Abacus announces resignation of Andrew Pooler
Abacus Mining & Exploration Corporation (TSXV: AME) announced that its Board of Directors has accepted the resignation of Andrew F. Pooler as Executive Vice President and Chief Operating Officer. Mr. Pooler is resigning to pursue other opportunities.
On behalf of the Board of Directors of Abacus, Jim Excell, President & CEO commented, "Andy's foresight and leadership since the Ajax Project's early development under Abacus have helped navigate the Project's successful transition through feasibility towards production. Andy leaves in place an excellent team that he assembled to continue this mission."
"I would like to express my sincerest gratitude to Abacus for my experience here over the last several years," Andy added. "I have every confidence that the project will successfully pass through the next steps to become a premier mine."
Following the exercise by KGHM Polska Miedz S.A. (KGHM) on April 2, 2012 of its option to acquire a further 29% interest in the Joint Venture Company, KGHM Ajax Mining Inc., increasing its ownership to 80%, it is expected that KGHM will appoint a new operator for the Ajax Project in the coming months.
Abacus is currently engaged in a process that aims to maximize the value of its 20% interest in the Ajax Project. With a robust feasibility study, the financing obligation of global copper partner KGHM for the required capital to build the mine, and approximately $30 million in cash for Abacus' use towards its portion of the Ajax Project's initial capital, Abacus is in a favourable position to realize the full value of its interest in the project.
Posted May 4, 2012