Abacus Mining and Exploration Corp V.AME

Alternate Symbol(s): ABCFF

Metals & Mining Copper

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 DetVicMackeyon Mar 06, 2012 5:20am

1053 Views

Post# 19631480

KGHM to Increase Its Interest in Afton-Ajax by Ear

06 March 2012 04:49 AM EST

Source (Polish): Stooq

•The president of KGHM Polska Miedz SA, Herbert Wirth, said at a press conference today that KGHM wants to increase its stake in the joint copper and gold Afton-Ajax project in Canada.

•"Concerning the Afton-Ajax project, I want to exercise the option to buy shares giving the right to the deposits by early April this year," said Wirth.

•KGHM signed a joint venture shareholders agreement with its Canadian partner Abacus Mining & Exploration Corporation on October 12, 2010.

•In line with the agreement, KGHM formed a joint venture company under the name KGHM Ajax Mining Incorporated to advance the Afton-Ajax copper-gold ore mining project in Canada.

•On October 12, 2010, KGHM acquired a 51% interest in KGHM Ajax Mining Inc. for USD 37 million.

•Pursuant to the agreement, KGHM has an option to increase its interest by another 29% for an amount not higher than USD 35 million.

Tags: KGHM Polska Miedz SA

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