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Abacus Mining and Exploration Corp V.AME

Alternate Symbol(s):  ABCFF

Abacus Mining & Exploration Corporation is a Canada-based mineral exploration and mine development company focused on copper and gold in British Columbia (B.C.) and Nevada. The Company’s main asset is a 20% ownership interest, together with KGHM Polska Miedz S.A. (80%), in the proposed copper-gold Ajax Mine located southwest of Kamloops, B.C., which has undergone a joint provincial and federal environmental assessment process. The Ajax Project comprises eight Crown grants, including the Ajax East and West pits. The Company is also engaged in the process of acquiring a 100% interest in the Willow copper-gold property located near Yerington, Nevada, and it also controls the contiguous Nev-Lorraine claims subject to a ten-year lease agreement. The Willow property is located approximately 65 kilometers southeast of Reno and approximately 13-kilometer due west of Yerington, Nevada, in the Buckskin Mountain Range. Its porphyry copper deposits are Yerington, Ann Mason, Bear and MacArthur.


TSXV:AME - Post by User

Post by sesses3on Jul 05, 2011 7:36pm
335 Views
Post# 18798723

Webcast of recent presentation

Webcast of recent presentationhttps://www.wsw.com/webcast/vir7/ame.v/
I recently came across this webcast of a presentation given three months ago by Abacus' chairman Tom McKeever, which I don't think has been posted here earlier (one has to fill out a form to get access, but it'll accept any information).

It contains some information which I haven't seen earlier, such as this official schedule for the feasibility study: https://www.wsw.com/webcast/vir7/ame.v/2__Slide14.JPG - according to McKeever the expect it to be done by "october at the latest." Likewise, the official target for production is late 2014, but McKeever says he's hoping to get it done by late 2013 (he seems to be assuming permitting can be done very quickly).

He mentions that they're still looking at 60.000 tonnes per day for the initial project, but that they expect they'll be able to increase it to 80.000 or 100.000 tonnes per day later on by getting satellite deposits into production. Apparently they are/were close to starting some major exploration program on the entire property.

Construction cost is now estimated to be something like 650 million (up from 525 million), but in return op-ex will be significantly lower. He also seems very confident that the feasibility study will have better economics than the PEA.

Finally he talks a bit about doing other projects with KGHM, and the idea seems to be that future projects will follow the Ajax template -- ie. Abacus will find and develop projects, and in return KGHM will carry Abacus to 20% of the ownership (with Abacus repaying them later from production cash flow). Still, until they actually announce any new projects, this doesn't mean very much.

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