Abacus and KGHM Ajax appoint new Chief Financial Officer
Vancouver, British Columbia - January 13, 2011. Abacus Mining &
Exploration Corporation (TSXV: AME "Abacus") is pleased to
announce the appointment of Ian M. MacNeily,
C.A. as Executive Vice President and Chief Financial Officer effective
February 1, 2011.
Mr. MacNeily brings more than 15 years of
executive financial management and leadership experience in the mining
sector. As a senior executive for a number of global mining and
development companies, he has considerable experience in strategic
planning, acquisitions, financial controls and
reporting, capital restructuring and funding, metal trading, and implementing
successful finance programs that have resulted in improved financial
position and increased shareholder value. Prior to entering the resource
sector, his experience includes seven years with Burns Fry (now BMO
Nesbitt Burns) in both Toronto and London, U.K., managing treasury and
operational activities of the firm. Mr. MacNeily
is a Chartered Accountant.
Mr. MacNeily takes over from Mr. Paddy Nicol, who has been with Abacus since 1995 serving as
a director from 1999 to 2009 and as its CFO since 2003. Mr. Nicol is leaving to take on a leadership role in a
new venture. Jim Excell, President & CEO of
Abacus, recognizes with appreciation his significant contribution to the
Company: "Paddy has been a tremendous asset to the Company. On
behalf of the Board of Directors, I thank him for his outstanding service
and contribution to Abacus over the years".
Mr. Excell continued, "I am also pleased
to welcome Ian to our team. His leadership and considerable relevant
experience in the mining industry will further enhance the Company's
management depth and I look forward to his significant contributions as
the Company develops the Ajax copper-gold property and accelerates growth
through acquisition of additional accretive assets."
Mr. MacNeily will be responsible for the
financial operations and management of Abacus and the KGHM Ajax joint
venture. He will be based in the Company's new downtown Toronto office
location at 55 York Street.
On Behalf of the Board,
ABACUS MINING AND EXPLORATION CORPORATION
James D. Excell
President & CEO
Donna Yoshimatsu
Director, Investor Relations
dyoshimatsu@amemining.com
For further information, please contact:
Tim Mikula, Investor Relations, tmikula@amemining.com
866-834-0301
About Abacus
Abacus Mining is an exploration and mine development company focused on
the development of the Ajax copper-gold project located 10 kms southwest of Kamloops, B.C. through the KGHM Ajax
Joint Venture with KGHM Polska Miedz SA. The project has a positive preliminary
economic assessment report (June 22, 2009) that contemplates a 60,000 tonne per day operation producing an average of
approximately 110 million pounds of copper (approx. 50,000 tonnes) and 100,000 ounces of gold in concentrate
annually. Sensitivity analyses approximating metal prices (US$3.00 per
pound copper and US$1,000 per ounce gold) in the assessment indicate a
NPV of $1.46 billion discounted 8% over a 23 year mine life, with an IRR
of 35.4%, cash costs of $0.90 per pound copper, and payback of 2.0 years.
The Ajax extension remains open along strike and at depth. Mineral
resources that are not mineral reserves do not have demonstrated economic
viability.
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. 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.
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