October 6, 2008
Abacus Expands the Development Team for the Afton-Ajax Project
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 6, 2008) - Abacus Mining & Exploration Corporation ("Abacus") (TSX VENTURE:AME) is pleased to announce the appointment of Mr. James Whittaker as Project Manager for the development of the Afton - Ajax mine near Kamloops, B.C. Mr. Whittaker will report to Andrew F. Pooler, Executive Vice President and Chief Operating Officer.
Mr. Whittaker has more than 18 years of mining experience in both North and South America including 14 years with Placer Dome where he held Plant Operations and Maintenance Superintendent positions at the Minera Zaldivar Mine located near Antofagasta, Chile. For the last four years, James has been working as an international management consultant for CRU Strategies located in Santiago de Chile, consulting in the areas of asset productivity, risk in mining plans, and audit of corporate investment projects.
Abacus plans to develop the Ajax deposit into an open pit mine processing 60,000 tonnes of ore per day producing in excess of 50,000 tonnes of copper and 100,000 ounces of gold per year. An updated 43-101 compliant resource is now expected to be released in the fourth quarter of 2008 followed by a preliminary economic assessment.
"It gives me great pleasure to welcome James to the Abacus team. His vast operating and design experience with large-scale processing plants will contribute immensely in the development of the Afton - Ajax Project. Our senior management team continues to strengthen which will allow us to aggressively move the Afton - Ajax project forward," said Doug Fulcher, President and CEO.
Mr. Whittaker holds a Bachelor of Engineering degree in extractive metallurgy from the Dalhousie University / TUNS of Halifax, Canada.
Abacus is a mineral exploration and development company that holds a 100% interest in five significant mineral properties in the prolific Afton - Ajax Camp near Kamloops, British Columbia.
On Behalf of the Board
ABACUS MINING & EXPLORATION CORP.
Doug Fulcher, President and Chief Executive Officer
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that Abacus Mining and Exploration Corp. (the "Company") 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. Forward looking statements in this release include statements regarding the Company's rights and benefits under the letters of intent with New Gold and Teck Cominco; the Company's future exploration and development plans; and the timing and nature of any future resource estimates, economic analyses or feasibility studies. 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 market prices, 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. 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. These statements are based on a number of assumptions, including, among others, assumptions regarding general business and economic conditions, the ability of the Company and other relevant parties to satisfy stock exchange and other regulatory requirements in timely manner, the availability of financing for the Company's proposed transactions and exploration and development programs on reasonable terms and the ability of third-party service providers to deliver services in a timely manner.
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