VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 14, 2015) - Abacus Mining & Exploration Corporation ("Abacus" or the "Company") (TSX VENTURE:AME) is pleased to announce that the Environmental Assessment Application/Environmental Impact Statement (the "EA Application") for the Ajax Copper-Gold Project located near Kamloops, B.C. has been submitted by KGHM Ajax Mining Inc. (KGHM Ajax) to the British Columbia Environmental Assessment Office and the Canadian Environmental Assessment Agency. The Ajax project is 100% owned by KGHM Ajax, a joint venture company between Abacus (20%) and KGHM Polska Miedz SA (80%).
The EA Application is now subject to a screening period for review of the completeness of the document, which is expected to take 30 days. Following the completeness review and addressing comments received from the agencies, the EA Application will enter into a technical review by the regulators, at which time it will be made available to the public. The review process is expected to take approximately one year. Mine permit applications will be submitted subsequent to the EA Application being submitted for the technical review.
In addition, KGHM Ajax has agreed to fund an independent third-party review of the EA Application being pursued by the City of Kamloops. Following a request for funding from the City, KGHM Ajax has paid the cost of the $300,000 review. The City will manage the process independent of KGHM Ajax and has secured the services of SLR Consulting, a leading global environmental consultancy. SLR has an office in Kamloops and in over 70 offices across North America, Europe, APAC and Africa, delivering expert environmental and sustainability advice to the mining and minerals and extractive sectors.
The KGHM Ajax group is confident in the environmental assessment process and believes there is value in the City's pursuit of an independent third-party assessment of the Ajax EA Application and Abacus shares this view. Such reviews have the potential to bring Kamloops residents clarity and comfort about the facts and science behind the project. Further, it is becoming increasingly recognized as best practice in the industry for proponents to provide communities with capacity funding as part of the environmental assessment process. Abacus is pleased to see KGHM Ajax at the forefront of this effort in B.C. and Canada.
Other ongoing work at the Ajax project involves the completion by year end of the majority of basic engineering, with continuing progress in the areas of various permitting activities and stakeholder engagement. A decision towards mine construction will be taken after the review process is completed and all required permits are secured. Further information on the Ajax project and the 2015 work program is available on the Company's website at www.amemining.com.
On Behalf of the Board,
ABACUS MINING & EXPLORATION CORPORATION
Michael McInnis, Chairman, President & CEO
About Abacus
Abacus is a mineral exploration and mine development company with a 20% interest in the feasibility stage Ajax project located at the historic Ajax-Afton site southwest of Kamloops, B.C. The Ajax project is a proposed copper-gold open-pit mine currently in the submission stage of a provincial and federal environmental assessment process. Through KGHM Ajax Mining Inc., a joint venture company between Abacus and KGHM Polska Miedz S.A. (KGHM), the mine is being funded in large part by KGHM and operated by its wholly-owned subsidiary, KGHM International Ltd. For the latest reports and information on the Ajax project, please refer to the Company's website at www.amemining.com.
Forward-Looking Information
This release includes certain statements that are deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that Abacus 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 changes to commodity prices, mine and metallurgical recovery, operating and capital costs, foreign exchange rates, ability to obtain required permits on a timely basis, exploitation and exploration successes, 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.