Abacus Signs Letter of Intent to Acquire Teck Cominco's Afton Mill and Infrastructure & Preliminary Resource Estimates Received on Rainbow and DM/Audra Zones.VANCOUVER Vancouver, city, Canada Vancouver, city (1991 pop. 471,844), SW British Columbia, Canada, on Burrard Inlet of the Strait of Georgia, opposite Vancouver Island and just N of the Wash. border. , British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography -- The Directors of Abacus Mining and Exploration Corp. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:AME See AIT. ) (the "Company") are pleased to announce that a Letter of Intent has been signed with Teck Cominco Teck-Cominco TSX | TCK.B[1], NYSE: TCK) is a Canadian mining company. It was formed from the amalgamation of Teck and Cominco in 2001. Cominco started in 1906 as The Consolidated Mining and Smelting Company of Canada, formed by the amalgamation of several Limited (TSX:TEK See TeX. .MV.A)(TSX:TEK.SV.B) ("Teck Cominco") for the purchase of Afton Af·ton A river, about 14 km (9 mi) long, in southwest Scotland. It is the "sweet Afton" of Robert Burns's 1789 poem. Operating Corporation's milling and processing facilities, tailings Tailings (also known as tailings pile, tails, leach residue, or slickens[1]) are the materials left over[2] after the process of separating the valuable fraction from the worthless fraction of an ore. storage areas, associated permits, and other infrastructure at the past-producing Afton Mine located near Kamloops Kamloops (kăm`l  ps), city (1991 pop. 67,057), S British Columbia, Canada, at the junction of the North Thompson and South Thompson rivers. , British Columbia. The Company has also agreed to purchase
Teck Cominco's back-in rights on the Company's Afton
properties.
The Directors are also pleased to announce that Mr. Gary Giroux, MASc., P. Eng P. ENG Professional Engineer P. ENG process engineer of Giroux Consultants Ltd. has completed the preliminary resource calculations on the DM/Audra zone and the Rainbow zone. Doug Fulcher, President of the Company states, "This is a very important step for the Company and gives us a significant competitive advantage in the Afton camp. Acquiring the infrastructure will significantly advance the timeline
Timeline may refer to:
2. The act of congress of March 2, 1799, s. 64, 1 Story's L. U. S. 630, directs that to ascertain the tonnage of any ship or vessel, the surveyor, &c. and grade numbers are consistent with similar copper-gold porphyry Porphyry, Greek scholar Porphyry (pôr`fĭrē), c.232–c.304, Greek scholar and Neoplatonic philosopher. He studied rhetoric under Cassius Longinus and philosophy under Plotinus. deposits in British Columbia. At a 0.20% copper cut-off cut-off Anesthesiology The point at which elongation of the carbon chain of the 1-alkanol family of anesthetics results in a precipitous drop in the anesthetic potential of these agents–eg, at > 12 carbons in length, there is little anesthetic activity, grade, we now have over 75 million tonnes of indicated resources in the DM/Audra and Rainbow zones. Coupled with an aggressive drill program this summer, we expect to advance the project to a pre-feasibility stage by the end of 2005." Teck Cominco Senior Vice President of Mining, Mike Lipkewich, states, "Teck Cominco is pleased to participate in Abacus' ongoing program in the Afton camp through this transaction." Under the Letter of Intent with Teck Cominco, the Company will acquire the mine facilities, associated permits, surface rights and related equipment, as well as the back-in rights, by issuing 18.5 million shares and $10 million cash to Teck Cominco over the next two years. Completion of the transaction is subject to definitive documentation, receipt of necessary regulatory approvals and customary conditions of closing. Upon completion of closing, Teck Cominco will become a significant shareholder of the Company. The following DM/Audra and Rainbow resource models are based on 35,000 metres of diamond drilling Diamond Drilling is a highly specialized industry used for mineral exploration around the world. Most commonly using wireline and core bits with diamond encrusted matrix. To drill holes to max depths of twelve thousand feet, for the recovery of core used in verifying mineral completed by the Company as well as drilling completed by previous operators. The DM/Audra and Rainbow zones remain open along strike and at depth and expanding these zones will be the major focus of the next phase of drilling, which is expected to begin in the next few weeks. Mr. Giroux is the Qualified Person for the preliminary resource estimate as defined under NI 43-101. His report will be filed on SEDAR SEDAR System for Electronic Document Analysis and Retrieval SEDAR Southeast Data, Assessment, and Review within thirty days from the date of this release.
RAINBOW RESOURCE MODEL
Indicated Resource
---------------------------------------------------------------------
Tonnes Million Million
greater pounds ounces
Cut off than Copper Gold of of
(% copper) cutoff (%) (g/t) copper gold
---------------------------------------------------------------------
0.10 100,600,000 0.237 0.066 525.721 0.2135
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0.20 47,100,000 0.345 0.084 358.301 0.1272
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0.25 31,600,000 0.405 0.094 282.196 0.0955
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0.30 21,900,000 0.464 0.106 224.063 0.0746
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0.35 14,800,000 0.532 0.119 173.613 0.0566
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Inferred Resource
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Tonnes Million Million
greater pounds ounces
Cut off than Copper Gold of of
(% copper) cutoff (%) (g/t) copper gold
---------------------------------------------------------------------
0.10 10,600,000 0.176 0.051 41.136 0.0174
---------------------------------------------------------------------
0.20 3,000,000 0.245 0.064 16.207 0.0062
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0.25 1,100,000 0.288 0.071 6.985 0.0025
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0.30 300,000 0.335 0.096 2.216 0.0009
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0.35 100,000 0.374 0.104 0.825 0.0003
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DM/AUDRA RESOURCE MODEL
Drill Indicated Resource
---------------------------------------------------------------------
Tonnes Million Million
greater pounds ounces
Cut off than Copper Gold of of
(% copper) cutoff (%) (g/t) copper gold
---------------------------------------------------------------------
0.10 59,900,000 0.217 0.116 286.613 0.2234
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0.20 28,500,000 0.295 0.153 185.385 0.1402
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0.25 16,200,000 0.350 0.188 125.024 0.0979
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0.30 10,100,000 0.396 0.219 88.191 0.0711
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0.35 6,300,000 0.437 0.246 60.706 0.0498
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Inferred Resource
---------------------------------------------------------------------
Tonnes Million Million
greater pounds ounces
Cut off than Copper Gold of of
(% copper) cutoff (%) (g/t) copper gold
---------------------------------------------------------------------
0.10 48,900,000 0.186 0.081 200.554 0.1273
---------------------------------------------------------------------
0.20 15,800,000 0.281 0.124 97.898 0.0630
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0.25 9,400,000 0.322 0.153 66.741 0.0462
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0.30 5,400,000 0.359 0.174 42.746 0.0302
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0.35 2,789,000 0.393 0.180 24.168 0.0161
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On Behalf of the Board, ABACUS MINING AND EXPLORATION CORPORATION Paddy Nicol, MBA MBA abbr. Master of Business Administration Noun 1. MBA - a master's degree in business Master in Business, Master in Business Administration , Director The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. has not reviewed and does not accept the responsibility for the adequacy or accuracy of this news release. Abacus Mining and Exploration Corp. (TSX VENTURE:AME) |
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