Abacus Announces BC Environmental Assessment Review Decision for Ajax Copper-Gold Project
December 15 2017 - 8:53AM
Abacus Mining & Exploration Corporation (“Abacus” or the
“Company”) (TSX-V:AME) announces that the British Columbia Minister
of Environment and Climate Change Strategy and Minister of Energy,
Mines and Petroleum Resources have declined the issuance of an
Environmental Assessment Certificate (EA Certificate) for the Ajax
copper-gold project near Kamloops, B.C. Ajax is an advanced
stage copper-gold project owned by KGHM Ajax Mining Inc. (KGHM
Ajax), a joint venture company owned by Abacus (20%) and KGHM
Polska Miedz S.A. (80%). The Project has been the subject of
a joint coordinated review process involving the provincial BC
Environmental Assessment Office (BCEAO) and the federal Canadian
Environmental Assessment Agency (CEAA).
The Federal Minister of Environment and Climate
Change Canada announced that the Project ‘is likely to cause
significant adverse environmental effects and cumulative effects to
Indigenous heritage and the current use of lands and resources for
traditional purposes by Indigenous peoples.’ The Minister has
referred the Project back to the responsible authorities, Fisheries
and Oceans Canada and Natural Resources Canada. The responsible
authorities must now seek a final decision from Cabinet on whether
the Project can proceed.
The decisions follow a six-year environmental
assessment review process that was formally initiated in February
2011, involving extensive engagement with provincial and federal
government agencies, technical working and community advisory
groups, First Nations and a broad array of stakeholder interest
groups including thousands of community members who took
part.
“While we are naturally disheartened by the
provincial Ministers’ decisions to reject the Ajax Project in view
of the highest standards that were consistently met for public
consultation and stakeholder engagement, we continue to maintain
that the Project is technically sound, viable and economically
beneficial for the Kamloops community, First Nations and for the
Province of BC and Canada.
I sincerely wish to recognize the efforts of
each and every person who participated in the environmental
assessment process, the numerous open houses, public comment
periods culminating in more than 4,000 public comments, for their
substantial contributions and input throughout the last six
years. To our staff and consultants, and particularly our
Community Relations team led by Yves Lacasse and Chris Wild, no
greater effort to engage and align the values and interests of a
community could have been better achieved. I applaud your
dedication!”
— Michael McInnis, Executive Chairman of
Abacus
KGHM Ajax, following the review of the reasons
for the provincial decision, will consider the next steps, which
may include judicial review.
For further information, please contact Investor
Relations at (604) 682-0301.
On Behalf of the Board, ABACUS MINING & EXPLORATION
CORPORATION
Michael McInnisExecutive Chairman
About Abacus
Abacus is a mineral exploration and mine
development company with a 20% interest in the Ajax Project located
at the historic Ajax-Afton site southwest of Kamloops, B.C., and an
option to acquire up to a 75% undivided interest in the Willow
porphyry copper-gold property located in Nevada. The Ajax Project
is a proposed copper-gold open-pit mine that has undergone a joint
coordinated provincial and federal assessment review. Through KGHM
Ajax Mining Inc., a joint venture company between Abacus (20%) and
KGHM Polska Miedz S.A. (KGHM) (80%), the Ajax Mine is being funded
in large part by KGHM and operated by its wholly-owned subsidiary,
KGHM International Ltd. For the latest reports and information on
Abacus’ projects, please refer to the Company’s website at
www.amemining.com.
Forward-Looking InformationThis
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.
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