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Abacus Provides Update on Ajax Copper-Gold Project in B.C.

By: MT Newswires
Posted: 3/19/2013 9:29:00 AM
Referenced Stocks: CHS;STS

Abacus Mining & Exploration Corporation (AME.V) today provided the following update from a recent KGHM-Ajax Mining Inc. Board Meeting. Abacus holds a 20% interest in KGHM-Ajax which owns the Ajax copper-gold project (Ajax project) located near Kamloops, B.C.

The operator of the Ajax project, KGHM International (KGHMI), has committed significant resources to the project's development since assuming the operatorship on September 1, 2012, demonstrating "a strong commitment to the community, environment and to the long term sustainability of the Ajax project," AME said in a statement.

Among other developments, agreements have been signed with the Stk'emlupsemc te Secwepemc ( STS ), represented by the Tk'emlups and Skeetchestn First Nations bands for a Cultural Heritage Study ( CHS ) and a Memorandum of Understanding. Consultations continue with the STS on a Capacity Funding Agreement to assist them in the review of the Environmental Assessment and towards aligning an Impacts Benefits Project Agreement, which would define the mutual responsibilities between KGHM-Ajax and the STS in connection with the benefits, construction, operations, and closure of the Ajax project.