Abacus comments on unusual trading activity
VANCOUVER, British Columbia, May10, 2017(GLOBE NEWSWIRE) -- Abacus Mining & Exploration Corporation ("Abacus" or the "Company") (TSXV:AME) provides comments on the recent unusual trading activity in its shares on the TSX Venture Exchange.While it is not the Company's usual policy to comment on trading price, at the request of IIROC (the Investment Industry Regulatory Organization of Canada), Abacus wishes to confirm that the Company's management is unaware of any material change in the Company's operations that would account for the recent increase in market activity.
Abacus believes that the recent unusual trading activity may be related to the consolidation of its common shares announced on April 26, 2017, which commenced trading on the basis of one (1) post-consolidation share for every six (6) pre-consolidation shares on May 1, 2017, and to an article on the Company that appeared in the Resource Stock Digest Premium website ("RSDP") dated May 8, 2017.
The article follows a site visit made by the author to the Company's recently optioned Willow Property in Nevada.An introductory report was made available to subscribers of the RSDP on May 3, 2017, which was followed by the article of May 8, 2017.No compensation has been or will be provided by the Company to RSDP or the author of the May 8th article.RSDP and the author are at arm's length with the Company.The target price in the May 8th article is solely the opinion of the author of the article and is not endorsed in any way by the Company.There is currently no material information of the Company that has not been generally disclosed.
For further information, please contact the Company at (604) 682-0301.
On Behalf of the Board,
ABACUS MINING & EXPLORATION CORPORATION
Michael McInnis
Chairman, President & CEO
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 currently undergoing a provincial and federal environmental assessment process. 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 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.