Abacus...........AME...........0.27............MC42
November 2, 2010
Abacus Reports on 18,000 Metre Drill Program Underway at Ajax
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 2, 2010) - Abacus Mining & Exploration Corporation ("Abacus" or the "Company") (TSX VENTURE:AME) reports on the status of its 18,000 metre, 65 hole diamond drill program currently underway at the Company's joint venture Afton-Ajax project located 10 kms southwest of Kamloops, B.C.
Since the program commenced during the summer, Abacus has completed 15 holes of exploration drilling, targeting the eastern contact of the host Sugarloaf Diorite beyond the Ajax East pit (the Ajax East Extension area). This is in follow-up to last winter's drill campaign which successfully outlined new zones of near-surface, higher grade copper-gold mineralization, while deeper drilling confirmed the existence of continuous, down-dip mineralization to depths of at least 500 metres below surface - similar to the main Ajax deposit which remains open at depth. Highlights of exploration drilling from the current program indicate that several holes intercepted significant mineralization.
About Abacus
Abacus is an exploration and mine development company with a 43-101 compliant positive preliminary economic assessment report (June 22, 2009) for its Ajax copper/gold project located 10 kms southwest of Kamloops, British Columbia. The report 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.