Abacus Mining and Exploration Corp.
TSX VENTURE : AME

Abacus Mining and Exploration Corp.

November 15, 2007 08:00 ET

Abacus Announces Updated Schedule for Development of its Afton Cu-Au Properties

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 15, 2007) - Abacus Mining and Exploration Corp. (TSX VENTURE:AME) today announces an updated schedule for development of its Afton Copper Gold properties near Kamloops, British Columbia. This announcement follows agreements with New Gold Inc. and Teck Cominco resolving certain land access, surface and mineral rights required for the planned development and production from the Afton project. Abacus' goal is to develop, large-scale surface mining operations, at Afton producing between 40,000 and 60,000 tonnes per day by early 2010.

Abacus' current cash position will finance an aggressive exploration drilling program, preliminary economic assessment and feasibility study within a relatively short time frame. In addition, the Company is actively searching for a senior mining executive to lead development of the project.

"Our recent agreements with New Gold and Teck Cominco clear the way to develop large-scale copper-gold surface mining operations in the Afton camp," said Doug Fulcher, Abacus President and Chief Executive Officer. "We believe that we will now be able to define a much larger and economically viable resource than previously considered. In connection with this effort we have commenced a formal search for a senior mining executive to lead the development team, put in place over the past year, which will take the Afton project through the development, construction and production startup phases."

The schedule through early 2010 will primarily focus on the Ajax area properties and includes metallurgical testing, condemnation drilling for placement of mine infrastructure and permitting.

- November 2007: Four diamond drill rigs have begun exploration of several geologic targets in the area surrounding the Ajax East and Ajax West properties. Under the terms of the agreement with New Gold, Abacus now has the right to explore this area.

- March-April 2008: Finish Ajax-area drilling and receive assays.

- June 2008: Calculate a 43-101 resource on the larger Ajax project area, October 2008: Complete a preliminary economic assessment.

- March 2009: Complete feasibility study, obtain financing and begin mine construction and development.

- Early 2010: Commence production.

In February 2008 the Company also expects to announce a recalculated 43-101 resource for the nearby DM zone.

About the Afton Camp

The Afton-Ajax camp consists of at least seven known copper gold deposits, five of which are 100 per cent owned by Abacus: Ajax West, Ajax East, Rainbow Zone, DM Zone, and the Crescent Area. To date, Abacus has delivered NI 43-101 compliant resource estimates on Ajax West, Rainbow Zone, and the DM Zone. These three deposits controlled by Abacus contain globally over 241 million tonnes of largely open pit potential mineralization containing 1.84 billion pounds of copper and over 1.42 million ounces of gold at a 0.20% copper cut-off grade.



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Copper Gold Copper Gold
Zone Tonnes (%) (g/t) (lbs) (ounces)
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DM/ Indicated 28,500,000 0.295 0.153 185,353,595 140,195
Audra
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Inferred 15,500,000 0.281 0.124 97,880,808 62,991
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Rainbow Indicated 47,100,000 0.345 0.084 358,301,000 127,200
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Inferred 3,000,000 0.245 0.064 16,207,000 6,200
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Ajax West Inferred 147,269,070 0.3647 0.2296 1,184,081,088 1,087,129
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(Note: All resources at 0.20% copper cut off)


About the Company

Abacus is an exploration stage and development company that holds a 100% interest in five significant mineral properties in the prolific Afton Camp. Abacus has three NI 43-101 compliant resource estimates containing globally over 1.8 billion pounds of copper and over 1.4 million ounces of gold using a 0.20% copper cut-off. Abacus also has the added advantage of owning significant infrastructure in the Afton Camp including tailings dams, mill infrastructure, water rights, and all relevant permits. For more information, please visit our website at www.amemining.com.

On Behalf of the Board,

ABACUS MINING AND EXPLORATION CORPORATION

Doug Fulcher, President and Chief Executive Officer

Forward-Looking Information

This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that Abacus Mining and Exploration Corp. (the "Company") expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Forward-looking statements in this release include statements regarding the Company's rights and benefits under the letters of intent with New Gold and Teck Cominco; the Company's future exploration and development plans; and the timing and nature of any future resource estimates, economic analyses or feasibility studies. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change. These statements are based on a number of assumptions, including, among others, assumptions regarding general business and economic conditions, the ability of the Company and other relevant parties to satisfy stock exchange and other regulatory requirements in timely manner, the availability of financing for the Company's proposed transactions and exploration and development programs on reasonable terms and the ability of third-party service providers to deliver services in a timely manner.

The TSX Venture Exchange has not reviewed and does not accept the responsibility for the adequacy or accuracy of this news release.

Contact Information

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