Excell leaves Abacus, company appoints new president, CEO

NEWS — The junior partner in the Ajax super-mine project is making changes at the top. Abacus Mining and Exploration announced today the resignation of Jim Excell as president, CEO and director of Abacus.

Excell became familiar to Kamloops residents during the early stages of Ajax when Abacus was spearheading the project.

Michael McInnes, who has taken over as chairman, president and CEO, said Excell is leaving to pursue other business opportunities.

Abacus continues to own a 20 per cent stake in the feasibility stage of Ajax. Excell headed up the project before KGHM exercised its right to raise its share from 51 per cent to 80 percent in April 2011. KGHM paid Abacus $30 million.

McInnes also announced today the departure of Thomas McKeever as executive chairman of the company. McKeever will remain as a director.

McInnes praised both Excell and McKeever for their roles in overseeing the Ajax joint venture.

“Abacus remains committed to increasing the value of our 20 per cent interest in the Ajax copper-gold project near Kamloops, as well as pursuing other opportunities to increase shareholder value,” McInnes said.

McInnes is a professional geologist with 25 years experience in managing junior mining companies, most recently as president and chief executive officer of Riverstone Resources Inc., now True Gold Mining Inc. where he is vice chairman.

He’s been a director of Abacus since 2002.