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Abacus Announces Positive Feasibility Study Update on Ajax Cu-Au-Ag Project in B.C.
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 13, 2016) - Abacus Mining & Exploration Corporation ("Abacus" or the "Company") (TSX VENTURE:AME) is pleased to
About this update from Abacus Mining & Exploration Corp.
[{"type":"text","content":" VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 13, 2016) - Abacus Mining & Exploration Corporation (\"Abacus\" or the \"Company\") (TSX VENTURE:AME) is pleased to announce the results of an updated Feasibility Study (the \"updated FS\") for the Ajax copper-gold-silver deposit located south of the City of Kamloops, B.C. The Ajax Project is 100% owned by KGHM Ajax Mining Inc. (\"KGHM Ajax\"), a joint venture company owned by Abacus (20%) and KGHM Polska Miedz SA (KGHM) (80%). The updated FS supersedes the Feasibility Study of January 6, 2012 and incorporates an updated reserve and significantly updated engineering. The updated FS was prepared in accordance with Canadian National Instrument 43-101 by a consortium of independent consultants under the direction of M3 Engineering and Technology Corp., a recognized global provider of design and construction services. Several significant changes were introduced to the project scope and layout which yielded positive economic, processing and environmental parameters for the Ajax Project. Economic Highlights (In US$ unless otherwise indicated) Total proven and probable mineral reserves of 426 million tonnes containing 2.7 billion lbs Cu, 2.6 million oz Au, and 5.3 million oz Ag, at an average life of mine (LOM) head grade of 0.29% Cu, 0.19 g/t Au and 0.39 g/t Ag.* 18 year mine life at an average nominal processing rate of 65,000 tonnes per day (t/d) at an overall stripping ratio of 2.65:1 Average annual production of copper and gold in concentrate of 58,000 tonnes Cu and 125,000 oz Au Average mine operating costs of $1.50/t; average process operating costs of $4.31/t Initial capital expenditures of $1.307 billion Pre-tax NPV (8%) = $429.4 M Pre-tax NPV (5%) = $872.5 M Pre-Tax IRR 13.4%; payback (years) 6.5 *Based on LOM metal prices of Cu: US$3.21/lb, Au: US$1,200/oz, Ag: US$17/oz The NI 43-101 technical report entitled \"Ajax NI 43-101 Feasibility Study Update Technical Report\" prepared by the Qualified Persons mentioned in this report will be filed on Sedar (www.sedar.com) and the Company's website (www.amemining.com) within 45 days of this release. Key changes from the January 2012 Feasibility Study include: Project site relocation from the north to the south side of the mine pit Change in tailings technology to thickened tailings Change in mining plans from 60,000 t/d to 65,000...