ABOT Mining Estimates Potential Asset Value in Excess of $1 Billion on Mexican Gold Property
SHERMAN OAKS, Calif., Feb. 24, 2012 /PRNewswire/ -- ABOT Mining (Pink Sheets: ABOT) is pleased to announce potential production of up to 900,000 ounces of Au from processing of approximately 400,000 tons ores available on our JV Partner Mexican gold property. As reported earlier, initial flotation engineering results from the surface of the ore indicated a recovery value of 89.00% of the Au and showed 2.51 ounces of Au per metric ton of ore. This cumulative ore tonnage represents possible production of over $1.5 billion in today's gold prices.
The period to achieve such cumulative production of Au shall depend on Company's production agreement with various mills in the region that will include but not limited to key contract terms such as refining cost, acceptable recovery rates, mill downtime & maintenance period, capacity utilization, etc.
There is currently no NI 43-101 compliant report for the identified allotted tonnage, however, the initial surface sampling show positive results and the Company expects feed grade to improve further as access the ore from beneath the surface.
About the Company
ABOT is a US based mining company engaged in discovering, acquiring, developing, producing, and marketing precious and semi-precious metal properties and is currently headquartered in Sherman Oaks, California. ABOT plans to create long term shareholder value by implementing an aggressive exploration program, making new precious metals discoveries and developing mining properties with long-life and low cost operation.
Any statements made in this press release which are not historical facts contain certain forward-looking statements; as such term is defined in the Private Security Litigation Reform Act of 1995, concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. The actual results of the specific items described in this release, and the company's operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of management of the company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, many of which are beyond the control of the company. The company disclaims any obligation to update information contained in any forward-looking statement. This press release shall not be deemed a general solicitation.
Imran Firoz, President
ABOT Mining Co.
13920 Moorpark Street, Suite 201,
Sherman Oaks, CA 91423
T: +1 818.302.0100
SOURCE ABOT Mining