Abacus Announces $500,000 Financing
29 Outubro 2019 - 8:00AM
Abacus Mining & Exploration Corporation (“Abacus” or the
“Company”) (TSXV: AME) is pleased to announce a non-brokered
private placement for proceeds of up to $500,000 through the
issuance of 10,000,000 units ("Units") at a price of $0.05 per
Unit. Each Unit will consist of one common share of the
Company and one full non-transferable common share purchase
warrant, with each warrant exercisable to purchase one common share
of the Company at a price of $0.08 per common share for a period of
3 years from the date of closing of the financing.
Proceeds from the financing will be applied
towards the Company's exploration commitments and for general
working capital and corporate purposes. The Company has
recently acquired a lease on the Jersey Valley gold property in the
prolific Battle Mountain trend of Nevada. The Company also holds
options and leases on the Willow and adjacent Nev-Lorraine
copper-molybdenum properties in Nevada, and a carried interest in
the advanced Ajax copper-gold development project in B.C.
The Jersey Valley property is within the Battle
Mountain trend of Nevada, in close proximity to both the
Phoenix/Fortitude mine complex (approximately 14 Moz gold plus
significant Ag and Cu past production and a proposed mine life to
2063) and the Cove/McCoy Mine (3.4 Moz gold and 110 Moz Ag past
production)*. The reader is cautioned that the mineralization
hosted on nearby properties is not necessarily indicative of
mineralization hosted on the Company’s Jersey Valley gold property.
The Jersey Valley property has a well-maintained sealed road
running through it, which provides access to a 15 MW geothermal
power plant located on the border of the claim group.
The Willow and adjacent Nev-Lorraine
copper-molybdenum properties are in the Yerington copper camp,
southeast of Reno, Nevada. Drilling by the Company in 2018
intersected a key intrusive rock unit on Willow that hosts all
known porphyry Cu-Mo deposits at Yerington. This rock unit was not
previously known to exist on the Company’s property, and it
represents a key new discovery. The target is large and robust, and
it remains essentially untested.
The Company also continues to advance its Ajax
copper-gold project, located near Kamloops, British Columbia.
Abacus holds a 20% ownership interest in the project, which is
managed by base metal major KGHM Polska Miedź S.A., who hold the
remaining 80%. The Ajax Project contains significant quantities of
copper and gold, within a NI 43-101 Proven and Probable Mineral
Reserve of 426 Mt at 0.29% Cu, 0.19 g/t Au and 0.39 g/t Ag.
Contained metal is in the order of 2.7 Bil lbs Cu, 2.6 Moz Au and
5.3 Moz Ag**. KGHM have begun the process of re-engaging the
project stakeholders geared toward potentially resubmitting the
environmental application for the project.
The financing is subject to TSX Venture Exchange
(TSXV) approval. In connection with the offering, certain finders
may receive a cash fee and/or non-transferable finder warrants. All
securities issued will be subject to a four month hold period under
Canadian securities law.
In the event the Company’s closing share price
on the TSXV exceeds $0.15 per share for 20 consecutive trading
days, the Company shall have the right to provide notice to holders
of warrants accelerating the expiry date of the warrants to 30 days
from date of notice.
The technical information in this news release
has been reviewed and approved by Paul G. Anderson, M.Sc., P.Geo.,
a Qualified Person within the meaning of National Instrument
43-101.
* Newmont Mines and Premier Gold Mines
websites
** Wardrop Engineering Inc. 2012. Ajax
Copper/Gold Project, Kamloops, British Columbia – Feasibility Study
Technical Report. Doc. No. 1054610300-REP-R0004-02. January
2012.
On Behalf of the Board, ABACUS MINING & EXPLORATION
CORPORATION
Paul G. Anderson President and COO
About Abacus
Abacus is a mineral exploration and mine
development company currently focused on its optioned Willow
copper-gold property located near Yerington, Nevada in which it can
acquire up to a 75% ownership interest, and the contiguous
Nev-Lorraine claims subject to a ten-year lease agreement.
The Company also holds a 20% ownership interest, together
with KGHM Polska Meidz S.A. (80%), in the proposed copper-gold Ajax
Mine located southwest of Kamloops, B.C., which has recently
undergone a joint provincial and federal environmental assessment
process. On December 14, 2017, a decision was made by the B.C.
Minister of Environment and Climate Change Strategy and the
Minister of Energy, Mines and Petroleum resources to decline to
issue an environmental assessment certificate for the Project.
For the latest reports and information on Abacus’ projects,
please refer to the Company’s website at www.amemining.com.
Forward-Looking Information
This release includes certain statements that
are deemed “forward-looking statements”. All statements in this
release, other than statements of historical facts, that address
events or developments that Abacus 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. 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 changes to commodity prices,
mine and metallurgical recovery, operating and capital costs,
foreign exchange rates, ability to obtain required permits on a
timely basis, 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. Except as required
by applicable securities laws, 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.
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Tel: 604.682.0301 email: info@amemining.com
website: www.amemining.com
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