Abacus Mining and Exploration Corp V.AME

Alternate Symbol(s): ABCFF

Metals & Mining Industrial Metals & Minerals

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.

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Abacus Mining and Exploration Corp

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Post by stokpikeron Jul 07, 2010 12:02pm

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Post# 17250472

public companies

I was so disturbed when I attended the AME special meeting that Im dramatically changing my investment strategies, whether youre talking goldman sachs in new york or abacus in vancouver, its obvious the majority of companies are being run for the benefit of mgmt and special interest groups and shareholders get what they deserve cause they dont pay attention and their not properly represented by most of the institutions/brokers who invest on their behalf

some comments from Bob Moriarity

The problem is that 2,000 juniors believe they're going to do this; there have been maybe 15 or 20 deals in the last five years. Mathematically, the odds are about 100-to-1. If the business model is to develop a resource, raise money to put it into production and put it into production at a profit, that's a business model that works.

But 60% or 70% of these companies exist for the benefit of management. People with no experience whatsoever go in raise a bunch of money and have a good time with it. They have no intention or ability to actually produce anything at a profit. There is so much demand for resources, and the price for resources is so high it's created the illusion that a lot of these guys who have no sense, no cents and no experience in running companies can succeed. They only succeed in running these companies right into the ground.

the sad thing is that IMO abacus had an asset that could beat the 100 to 1 odds but a mgmt team that wasted huge amounts of cash/time to accomplish nothing for shareholders

I used to focus primarily on the quality of the asset and secondarily on the mgmt, big mistake

Im moving further up the food chain AND avoiding companies and mgmt teams with the following hurdles to creating reasonable shareholder value
- no track record and no experience
- no significant skin in the game via share holdings (not options)
- companies/mgmt that are guided by corp finance groups, consultants and other special interests who make their money through fees
- lack of well defined plans/milestones that are achieved in a timely manner

in other words I might stop investing altogether!! for now Im keeping some of my extremely undervalued juniors and will ride them out but new money will be invested with a lot more care