Abacus Mining and Exploration Corp.: Compensation Reductions and Stock Option Grants

Abacus Mining and Exploration Corp.: Compensation Reductions and Stock Option 
Grants 
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 10/09/13 -- The board
of directors of Abacus Mining & Exploration Corporation (TSX
VENTURE:AME) ("Abacus") has granted 2,700,000 stock options to
employees, directors and officers of Abacus. In considering the stock
option grants, the board of directors took into account the 50%
reductions in individual director fees (effective July 1, 2013) and
officers salaries (effective October 1, 2013) that have been made
voluntarily by the directors and the executive officers to help
preserve the cash resources of Abacus. Also considered was the recent
expiry of stock options to long serving directors and the
cancellation of stock options of former Abacus employees. In total
the new stock option grants, combined with the recent cancellations
and expiries, have resulted in a modest decrease in the number of
stock options outstanding from the most recent quarter ended June 30,
2013. 
The incentive stock option grants are made pursuant to the terms of
the Company's shareholder approved stock option plan. The stock
options have a five year term with an exercise price of $0.12 and
vest fully over 18 months from the date of granting (October 8,
2013). 
The stock option grants are subject to regulatory approval. 
On Behalf of the Board, 
ABACUS MINING AND EXPLORATION CORPORATION 
About Abacus 
Abacus is a mineral exploration and mine development company with a
20% interest in the feasibility stage Ajax copper-gold project
located near Kamloops, B.C. The Ajax Project is a joint venture
between Abacus Mining & Exploration Corporation and KGHM Polska Miedz
S.A. through KGHM-Ajax. The Ajax project feasibility study supports
production of a total of 2.5 billion lbs of copper and 2.28 million
ozs of gold in concentrate, or an average of approximately 109
million lbs of copper and 99,000 ozs of gold annually, over a 23 year
mine life. Total proven and probable mineral reserves are estimated
at 3 billion lbs Cu and 2.7 million ozs Au at 0.27% Cu and 0.17 g/t
Au based on $2.50 Cu and $1,085 Au. The proposed mine plan envisages
a conventional open pit operation processing 60,000 tonnes per day or
21.9 million tonnes per year of ore. (see Report titled "Ajax
Copper/Gold Project -- Kamloops, British Columbia Feasibility Study
Technical Report" by Wardrop (a Tetra Tech Company) dated January 6,
2012 ("FS")).  
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.
Contacts:
Abacus Mining and Exploration Corp.
James D. Excell
President & CEO
(604) 682-0301
jexcell@amemining.com 
Abacus Mining and Exploration Corp.
Ian MacNeily
Executive Vice President & CFO
(647) 345-0826
imacneily@amemining.com
www.amemining.com
 
 
Press spacebar to pause and continue. Press esc to stop.