Abacus Mining and Exploration Corp.

Abacus Mining and Exploration Corp.

March 21, 2007 08:00 ET

Abacus Announces Significant Resource Estimate on Third Afton Deposit-Ajax West

Full Feasibility Study Expected by Early 2008

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 21, 2007) - Abacus Mining and Exploration Corp. (TSX VENTURE:AME), a junior resource company engaged in exploration of copper and gold properties in central British Columbia, today announced results from an independent, NI 43-101 compliant resource calculation for its Ajax West deposit in the Afton camp in south central British Columbia. The resource is based on exploration drilling completed by Abacus in 2005 and 2006.

The resource, calculated by Beacon Hill Consultants (1988) Ltd. under the direction of Garth Kirkham (P. Geoph) and Peter Stokes (P. Eng.) is as follows:

Ajax West - Inferred Resources

(% Cu) Tonnes Cu % Au g/t lbs Copper oz Gold
0.10 221,925,978 0.292 0.184 1,428,647,649 1,312,876
0.15 183,531,761 0.3271 0.2061 1,323,505,995 1,216,149
0.20 147,269,070 0.3647 0.2296 1,184,081,088 1,087,129
0.25 114,703,646 0.4048 0.2538 1,023,650,879 935,980
0.30 86,927,513 0.4466 0.279 855,874,546 779,757

The above resource numbers represent a global inferred resource and further work is needed to determine the economic viability of the deposit and how much of this resource can be classified as measured or indicated reserves.

Drilling in 2005 and 2006 by Abacus in the Ajax West area included 42 holes totaling over 20,000 metres which tested 650 metres of strike length to depths of up to 500 metres. Highlights of this drilling included 408 metres grading 0.52% copper and 0.31 g/t gold in hole AW-05-01. Numerous high grade intercepts were returned from the deeper drilling (24 metres grading 1.31% copper and 1.17 g/t gold in hole AW-06-025) which indicate the potential for a higher grade underground target.

Based on the results of this inferred resource Abacus is moving quickly to complete a "preliminary economic assessment", the first step toward completion of a full feasibility study by early 2008.

Abacus now has NI 43-101 compliant resources calculated for three deposits in the Afton area - Ajax West, DM-Audra and Rainbow. A fourth resource calculation, for Ajax East (0.5 km east of Ajax West), is expected in mid 2007. All of the current resources remain open and future drilling is planned to expand, and to upgrade them to the reserve category.

The following table summarizes the current 43-101 compliant resources on the Abacus Afton Project:

Zone Tonnes Cu % Au g/t lbs Copper oz Gold
DM/Audra Indicated 28,500,000 0.295 0.153 185,353,595 140,195
(0.2% Cu ------------------------------------------------------------
Cut off) Inferred 15,800,000 0.281 0.124 97,880,808 62,991
Rainbow Indicated 47,100,000 0.345 0.084 358,301,000 127,200
(0.2% Cu ------------------------------------------------------------
Cut off) Inferred 3,000,000 0.245 0.064 16,207,000 6,200
Ajax West Inferred 147,269,070 0.3647 0.2296 1,184,081,088 1,087,129
(0.2% Cu
Cut off)

The resources, coupled with the infrastructure purchased from Teck Cominco in 2005 will allow Abacus to move forward quickly in the Afton camp. The infrastructure purchased from Teck Cominco includes a tailings pond, water rights, mill and shop buildings, rights of way and surface rights. Preliminary independent engineering studies have indicated that the existing tailings facilities can be upgraded to hold at least 250 million tons of new material.

Doug Fulcher, president of Abacus, said, "We are extremely pleased with the results of the resource calculation for Ajax West. Our aggressive approach toward the Afton property is beginning to pay off. For example, our purchase of the Teck Cominco infrastructure, after we had completed our initial resource calculations at Rainbow and DM/Audra, is an indication of our commitment to and belief in the project. We will now move forward quickly in the first half of 2007 to complete a resource calculation for Ajax East - our fourth on the property - and to upgrade the calculated resources to reserves with the goal of producing a feasibility report by late 2007 or early 2008. To meet this timetable we plan to have our most aggressive drilling program yet at Afton. This program will include up to 50,000 metres of diamond drilling as well as engineering studies and base line environmental studies. Abacus is now well positioned to take full advantage of both the value being created at Afton as well as the current strong markets for copper and gold."

To view accompanying map please click on the following link: http://www.ccnmatthews.com/docs/AMEmap.jpg

Robert G. Friesen, is the qualified person (as defined in NI 43-101) who has reviewed this news release.

On Behalf of the Board,


John Nicol, Director

About Abacus Mining & Exploration Corp.

Abacus Mining & Exploration Corp. (TSX VENTURE:AME) is a Vancouver, BC-based junior resource company engaged in the exploration and development of copper and gold properties in central British Columbia. Abacus is led by a team of industry professionals with over 130 years of combined mineral property development experience and backgrounds in mining and exploration, project management and corporate finance.

This news release, required by applicable Canadian laws, is not for distribution to U.S. news wire services or for dissemination in the United States, and does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

The TSX Venture Exchange has neither reviewed or approved the accuracy or adequacy of this news release.

Contact Information

  • Abacus Mining and Exploration Corp.
    Doug Fulcher
    (604) 682-0301 or 1-866-834-0301
    Abacus Mining and Exploration Corp.
    Paddy Nicol
    (604) 682-0301 or 1-866-834-0301
    (604) 682-0307 (FAX)
    Email: info@amemining.com
    Website: www.amemining.com