Abacus Mining looking for buyer, partner for B.C. copper-gold project

Canadian Abacus Mining and Exploration Corp. (TSXV:AME) is looking for potential buyers, partners or other alternatives under a strategic review initiated Monday, shortly after its partner moved to increase its holding in their B.C. joint venture.

As part of the strategic review, the financial advisor will undertake an independent evaluation of the Ajax project and the value attributable to Abacus. The process will encompass a thorough analysis and evaluation of the prospects and options available to the company. The Vancouver-based junior will consider all options, which may include a joint venture, sale, merger, strategic investment or other alternatives identified by the Abacus or the financial advisor that will serve to maximize shareholder value.

Abacus main holding is its remaining minority interest in the Ajax gold-copper project, which it's developing with KGHM Polska Miedz SA. The later advised Abacus that it intends to increase its stake in the KGHM Ajax Mining joint venture to 80% from 51%, Abacus said in a separate statement, a few minutes before announcing the strategic review.