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Afton-Ajax Copper-Gold Project, Canada

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Afton-Ajax Copper-Gold Project, Canada

Afton-Ajax Copper-Gold Project, Canada

Located Kamloops British Columbia Canada Afton-Ajax copper-gold project being developed Abacus Exploration. development area Afton-Ajax Cu-Au District operated Abacus. mine contains approximately 80% resources 20% underground resources. open-pit resources owned Abacus owns 60% underground resources.

Teck Cominco operator Afton-Ajax sold rights Abacus November 2005. deal Abacus purchased mill tailings pond Afton. related permits access rights tailings rights acquired.

"The mine contains approximately 80% resources 20% underground resources."

In accelerate development mine Abacus entered into investment agreement KGHM Miedz 2010 joint venture (JV) explore Afton-Ajax.

agreement KGHM 51% JV paying $37m cash Abacus. terms agreement allow KGHM acquire further 29% JV completing bankable feasibility study.

TD Securities KGHM's financial advisor transaction CIBC Markets financial advisor Abacus.

Geology reserves

Afton-Ajax contains porphyry deposits alkalic copper-gold. Abacus completed Phase drilling site 2008. Analysis drilled samples Eco Tech Laboratory.

Abacus carried series diamond drilling programmes site 2005-08. completed 520,000ft drilling 2008. AMEC Americas contracted June 2008 provide engineering services project. prepared resource model estimate reserves deposit.

"Approximately 80% estimated resources owned Abacus."

As June 2009 measured indicated resources mine expected 442mt grading 0.30% Cu 0.19g/t Au. inferred resources approximately 80.6mt graded 0.22% Cu 0.16g/t Au. estimates based 0.13% copper equivalent cut-off.

Approximately 80% estimated resources owned Abacus. remaining 20% shared Abacus Gold.

Production

The technical feasibility preliminary economic assessment report established assuming annual copper production approximately 50,000t production 100,000oz.

Open-pit mining

The open-pit mine assumes average strip ratio 1.7:1. open-pit 12m benches. pit slopes adjusted according geology. Electric drills used drill waste. drill blastholes 311mm diameter. Haul trucks transport blasted material site gyratory primary crusher. Electric rope shovels front-end loaders used load material into haul trucks.

New owns portion pipeline Afton area acquired Teck Cominco 2007. lies mill tailings acquired Abacus. Teck Cominco using pipeline supply open-pit mine Afton. March 2008 agreed share pipeline Abacus supply Afton-Ajax.

Ore processing

"Abacus expects operation potential process 60,000t day."

The crushed gyratory crusher delivered copper concentrator include 40ftx25ft SAG mill 24ftx42ft ball mills. concentrator recover copper concentrates feedstock using conventional flotation circuit. recovery followed filtration concentrate shipped out.

Abacus expects operation potential process 60,000t day.

Costs

Wardrop Engineering completed technical feasibility mine development July 2009 estimated project cost $535m. mine assumed 23 years starting 2013. feasibility based average costs $1.17 per Cu $700 per ounce Au.

Environment

The environmental assessment Wardrop concluded project not significant harm flora fauna surroundings project site.


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