abacus mining & exploration (ABCFF) Key Developments
Abacus Mining & Exploration Corporation Provides Overview of 2015 Program at Ajax Copper-Gold Project in Kamloops, BC
Mar 24 15
Abacus Mining & Exploration Corporation provided an overview of the 2015 work program as approved by the board of KGHM Ajax Mining Inc. on the feasibility stage Ajax copper-gold project located near Kamloops, BC. The Ajax project is 100% owned by KGHM Ajax Mining Inc. The significant 2015 work program purposes to complete by the end of the year the majority of technical studies necessary to make a production decision, while continuing the success of the 2014 program in the areas of various permitting activities and stakeholder engagement. The major technical effort during 2015 will include the commencement and completion of basic engineering, completion of various optimization trade-off studies and continued drilling to confirm and improve the block model, obtain samples for additional metallurgical test work along with ongoing condemnation and geotechnical drilling. Capital cost estimates and a revised economic model will be completed by year end. Abacus has elected to contribute its proportionate share of the estimated 2015 capital expenditure of CAD 58.4 million the majority of which, pursuant to the Joint Venture Agreement between the parties, will be provided by KGHM on behalf of Abacus as a loan that will be recovered from Abacus' share of revenue once production commences from Ajax. Accordingly, commencing with the April cash call, KGHM Group has been requested to provide Abacus' portion of the project expenditures for the remainder of the year. The Ajax Project is a proposed open-pit mine with an estimated approximate 23-year mine life expected to yield approximately 109 million pounds of copper and 99,000 ounces of gold annually. 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 CAD 2.50 Cu and CAD 1,085 Au.
Abacus Mining & Exploration Corporation Provides Review of 2014 Program of Ajax Copper gold Project in B.C
Feb 12 15
Abacus Mining & Exploration Corporation provided a review of the 2014 program completed on the feasibility stage Ajax copper-gold project located near Kamloops, B.C. The Ajax project is 100% owned by KGHM Ajax Mining Inc. (KGHM-Ajax), a joint venture between Abacus (20% ownership), and KGHM Polska Miedz SA (KGHM) (80% ownership). Significant work program was completed in 2014 by the operator of the Ajax project, KGHM International, a wholly-owned subsidiary of KGHM, consisting of various permitting activities, engineering work, metallurgical test work, optimization studies, exploration and condemnation drilling. These achievements are expected to have a positive impact on the advancement of the project towards a production decision. Total expenditures for the 2014 program were estimated at $59.3 million, contributed by both Abacus and KGHM in proportion to their ownership interest in the project. Details of the planned 2015 program and budget will be released shortly. A major technical effort during 2014 was the initiation of a feasibility gap analysis to update the 2012 Feasibility Study and to maximize the project's economic return. The work to date indicates a robust project with positive financial implications. Several high value trade-off studies are underway which are expected to further enhance the economics of the project. The results from these trade-off studies will be incorporated into the feasibility study update and reported by the end of 2015. In response to and in consultation with the neighbouring communities over concerns, a redesigned and improved site plan was presented wherein several of the proposed mine's industrial facilities have been moved farther from the City of Kamloops neighbourhoods. The concentrated mine footprint is expected to considerably decrease on-site truck traffic, emissions and dust, and should be positively reflected in the Environmental Assessment (EA) Application/EIS expected to be filed in the second quarter of 2015. The Ajax Project is a proposed open-pit mine with an estimated approximate 23-year mine life expected to yield approximately 109 million pounds of copper and 99,000 ounces of gold annually. 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. During the year over 55 kilometers of drilling was completed. The objective of the exploration drilling program was to identify mineral resources in the vicinity of the Ajax mining complex for future resource definition, as well as to test several highly-prospective regional targets outside the Ajax area, which resources could add significant value to the project. Drilling within the proposed pit returned encouraging results which will be incorporated into a new block model in 2015. Drill testing of several satellite deposits was also carried out and results are pending. The EA Application/EIS is scheduled to be submitted in the second quarter of 2015, and will be followed by a 30-45 day assessment period to determine whether the application will be received for formal review. This review process is expected to take approximately one year in parallel with which the MEMA permit application will be submitted. This schedule will enable mine construction to begin in 2016 with production commencing towards the end of 2018. A number of potential delays associated with material changes or additions to the AIR/EIS guidelines may prolong this schedule. 2014 proved to be an important year for the Ajax project Community Affairs group with many critical milestones reached. The project team worked more than 350,000 hours across a wide variety of programs and hosted several public events during the year including tours of the Ajax site, sharing the vision for the Ajax project with various stakeholders in and around the community. No lost-time injuries or reportable environmental incidents occurred on site throughout the year, a remarkable achievement. The Ajax project continues to fulfill a responsible role in the community partnering and supporting over 150 individuals and organizations during the year, and was a strong contender for a top Business Award though the Chamber of Commerce. The project lies within the asserted traditional territories of the Skeetchestn Indian Band and the T'Kemlups Indian Band. To ensure that First Nations share in the benefits the project will provide and as part of the EA process, the two bands are actively being consulted at the technical and Chief to Chief levels with respect to their interests in the Ajax project.
Abacus Mining & Exploration Corporation, Special/Extraordinary Shareholders Meeting, Oct 09, 2014
Aug 27 14
Abacus Mining & Exploration Corporation, Special/Extraordinary Shareholders Meeting, Oct 09, 2014.
Abacus Mining & Exploration Corporation, Annual General Meeting, Jul 03, 2014
Apr 28 14
Abacus Mining & Exploration Corporation, Annual General Meeting, Jul 03, 2014., at 11:00 Pacific Standard Time. Location: Room 2801 - 2800 Park Place. Agenda: To receive and consider the financial statements of the company for the financial year ended December 31, 2013, together with the report of the auditors thereon; to set the number of directors of the company at four; to elect directors of the company for the ensuing year; to appoint auditors of the company for the ensuing year and authorize the directors to fix their remuneration; and to transact such further or other business as may properly come before the meeting or any adjournment or adjournments thereof.
Abacus Mining & Exploration Corporation Auditor Raises 'Going Concern' Doubt
Apr 17 14
Abacus Mining & Exploration Corporation filed its Annual on Apr 17, 2014 for the period ending Dec 31, 2013. In this report its auditor, Smythe Ratcliffe, gave an unqualified opinion expressing doubt that the company can continue as a going concern.