Abacus Announces $500,000 Financing
Financings
Resource Estimates
| TSX Venture Exchange Symbol: AME | Suite 1000 – 1050 West Pender St Vancouver, B.C. V6E 3S7 Canada Tel: 604.682.0301 email: [email protected] website: www.amemining.com | |||
| Abacus Announces $500,000 Financing | ||||
| Vancouver, BC – October 29, 2019. 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. |