COPPER-GOLD STUDY: Abacus receives positive PEA for Ajax project

BRITISH COLUMBIA - Abacus Mining & Exploration of Vancouver has received a positive preliminary economic assessment...

BRITISH COLUMBIAAbacus Mining & Exploration of Vancouver has received a positive preliminary economic assessment (PEA) for its proposed Ajax copper-gold mine near Kamloops. The report, written by Wardrop, suggests That the net present value is US$192.7 million discounted at 8%. The return on initial capital expenditures of US$535 million is 40.4%. Average life of mine cash costs would be US$1.17/lb copper net of gold credits at US$700/oz.

 

The report examines an open pit mine and 60,000-t/d concentrator option. The mine would be a conventional truck-and-shovel operation using 35-m3 electric rope shovels, 19-m3 front-end loaders and 228-t haulage trucks. The ore will be crushed in a gyratory crusher ahead of beneficiation. The plant will have a SAG mill, followed by two ball mills, and concentrates will be production by a conventional flotation circuit. Average annual production would be 106 million lb of copper and 99,400 oz of gold in concentrate. The project would have at least a 23-year life.

 

The Ajax mine was formerly operated by Teck during the 1970s and into the 1990s. Abacus has outlined measured and indicated resources of 442 million tonnes grading 0.30% Cu and 0.19 g/t Au at a 0.13% CuEq cutoff. There is also an inferred portion of 81 million tonnes at 0.22% Cu and 0.16 g/t Au. Eighty per cent of the resources is located on land 100%-owned by Abacus, The balance is covered by a joint venture with New Gold.

 

Abacus has posted videos with some interesting aerial shots and computer-generated images of the property at www.AMEMining.com.

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