Abacus Mining & Exploration (TSX-V: AME)(OTC: ABCFF) is a mineral exploration and mine development company with a 20% interest in the Ajax copper-gold project located at the historic Ajax-Afton site southwest of Kamloops, B.C., and an option to acquire up to a 75% interest in the Willow copper-gold property in Douglas County, Nevada, a region known for past copper-gold production.
The Ajax project is a proposed copper-gold open-pit mine currently undergoing a provincial and federal environmental assessment process. Through KGHM Ajax Mining Inc., a joint venture company between Abacus (20%) and KGHM Polska Miedz S.A. (KGHM) (80%), the Ajax Mine is being funded in large part by KGHM and operated by its wholly-owned subsidiary, KGHM International Ltd.
- Total proven and probable mineral reserves of 2.7 bil lbs Cu, 2.6 mil oz Au and 5.3 mil oz Ag at 0.29% Cu, 0.19 g/t Au and 0.39 g/t Ag.*
- 18 year mine life at avg processing rate of 65,000 tpd; overall stripping ratio of 2.65:1
- Avg annual production of Cu and Au in concentrate of 58,000t Cu and 125,000 oz Au
- 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
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