Abacus Mining and Exploration Corp.
TSX VENTURE : AME

Abacus Mining and Exploration Corp.

December 08, 2006 08:00 ET

Abacus Completes Ajax West Zone Drilling-Zone Expands to 650 Metres, Highlights Include 114 Metres of 0.61% Copper and 0.68 g/t Gold

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 8, 2006) - Abacus Mining and Exploration Corp. (Abacus) (TSX VENTURE:AME) has received assay results from the final 17 holes from the 2006 diamond drill program on the Ajax West Pit zone near Kamloops, B.C. All 17 holes intersected the large zone of copper-gold rich mineralization underlying the former producer.

A continuous zone of copper gold mineralization has now been traced for over 650 metres with depths to more than 400 metres below the historic Ajax West pit. Abacus has now completed 42 diamond drill holes, totaling 20,722 metres, in the Ajax West Zone since it began in November, 2005. The Company has begun the process of completing a NI-43-101 compliant resource on Ajax West which is expected to be completed in early January 2007. The Company has also contracted both Knight Piesold Ltd. and Beacon Hill Consulting Ltd. to begin a preliminary scoping study and an economic evaluation on the Ajax West deposit.

Ajax West Drilling Highlights:

- Drill hole AW-06-034 was drilled under the West pit on Section 1250E at an azimuth of 30.1 degrees (UTM), dip - 69.6 degrees for a total length of 614.78 metres. It intersected 0.58% copper and 0.22 g/t gold over 156 metres; and lies within a broader interval of 0.40% copper and 0.15 g/t gold over 297 metres.

- Drill hole AW-06-039 was drilled under the West pit on Section 1150E at an azimuth of 30.1 degrees (UTM), dip - 69.6 degrees for a total length of 666.6 metres. It intersected 492 metres of 0.34% copper and 0.30 g/t gold; and includes a subinterval of 0.61% and 0.68 g/t gold over 114 metres.

- Drill hole AW-06-030 was drilled under the West pit on Section 1300E at an azimuth of 204.5 degrees (UTM), dip - 86.0 degrees for a total length of 578.82 metres. It intersected 213 metres of 0.35% copper and 0.44 g/t gold; and includes a subinterval of 0.52% and 0.40 g/t gold over 150 metres.

Ajax East Drilling Highlights:

- Drill hole AE-06-006 was drilled under the East pit on Section 1500N at an azimuth of 123 degrees (UTM), dip -50.5 degrees for a total length of 599.5 metres. It intersected 99 metres of 0.59% copper and 0.31 g/t gold; and includes a subinterval of 0.82% copper and 0.39 g/t gold over 63 metres.

- Drill hole AE-06-008 was drilled under the East pit on Section 1550N at an azimuth of 115 degrees (UTM), dip 50.1 degrees for a total length of 538.5 metres. It intersected 219 metres of 0.30% copper and 0.19 g/t gold; and includes a subinterval of 0.44% copper and 0.27 g/t gold over 48 metres.

- Similar to the first five holes previously reported, Holes AE-06-006, 007, and 008 all intersected significant palladium mineralization with copper and gold values near the footwall contact of the Iron Mask hybrid and Sugarloaf diorite.

Doug Fulcher, President of Abacus, states: "We are extremely pleased with the results from the Ajax drilling. We have defined a continuous zone of mineralization over a strike length of 650 metres at Ajax West and look forward to the 43-101 compliant resource early in the new year. Abacus has also initiated preliminary economic studies for its Afton holdings and hopes the results of these studies will be available early in 2007. Current drilling is expanding the mineralized zone at Ajax East and the resource at DM/Audra. We believe 2007 will be the year Abacus moves its Afton projects from an advanced exploration stage into the early development stage."

The company's Ajax property comprises eight 100 percent owned Crown grants near Kamloops, B.C., encompassing most of the historic East and West pits that were last mined in 1997 by Afton Operating. The Ajax property lies nine kilometers southeast along an existing haul road from the Afton mill facilities, which Abacus recently agreed to purchase from Teck, along with the shop facilities and tailings area.

The following table lists the most recent results from the Ajax West Pit zone. Intercept lengths are core lengths, which do not necessarily reflect true width. A drill hole plan map and cross sections will be posted on the Abacus website as soon as possible.



Ajax West Drill Hole Intercepts-Arranged by Section (West to East)

---------------------------------------------------------------------------
Len-
Sect- From To gth % g/t
ion Hole No. Az Dip (m) (m) (m) Cu Au Comments
---------------------------------------------------------------------------
1100E AW-06-040 29 -46.2 52 79 27 0.35 0.10 West limit of
drilling
---------------------------------------------------------------------------
1100E AW-06-041 30 -62.3 132 183 51 0.38 0.28
---------------------------------------------------------------------------
1100E AW-06-042 31 -73.9 123 630 507 0.21 0.15
---------------------------------------------------------------------------
Incl 123 174 51 0.50 0.26
---------------------------------------------------------------------------
537 585 48 0.49 0.26
---------------------------------------------------------------------------
1150E AW-06-037 28 -65.6 138 327 189 0.32 0.34 Hole
abandoned--
faulting
---------------------------------------------------------------------------
Incl 165 222 57 0.63 0.38
---------------------------------------------------------------------------
1150E AW-06-039 28 -69.8 153 645 492 0.34 0.30
---------------------------------------------------------------------------
Incl 276 489 213 0.42 0.45
---------------------------------------------------------------------------
351 465 114 0.61 0.68
---------------------------------------------------------------------------
1200E AW-06-027 212 -84 336 384 48 0.48 0.46 From N. side
of pit drilled
southwards
---------------------------------------------------------------------------
Incl 483 597 114 0.51 0.23
---------------------------------------------------------------------------
1250E AW-06-033 29 -49 132 492 360 0.24 0.20
---------------------------------------------------------------------------
Incl 450 492 42 0.56 0.38
---------------------------------------------------------------------------
1250E AW-06-034 30 -69.6 259 415 156 0.58 0.22
---------------------------------------------------------------------------
Incl 358 415 57 0.85 0.35
---------------------------------------------------------------------------
1300E AW-06-030 205 -86 291 312 21 0.52 0.52 From N side of
pit drilled
southwards
---------------------------------------------------------------------------
And 354 504 150 0.52 0.40
---------------------------------------------------------------------------
1350E AW-06-032 28 -44.8 67 319 252 0.23 0.13
---------------------------------------------------------------------------
Incl 70 121 51 0.50 0.20
---------------------------------------------------------------------------
1600E AW-06-026 26 -46 69 201 132 0.44 0.17
---------------------------------------------------------------------------
1600E AW-06-028 26 -65.5 70 115 45 0.51 0.18
---------------------------------------------------------------------------
Incl 184 376 192 0.41 0.15
---------------------------------------------------------------------------
1650E AW-06-029 24 -49.5 162 177 15 0.48 0.22
---------------------------------------------------------------------------
1650E AW-06-031 24 -70.6 60 285 225 0.37 0.19
---------------------------------------------------------------------------
Incl 195 285 90 0.61 0.29
---------------------------------------------------------------------------
1750E AW-06-035 28 -50.1 252 300.8 58.8 0.38 0.10 East limit of
drilling
---------------------------------------------------------------------------
1750E AW-06-036 28 -64.8 71 152 81 0.40 0.13
---------------------------------------------------------------------------
1750E AW-06-038 208 -59 59 95.4 36.4 0.77 0.25 Drilled S.
away from pit;
hole
abandoned--
faulting
---------------------------------------------------------------------------
Incl 68 95.4 27.4 0.94 0.30
---------------------------------------------------------------------------


Ajax East Drill Hole Intercepts-Arranged by Section (South to North)

---------------------------------------------------------------------------
Len-
Sect- From To gth % g/t
ion Hole No. Az Dip (m) (m) (m) Cu Au Comments
---------------------------------------------------------------------------
1500N AE-06-006 123 -50.5 150 168 18 0.48 0.36
---------------------------------------------------------------------------
And 384 483 99 0.59 0.31
---------------------------------------------------------------------------
incl 384 447 63 0.82 0.39
---------------------------------------------------------------------------
1500N AE-06-007 123 -63.4 122 422 300 0.22 0.17
---------------------------------------------------------------------------
Incl 329 422 93 0.43 0.35
---------------------------------------------------------------------------
1550N AE-06-008 115 -50.1 88 511 423 0.24 0.16
---------------------------------------------------------------------------
292 340 48 0.44 0.27
---------------------------------------------------------------------------


Drilling continues under the Ajax East Pit zone, located approximately 500 metres to the northeast of the West Pit; where a similar zone of copper-gold mineralization was also previously mined by Afton Operating Corp. To date, twelve holes totaling 7202 metres have been completed. Assay results for three more holes (AE-06-006 to AE-06-008) have been received and are reported in this release.

With the completion of the Ajax West Zone program, one drill has now been mobilized to Abacus's DM-Audra-Crescent Zone, located approximately 1.5 kilometres east of the original Afton mine/mill site. The DM-Audra-Crescent Zone was last drilled extensively by Abacus in 2004, and was followed up with a compliant indicated resource estimate totalling 28,500,000 tonnes grading 0.30% copper and 0.15 g/t gold and an inferred resource of 15,800,000 tonnes grading 0.28% copper and 0.124 g/t gold (at 0.20% copper cutoff). The drill program at DM-Audra-Crescent is intended to fill-in and expand on this resource.

Eco Tech Laboratory Ltd. of Kamloops, B.C., has completed all of Abacus's analytical work on the project. A quality-control program, using specific standards and blank samples is in place. Robert G. Friesen, PGeo and Robert J. Darney, PGeo, are the qualified persons responsible for the design and conduct of the work performed.

On Behalf of the Board,

ABACUS MINING & EXPLORATION CORPORATION

Doug Fulcher, President

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
    or
    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