Abacus owns the Afton Camp, which includes tailings dams, mill infrastructure, water rights, and all relevant permits. The project consists of at least seven known copper-gold deposits.

To date, Abacus has drilled more than 75,000 ft between the previously drilled Ajax West and Ajax East pits. The company expected to complete the drilling program by the end of March. It also expects to have a new NI43-101 compliant resource estimate by June 2008 that encompasses both pits as well as the area between them. A preliminary economic assessment on the project should be available by the fall 2008. An extensive infill drilling program that will continue in preparation for a feasibility study to be completed in 2009. The feasibility study will examine a 40,000 to 60,000 ton per day surface mining operation, commencing in 2010.

Teck Cominco, the last active operator for the Afton-Ajax District, sold Abacus the Afton Mill infrastructure, tailings pond and related permits, access rights of way, rights to water and certain surface rights. Abacus recently signed an extension of the asset purchase agreement with Teck Cominco that will significantly reduce Abacus’ expected lead time and capital costs related to production startup at the Project. In 2005, an independent appraiser valued these assets at more than $38 million.