Source: Benzinga

Abacus Mining and Exploration: Abacus Announces Closing of the Willow Porphyry Copper Property and Amends Certain Terms of the Acquisition Agreement

VANCOUVER, British Columbia, July 02, 2024 (GLOBE NEWSWIRE) -- Abacus Mining & Exploration Corporation ("Abacus" or "The Company") (TSXV:AME) announces that further to its news release dated June 4, 2024, it has amended, at the request of the TSX-Venture Exchange (the "Exchange"), certain terms of the June 4, 2024 agreement (the "June 4, 2024 Agreement") with Almadex Minerals Ltd. and its wholly-owned Nevada subsidiary Almadex America Inc. ("Almadex"), to acquire a 100% ownership interest in the Willow porphyry copper property located in Yerington, Nevada, ("Willow Property") and data associated with the Willow Property (the "Willow Data") (the "Amending Agreement").Pursuant to the terms of the Amending Agreement:the Company has issued 9,546,922 common shares of Abacus to Almadexthe requirement, under the June 4, 2024 Agreement to issue the Top-Up Shares to Almadex on July 31, 2025, has been removedthe NSR has been increased from 2.0% from future production of minerals from the Willow Property under the June 4, 2024 Agreement, to 2.5%, of which the Company can buy back 0.5% for $500,000 for a period of 2 years from the Closing date, which consideration may be paid, at the Company's election, either in cash or, subject to prior Exchange approval at the time of election, equivalent shares in the capital of the Company."The revised Agreement has the effect of immediately fixing the number of shares to be issued to Almadex" commented Paul G. Anderson, President and CEO of Abacus. "The Company has now consolidated ownership of a very prospective porphyry copper property in a very active district, which remains poorly drill tested."Work done to date by Abacus leads the company to believe that Willow contains a fifth porphyry within the Yerington camp. Of the known porphyries in the camp, the Ann Mason deposit lies adjacent and east of Willow and is held by HudBay Minerals. In 2021, Hudbay announced an ...Full story available on Benzinga.com

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Annual Revenue
$5.0-25M
Employees
1-25
Paul G. Anderson's photo - CEO of Abacus Mining and Exploration

CEO

Paul G. Anderson

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