Abacus Mining and Exploration Corp.

Abacus Mining and Exploration Corp.

April 24, 2007 13:15 ET

Abacus Announces Three Drills on Afton Deposits Ajax West & East, Monte Carlo

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 24, 2007) - Abacus Mining and Exploration Corp. (TSX VENTURE:AME) (Abacus), is pleased to announce that three diamond drills are currently active on the company's Afton project in south-central British Columbia. This drilling is part of a planned 50,000 metre program for 2007. The focus of the initial drilling will be to expand the current resource at the Ajax West deposit with both infill drilling including more sections along strike. Drilling is also being conducted on the Ajax East in order to complete a 43-101 compliant resource on Ajax East by mid summer. This will give Abacus four, 43-101 compliant resources for in the Afton Camp (Ajax West, Ajax East, Rainbow and DM/Audra). Environmental baseline studies and metallurgical testing have been initiated and a Preliminary Economic Assessment will begin upon completion of the drilling. It is planned to complete a Feasibility Study in 2008.

Doug Fulcher, president of Abacus, said, "We have taken an aggressive approach toward the development of the Afton property and it is now paying off. We are very pleased that we have been able to secure three diamond drill rigs for the project and as well to have the program starting this early in the year. This will help us meet our goal of completing a Feasibility Study in 2008. We feel that with the results from our drill programs coupled with our purchase of the Teck-Cominco infrastructure, Abacus has saved at least 2 to 5 years of development time. The 2007 drill program will focus on the Ajax deposits and will also include an extensive drill campaign on the DM-Audra and Rainbow deposits as well as our first drilling on the under explored Monte Carlo zone."


Abacus completed a 43-101 compliant resource on the Ajax West deposit in March, 2007. The following is a summary of this resource calculation:

(% Cu) Tonnes Cu % Au g/t lbs Copper oz Gold
0.10 222,000,000 0.29 0.184 1,430,000,000 1,310,000
0.15 184,000,000 0.33 0.206 1,320,000,000 1,220,000
0.20 147,000,000 0.36 0.230 1,180,000,000 1,090,000
0.25 115,000,000 0.40 0.254 1,020,000,000 936,000
0.30 86,900,000 0.45 0.279 855,000,000 780,000

NOTE: The above resource numbers represent a global inferred resource and
further work is needed to determine the economic viability of the deposit.

Drilling in 2005 and 2006 by Abacus in the Ajax West area included 42 holes totalling over 20,700 metres which tested 650 metres of strike length to depths of over 400 metres. Highlights of this drilling included 408 metres grading 0.52% copper and 0.31 g/t gold in hole AW-05-01. There were also a number of higher grade intercepts from deeper portions of the drill holes, (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.

The Company also completed 13 drill holes totalling 7917 metres at the Ajax East Deposit in 2006. Highlights of this drilling included (AE-06-06 with 99 metres of 0.59% Cu and 0.31 g/t Au and hole AE-06-013 with 102 metres 0.50% Cu and 0.35 g/t Au).


Abacus announced their first two NI 43-101 compliant resources (DM- Audra and Rainbow deposits) in the Afton area in 2004. A summary of these resources is listed below. These resources remain open along strike to the west and down dip. Drilling this year is planned to expand the current resources, and to upgrade the resources to the reserve category. The Company added 19 drill holes totalling 7,158 metres at the Audra Deposit in 2006. Highlights of this drilling include (DA 06-039 with 69 metres of 0.67% Cu and 0.35 g/t Au and DA06-054 with 132 metres of 0.42% Cu and 0.33 g/t Au)

Zone Tonnes Cu % Au g/t lbs Copper oz Gold
(0.2% Cu
Cut off) Indicated 28,500,000 0.295 0.153 185,353,595 140,195
Inferred 15,800,000 0.281 0.124 97,880,808 62,991
(0.2% Cu
Cut off) Indicated 47,100,000 0.345 0.084 358,301,000 127,200
Inferred 3,000,000 0.245 0.064 16,207,000 6,200

NOTE: The above resource numbers represent a global inferred and indicated
resource and further work is needed to determine the economic viability of
the deposits.


The infrastructure purchased from Teck-Cominco in 2005 was an intricate part of Abacus moving forward quickly in the development of the Afton camp. It includes a tailings pond, water rights, mill and shop buildings, rights of way and surface rights. An independent engineering evaluation on the replacement of these assets was valued at approximately $38 million. Preliminary independent engineering studies have also indicated that the existing tailings facilities can be upgraded to hold at least 250 million tons of new material. The purchase of this infrastructure not only significantly lowers the capital costs needed to develop the Abacus Afton camp but also significantly shortens the development time line.

To view the map attached to this release please click on the following link: http://www.ccnmatthews.com/docs/0424ame.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

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