Abacus Mining & Exploration Corporation has announced that it has made an addition to its management team with the appointment of Mr. Paul G. Anderson, M.Sc., P.Geo.
He will take up the role of President and COO effective immediately, while Mr. Michael McInnis, P.Eng., becomes Executive Chairman of the Company, having resigned as Chairman, President and CEO.
Despite the resignation as Chairman, President and CEO, Mr. McInnis will continue to be actively involved in Abacus's core operating and strategic processes including financing and market strategies and communication.
With the appointment of Mr. Anderson, he will take a much more hands on role in managing all day-to-day operations of the company, and will actively participate in financing and marketing efforts.
These changes are a direct result of the significant advancement of its two flagship operations, with an imminent decision expected on the coordinated Provincial and Federal Environmental Assessment process for the Ajax copper-gold Project near Kamloops, B.C. as well as the active Willow porphyry copper exploration project near Yerington, Nevada.
Mr. Anderson commented, "I am pleased to be invited by Mike and the Board to take an executive role at this juncture of the Company's development, especially with a strengthening copper market and the upcoming Ajax decision. Mike and I worked closely together at Riverstone Resources, where we led a team that discovered and developed the Karma gold deposit in Burkina Faso. Karma went into production in 2016, and is currently owned by Endeavour Mining. More recently, I have been working with Mike to identify new copper opportunities for Abacus, culminating in the acquisition of the Willow project."
Michael McInnis stated "I am very pleased to welcome Paul to Abacus's management team. Paul and I have worked together successfully in the past, and I am confident that Paul's technical skill set will contribute to the future success of Abacus".
Ajax Copper gold project
located at the southern extremity of the boundaries of the City of Kamloops, the Ajax copper gold project comprises eight Crown grants including the historic Ajax East and West pits. The property is 100% owned by KGHM Ajax Mining Inc., a joint venture company owned 80% by KGHM Polska Miedz S.A. (KGHM) and 20% by Abacus Mining & Exploration Corp (Abacus).
A feasibility study, completed in January 2012, revealed that the Ajax copper gold project had:
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.*
Over an 18 year mine life, there will be an average annual production of copper and gold in concentrate of 58,000 tonnes Cu and 125,000 oz Au
The Willow Ca Cu property
The Willow Ca Cu property, located in Douglas County, Nevada, is an exploration project. The property was explored in the 1960s to early 1980s by Anaconda Mining, Bear Creek Mining and Conoco, in search of a porphyry copper deposit analogous to the nearby Yerington Mine, which produced approximately 1.6 billion pounds of copper (1952-1978).
A company called Almadex completed mapping and sampling, soil geochemistry, ground IP and a deep penetrating IP survey from 2008 to 2011 and Abacus is currently compiling and digitising past work and plans to conduct a field program starting this spring, which is designed to augment and enhance the recent work by Almadex. It will include a program of in-fill soil geochemistry and IP geophysics, a ground magnetic survey, detailed mapping and a short program of diamond drilling.