------------------------------------------------------
Incl 336 361 25 82 0.34 0.29
---------------------------------------------------------------------------
---------------------------------------------------------------------------
1950E AN-08-056 -64.5 28 38 80 42 137.8 0.42 0.19
---------------------------------------------------------------------------
Incl 38 59 21 68.9 0.55 0.23
---------------------------------------------------------------------------
245 344 99 324.8 0.25 0.12
---------------------------------------------------------------------------
---------------------------------------------------------------------------
1950E AN-08-058 -89.2 28 68 252 184 603.7 0.38 0.15
---------------------------------------------------------------------------
Incl 230 243 13 42.7 1.25 0.45
---------------------------------------------------------------------------
---------------------------------------------------------------------------
1950E AN-08-060 -45.6 208.3 Scattered narrow zones and individual values
greater than 0.20% copper
---------------------------------------------------------------------------
---------------------------------------------------------------------------
1950E AN-08-062 -65 208.3 189 207 18 59.1 0.42 0.13
---------------------------------------------------------------------------
286 304 18 59.1 0.36 0.06
---------------------------------------------------------------------------
---------------------------------------------------------------------------
2000E AN-08-055 -46.2 27.5 375 406 31 101.7 0.84 0.40
---------------------------------------------------------------------------
---------------------------------------------------------------------------
2000E AN-08-057 -65.7 25 117 161 44 144.4 0.49 0.18
---------------------------------------------------------------------------
Incl 117 146.52 29.52 96.8 0.62 0.23
---------------------------------------------------------------------------
---------------------------------------------------------------------------
2000E AN-08-063 -88.9 25 42 60 18 59.1 0.60 0.33
---------------------------------------------------------------------------
113 195 82 269 0.27 0.09
---------------------------------------------------------------------------
Incl 177 192 15 49.2 0.61 0.19
---------------------------------------------------------------------------
---------------------------------------------------------------------------
2000E AN-08-065 -45.5 207.5 21 86 65 213.3 0.44 0.17
---------------------------------------------------------------------------
131.62 184 52.38 171.8 0.35 0.11
---------------------------------------------------------------------------
---------------------------------------------------------------------------
2000E AN-08-068 -64.3 207.8 66 178 112 367.4 0.24 0.09
---------------------------------------------------------------------------
Incl 70 94 24 78.7 0.37 0.18
---------------------------------------------------------------------------
---------------------------------------------------------------------------
2000E AN-08-072 -43.3 28.5 88 407.52 319.52 1048.3 0.26 0.16
---------------------------------------------------------------------------
Incl 88 196 108 354.3 0.34 0.20
---------------------------------------------------------------------------
And 361 407.52 46.52 152.6 0.45 0.22
---------------------------------------------------------------------------
Discussion of Results
These drill holes were all drilled in early 2008 and provide coverage from 1750E to 2000E inclusive; or for 250 metres due east of the Ajax West pit. Due to the intense and detailed nature of the drill program, drill fans of 3 to 5 holes were often drilled from one set-up. Section spacing for the drill coverage was 50 metres and all holes reported here were oriented along the Ajax West grid (028 degrees and 208 degrees):
The results continue to provide support for Abacus' proposed exploration model of locating sufficient continuity of copper-gold mineralization to potentially support a large scale open pit mining operation. It is encouraging to note that 25 of the holes reported here had one or more significant mineralized intercepts greater than 30 metres (about 100 feet) in length; including 11 holes with one or more significant intercepts ranging in length from 100 metres (328.1 feet) to 319.52 metres (1048.3 feet).
The remaining 26 holes will be released shortly.
About the Afton 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 down-dip and strike extensions. The Company has completed over 500,000 feet (152,402 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 calculated at 0.20% copper cut-off). Resource estimations for the entire Ajax area (Ajax East, Ajax West, and the joint venture ground in between) are currently in progress.
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 from 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 in 2005 from Teck-Cominco. With the completion of the high priority drilling in the joint venture ground, the project is now down to two drill rigs turning on the property. These two drills will continue to carry out definition drilling throughout the Ajax area in order to maximize the assignment of resources into measured and indicated categories.
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.
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.
SOURCE: Abacus Mining and Exploration Corp.
Abacus Mining & Exploration Corporation Tim Mikula Investor Relations (604) 682-0301 (604) 682-0307 (FAX) Email: info@amemining.com Website: www.amemining.com
Tags: arizona business ceo copper expansion exploration gold grants hosting joint venture market mining note president prices property standards strike
Companies: Abacus Mining & Exploration Corp. (ABCFF), Abacus Mining & Exploration Corp. (AME), New Gold Inc (NGD)
Abacus Mining and Exploration Corp.: Ajax Joint Venture Area Drilling Continues to Expands the
VANCOUVER, BRITISH COLUMBIA, Jun 23, 2008 (MARKET WIRE via COMTEX) --
Abacus Mining & Exploration Corp. ("Abacus" or "the Company") (TSX VENTURE: AME) is pleased to announce the release of assay results from 29 more drill holes on the Ajax joint venture area with New Gold Inc.; in which Abacus may earn a 60% interest. All 29 holes reported here were drilled on the property in 2008 from Sections 1750E to 2000E inclusive, covering a strike length of 250 metres east of the Ajax West pit. The focus of this joint venture drill program has been to test for continuity of copper, gold mineralization between the Ajax West and East pits. This could allow for the expansion of the East and West pits into one large scale open pit mining operation. The information from this drilling will be incorporated into the combined Ajax resource estimation which is currently in progress.
Seventy-three holes totaling 30,625 metres (100,476 feet) were collared on the joint venture property from November 2007 until April, 2008. Eighteen holes drilled in late 2007 were reported previously and twenty-six holes remain to be released that cover the area further east from sections 2050E to 2250E.
A drill plan map showing the location of these holes will be posted on the Company's website at www.amemining.com as soon as possible.
Drill Highlights
- Hole AN-08-021 intersected 92 metres (301.8 feet) grading 0.39% copper and 0.19 g/t gold, and a 43 metre (141.1 feet) intercept averaging 0.58% copper and 0.21 g/t gold.
- Hole AN-08-024 intersected 124 metres (406.8 feet) grading 0.42% copper and 0.26 g/t gold.
- Hole AN-08-026 intersected 246 metres (807.1 feet) grading 0.32% copper and 0.21 g/t gold, including a 106 metre (347.8 feet) intercept averaging 0.44% copper and 0.34 g/t gold.
- Hole AN-08-043 intersected 146 metres (479 feet) grading 0.43% copper and 0.18 g/t gold, including a 29.66 metre (97.3 feet) intercept averaging 1.00% copper and 0.26 g/t gold.
- Hole AN-08-048 intersected 183.3 metres (601.4 feet) grading 0.39% copper and 0.27 g/t gold (uncut copper and gold), or 0.36% copper and 0.25 g/t gold (cut copper and gold); including an 83 metre (272.3 feet) intercept averaging 0.64% copper and 0.48 g/t gold (uncut copper and gold); or 0.58% copper and 0.44 g/t gold (cut copper and gold). High copper and gold values cut to 5% and 5 g/t respectively.
- Hole AN-08-055 intersected 31 metres (101.7 feet) grading 0.84% copper and 0.40 g/t gold.
- Hole AN-08-058 intersected 184 metres (603.7 feet) grading 0.38% copper and 0.15 g/t gold.
- Hole AN-08-065 intersected 65 metres (213.3 feet) grading 0.44% copper and 0.17 g/t gold.
- Hole AN-08-067 intersected 92 metres (301.8 feet) grading 0.40% copper and 0.15 g/t gold, including a 50 metre (164 feet) intercept averaging 0.53% copper and 0.23 g/t gold.
- Hole AN-08-072 intersected 319.52 metres (1048.3 feet) grading 0.26% copper and 0.16 g/t gold, including a 108 metre (354.3 feet) intercept averaging 0.34% copper and 0.20 g/t gold.
The following table lists the most significant drill intercepts from holes drilled in the joint venture area mentioned in this release. Intercept lengths are core lengths, which do not necessarily reflect true width.
-----------------------------------------------------------------------
----
ABACUS/NEW GOLD JOINT VENTURE - AJAX 2008 DRILL RESULTS
---------------------------------------------------------------------------
Ajax West Grid
---------------------------------------------------------------------------
Dip Az. From To Length Length Au
Section Hole No. Deg Deg (m) (m) (metres) (feet) Cu % g/t
---------------------------------------------------------------------------
1750E AN-08-022 -45.7 26.8 Scattered individual values greater than 0.20%
copper
---------------------------------------------------------------------------
---------------------------------------------------------------------------
1750E AN-08-026 -68.5 26 31 56 25 82 0.32 0.31
---------------------------------------------------------------------------
251 497 246 807.1 0.32 0.21
---------------------------------------------------------------------------
Incl 318 497 179 587.3 0.36 0.25
---------------------------------------------------------------------------
And 333 439 106 347.8 0.44 0.34
---------------------------------------------------------------------------
And 333 359.87 26.87 88.2 0.63 0.77
---------------------------------------------------------------------------
---------------------------------------------------------------------------
1750E AN-08-029 -89 26 37.49 84 46.51 152.6 0.26 0.14
---------------------------------------------------------------------------
221.48 291 69.52 228.1 0.45 0.23
---------------------------------------------------------------------------
Incl 224 265.45 41.45 136 0.59 0.32
---------------------------------------------------------------------------
---------------------------------------------------------------------------
1750E AN-08-042 -44.6 207.5 30.7 52 21.3 69.9 0.30 0.19
---------------------------------------------------------------------------
199 211 12 39.4 0.40 0.13
---------------------------------------------------------------------------
251 264.13 13.13 43.1 0.91 0.32
---------------------------------------------------------------------------
---------------------------------------------------------------------------
1750E An-08-037 -65.5 212.1 230 288.55 58.55 192.1 0.54 0.25
---------------------------------------------------------------------------
Incl 230 256 26 85.3 0.60 0.29
---------------------------------------------------------------------------
And 271 288.55 17.55 57.6 0.81 0.38
---------------------------------------------------------------------------
413 436 23 75.5 0.37 0.12
---------------------------------------------------------------------------
---------------------------------------------------------------------------
1800E AN-08-021 -70.5 204.2 54 190 136 446.2 0.32 0.18
---------------------------------------------------------------------------
Incl 98 190 92 301.8 0.39 0.19
---------------------------------------------------------------------------
And 118 145 27 88.6 0.65 0.34
---------------------------------------------------------------------------
241 284 43 141.1 0.58 0.21
---------------------------------------------------------------------------
Incl 241 262 21 69 0.99 0.35
---------------------------------------------------------------------------
---------------------------------------------------------------------------
1850E AN-08-024 -46 24.1 353 501 148 485.6 0.39 0.24
---------------------------------------------------------------------------
Incl 353 477 124 406.8 0.42 0.26
---------------------------------------------------------------------------
And 465 477 12 39.4 1.55 0.87
---------------------------------------------------------------------------
---------------------------------------------------------------------------
1850E AN-08-031 -65.2 25 102.72 209 106.28 348.7 0.26 0.14
---------------------------------------------------------------------------
Incl 114 131.25 17.25 56.6 0.50 0.31
---------------------------------------------------------------------------
336 447 111 364.2 0.28 0.10
---------------------------------------------------------------------------
Incl 348 378 30 98.4 0.49 0.16
---------------------------------------------------------------------------
---------------------------------------------------------------------------
1850E AN-08-036 -88.7 25 195.07 254 58.93 193.3 0.27 0.11
---------------------------------------------------------------------------
Incl 224 254 30 98.4 0.32 0.11
---------------------------------------------------------------------------
401 430 29 95.1 0.29 0.10
---------------------------------------------------------------------------
---------------------------------------------------------------------------
1850E AN-08-039 -43.9 208.1 74 125 51 167.3 0.38 0.22
---------------------------------------------------------------------------
Incl 74 119 45 147.6 0.41 0.24
---------------------------------------------------------------------------
196 207.5 11.5 37.7 0.77 0.29
---------------------------------------------------------------------------
---------------------------------------------------------------------------
1850E AN-08-043 -64.9 209.5 74 220 146 479 0.43 0.18
--------------------------------------------------------------------------- Incl 74 94 20 65.6 0.67 0.39
---------------------------------------------------------------------------
And 176 205.66 29.66 97.3 1.00 0.26
---------------------------------------------------------------------------
274 294 20 65.6 0.30 0.10
---------------------------------------------------------------------------
---------------------------------------------------------------------------
1900E AN-08-046 -43.2 26.5 255 424 169 554.5 0.26 0.18
---------------------------------------------------------------------------
Incl 270 285 15 49.2 0.49 0.47
---------------------------------------------------------------------------
And 379 415 36 118.1 0.41 0.25
---------------------------------------------------------------------------
---------------------------------------------------------------------------
1900E AN-08-048 -44.5 26 72 176.35 104.35 324.4 0.23 0.17
---------------------------------------------------------------------------
323 506.3 183.3 601.4 0.39 0.27
---------------------------------------------------------------------------
Or 323 506.3 183.3 601.4 0.36 0.25
Cu cut Au cut
---------------------------------------------------------------------------
Incl 323 406 83 272.3 0.64 0.48
Cu Au
uncut uncut
---------------------------------------------------------------------------
Or 323 406 83 272.3 0.58 0.44
Cu cut Au cut
to 5% to 5g/t
---------------------------------------------------------------------------
Incl 365.57 385 19.43 63.7 1.32 0.91
---------------------------------------------------------------------------
---------------------------------------------------------------------------
1900E AN-08-054 -65.3 24.7 90 127 37 121.4 0.36 0.21
---------------------------------------------------------------------------
417 448.1 31.1 102 0.31 0.12
---------------------------------------------------------------------------
---------------------------------------------------------------------------
1900E AN-08-061 -88.1 24.7 169.55 213 43.45 142.6 0.43 0.18
---------------------------------------------------------------------------
---------------------------------------------------------------------------
1900E AN-08-067 -46.9 207.7 56 98 42 137.8 0.36 0.17
---------------------------------------------------------------------------
200 292 92 301.8 0.40 0.15
---------------------------------------------------------------------------
Incl 242 292 50 164 0.53 0.23
---------------------------------------------------------------------------
---------------------------------------------------------------------------
1900E AN-08-069 -65.3 209 33 48.45 15.45 50.7 0.62 0.28
---------------------------------------------------------------------------
175 205 30 98.4 0.32 0.12
---------------------------------------------------------------------------
271 319 48 157.5 0.39 0.10
---------------------------------------------------------------------------
Incl 304 319 15 49.2 0.72 0.18
---------------------------------------------------------------------------
---------------------------------------------------------------------------
1950E AN-08-051 -44.8 26 101.38 121 19.62 64.4 0.34 0.17
---------------------------------------------------------------------------
415 445 30 98.4 0.22 0.13
---------------------------------------------------------------------------
502 526 24 78.7 0.27 0.18
---------------------------------------------------------------------------
---------------------------------------------------------------------------
1950E AN-08-053 -45.4 25.7 288 425.2 137.2 450.1 0.26 0.20
---------------------------------------------------------------------------
Incl 336 361 25 82 0.34 0.29
---------------------------------------------------------------------------
---------------------------------------------------------------------------
1950E AN-08-056 -64.5 28 38 80 42 137.8 0.42 0.19
---------------------------------------------------------------------------
Incl 38 59 21 68.9 0.55 0.23
---------------------------------------------------------------------------
245 344 99 324.8 0.25 0.12
---------------------------------------------------------------------------
---------------------------------------------------------------------------
1950E AN-08-058 -89.2 28 68 252 184 603.7 0.38 0.15
---------------------------------------------------------------------------
Incl 230 243 13 42.7 1.25 0.45
---------------------------------------------------------------------------
---------------------------------------------------------------------------
1950E AN-08-060 -45.6 208.3 Scattered narrow zones and individual values
greater than 0.20% copper
---------------------------------------------------------------------------
---------------------------------------------------------------------------
1950E AN-08-062 -65 208.3 189 207 18 59.1 0.42 0.13
---------------------------------------------------------------------------
286 304 18 59.1 0.36 0.06
---------------------------------------------------------------------------
---------------------------------------------------------------------------
2000E AN-08-055 -46.2 27.5 375 406 31 101.7 0.84 0.40
---------------------------------------------------------------------------
---------------------------------------------------------------------------
2000E AN-08-057 -65.7 25 117 161 44 144.4 0.49 0.18
---------------------------------------------------------------------------
Incl 117 146.52 29.52 96.8 0.62 0.23
---------------------------------------------------------------------------
---------------------------------------------------------------------------
2000E AN-08-063 -88.9 25 42 60 18 59.1 0.60 0.33
---------------------------------------------------------------------------
113 195 82 269 0.27 0.09
---------------------------------------------------------------------------
Incl 177 192 15 49.2 0.61 0.19
---------------------------------------------------------------------------
---------------------------------------------------------------------------
2000E AN-08-065 -45.5 207.5 21 86 65 213.3 0.44 0.17
---------------------------------------------------------------------------
131.62 184 52.38 171.8 0.35 0.11
---------------------------------------------------------------------------
---------------------------------------------------------------------------
2000E AN-08-068 -64.3 207.8 66 178 112 367.4 0.24 0.09
---------------------------------------------------------------------------
Incl 70 94 24 78.7 0.37 0.18
---------------------------------------------------------------------------
---------------------------------------------------------------------------
2000E AN-08-072 -43.3 28.5 88 407.52 319.52 1048.3 0.26 0.16
---------------------------------------------------------------------------
Incl 88 196 108 354.3 0.34 0.20
---------------------------------------------------------------------------
And 361 407.52 46.52 152.6 0.45 0.22
---------------------------------------------------------------------------
Discussion of Results
These drill holes were all drilled in early 2008 and provide coverage from 1750E to 2000E inclusive; or for 250 metres due east of the Ajax West pit. Due to the intense and detailed nature of the drill program, drill fans of 3 to 5 holes were often drilled from one set-up. Section spacing for the drill coverage was 50 metres and all holes reported here were oriented along the Ajax West grid (028 degrees and 208 degrees):
The results continue to provide support for Abacus' proposed exploration model of locating sufficient continuity of copper-gold mineralization to potentially support a large scale open pit mining operation. It is encouraging to note that 25 of the holes reported here had one or more significant mineralized intercepts greater than 30 metres (about 100 feet) in length; including 11 holes with one or more significant intercepts ranging in length from 100 metres (328.1 feet) to 319.52 metres (1048.3 feet). The remaining 26 holes will be released shortly.
About the Afton 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 down-dip and strike extensions. The Company has completed over 500,000 feet (152,402 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 calculated at 0.20% copper cut-off). Resource estimations for the entire Ajax area (Ajax East, Ajax West, and the joint venture ground in between) are currently in progress.
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 from 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 in 2005 from Teck-Cominco. With the completion of the high priority drilling in the joint venture ground, the project is now down to two drill rigs turning on the property. These two drills will continue to carry out definition drilling throughout the Ajax area in order to maximize the assignment of resources into measured and indicated categories.
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.
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.
Contacts: Abacus Mining & Exploration Corporation Tim Mikula Investor Relations (604) 682-0301 (604) 682-0307 (FAX) Email: info@amemining.com Website: www.amemining.com
SOURCE: Abacus Mining and Exploration Corp.
mailto:info@amemining.com http://www.amemining.com
Tags: arizona business ceo copper email expansion exploration gold grants hosting joint venture market mining note president prices property standards strike
Companies: Abacus Mining & Exploration Corp. (ABCFF), Abacus Mining & Exploration Corp. (AME), New Gold Inc (NGD)
Abacus Mining & Exploration Corp.: AMEC Appointed as Engineering Team for Afton/Ajax Project -
VANCOUVER, BRITISH COLUMBIA, Jun 26, 2008 (Marketwire via COMTEX) --
Abacus Mining & Exploration Corp. ("Abacus" or "the Company") (TSX VENTURE:AME) is pleased to announce it has retained the services of AMEC Americas Limited ("AMEC") 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 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.
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.
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.
SOURCE: Abacus Mining and Exploration Corp.
Abacus Mining and Exploration Corporation Tim Mikula Investor Relations 1-866-834-0301 Email: tmikula@amemining.com Website: www.amemining.com
Tags: british columbia business ceo copper engineering executive expansion exploration gold grants hosting market mining president prices property schedule standards strike track yield
Companies: Abacus Mining & Exploration Corp. (ABCFF), Abacus Mining & Exploration Corp. (AME)
Mr. Louis Montpellier Joins Abacus Board, Mr. Thomas A. McKeever Appointed Executive Chairman -
VANCOUVER, BRITISH COLUMBIA, Jul 2, 2008 (Marketwire via COMTEX) --
Abacus Mining & Exploration Corp. ("Abacus" or "the Company") (TSX VENTURE:AME) is pleased to announce the appointment of Mr. Louis G. Montpellier to the board of directors. The appointment of Mr. Montpellier is a significant step forward in adding expertise to the board of directors of Abacus as well as the restructuring of an independent board for the company. Mr. Montpellier has a distinguished career in practising law in Vancouver, British Columbia since 1981, where a majority of his time has been spent with public mining and exploration companies.
Abacus also announces the appointment of Thomas McKeever as executive chairman of the board of directors. Mr. McKeever has been a director of Abacus since March of 2007 and was appointed chairman of the board in November 2007. As executive chairman, Mr. McKeever will provide oversight for the management team to accelerate the Afton project through development.
"We are extremely pleased to have attracted an individual with Louis Montpellier's experience and qualifications," said Doug Fulcher, President and CEO. "With the appointment of Mr. Montpellier as a director and the added involvement of Mr. McKeever as executive chairman, we can now see the restructuring of an independent board as well as the expertise to the management team. This will benefit Abacus for rapid development of our copper-gold resources in the Afton mining camp."
"Abacus has an outstanding opportunity in the near term to redevelop large scale surface mining operations at Afton Ajax," said Mr. McKeever. "I am pleased to play a more active role in pursuit of that goal. We are adding management talent and Board oversight at a critical time in the Company's growth. That process will continue."
Louis Montpellier has been practising law in Vancouver, British Columbia since 1981 and since 1983 has worked exclusively in the capital markets as counsel to emerging issuers and listed public companies engaged in mineral exploration and mining.
During that period, Mr. Montpellier has assisted a wide range of businesses in the entire spectrum of corporate finance activities, from accessing seed capital for private companies through to IPO's and subsequent public and private financings. Mr. Montpellier has worked extensively in the field of mergers and acquisitions, hostile and friendly take-over bids, proxy contests, corporate reorganizations and arrangements. Mr. Montpellier also has experience in debt and project financing, acting both for lenders and borrowers, with a particular emphasis on the financing of mineral projects.
During the course of his practice, Mr. Montpellier has been requested to act as an outside director for a variety of public mineral exploration companies and has travelled throughout the developed and developing world to negotiate the purchase, sale and joint venturing of exploration projects on behalf of those companies.
His areas of practice and his business experience have allowed him to develop a broad network of global contacts in the mining, financing and legal communities, as well as long-standing relationships with stock exchange and securities regulators in various jurisdictions.
Mr. Montpellier is identified in a number of publications including the Lexpert/American Lawyer Guide to the Leading 500 Lawyers in Canada, the Lexpert Guide to the Leading 100 Industry Specialists in Canada, Who's Who Legal, the International Who's Who of Mining Lawyers, and The Best Lawyers in Canada, as one of Canada's leading mining lawyers. Mr. Montpellier also has a wide range of experience in the mineral exploration and development business.
On Behalf of the Board,
ABACUS MINING & EXPLORATION CORPORATION
Doug Fulcher, President
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.
SOURCE: Abacus Mining and Exploration Corp.
Abacus Mining & Exploration Corp. Tim Mikula (604) 682-0301 or Toll Free: 1-866-834-030 (604) 682-0307 (FAX) Email: info@amemining.com Website: www.amemining.com
Tags: british columbia business canada career ceo copper corporate debt executive exploration finance gold ipo law legal market mergers and acquisitions mining president prices securities vancouver
Companies: Abacus Mining & Exploration Corp. (ABCFF), Abacus Mining & Exploration Corp. (AME)
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- Abacus Mining and Exploration Corp.: Ajax Joint Venture Area Drilling Continues to Expands the
- Abacus Mining and Exploration Corp.: Ajax Joint Venture Area Drilling Continues to Expands the
- Abacus Mining & Exploration Corp.: AMEC Appointed as Engineering Team for Afton/Ajax Project -
- Mr. Louis Montpellier Joins Abacus Board, Mr. Thomas A. McKeever Appointed Executive Chairman -
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