Abacus Mining and Exploration Corp.
TSX VENTURE : AME

Abacus Mining and Exploration Corp.

March 03, 2008 08:01 ET

Abacus Continues Expansion of Primary Afton Target at Ajax

Intersects 374.78 metres (1,230 feet) of 0.51% copper and 0.41 g/t gold

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 3, 2008) - Abacus Mining & Exploration Corp. ("Abacus" or "the Company") (TSX VENTURE:AME) is pleased to announce additional assay results from the ongoing drill program at the copper-gold rich Ajax and DM zones located in the Afton camp, near Kamloops, BC. The focus of drilling at the Ajax area is to upgrade and expand the mineralized area for a 43-101 compliant resource estimate that includes both Ajax West and East zones, and the area in between. Resource estimates at the Ajax and DM areas are expected to be completed by the end of the second and first quarters, respectively.

The Company currently has four drill rigs operating at Ajax in the area between the previously drilled Ajax West and Ajax East zones. This drilling program will conclude during March and allow for a preliminary economic assessment on the entire Ajax mining area to commence immediately thereafter. Infill drilling will continue at Ajax in preparation for a feasibility study to be completed in early 2009. Abacus is working towards a large scale (40,000 to 60,000 tonnes per day) surface mining operation at Ajax, commencing in 2010.

Ajax West Drill Highlights

- Hole AW-07-071 intersects 375 metres (1,230 feet) grading 0.51% copper and 0.41 g/t gold, including a deeper 87 metre (285 feet) intercept averaging 1.00% copper and 0.87 g/t gold

- Hole AW-07-066 intersects 118 metres (387 feet) grading 0.35% copper and 0.11 g/t gold, and a second intercept of 144.5 metres (474 feet) of 0.47% copper and 0.23 g/t gold

- Hole AW-07-068 intersects 78 metres (256 feet) grading 0.48% copper and 0.38 g/t gold, including a 42 metre (138 feet) intercept averaging 0.55% copper and 0.51 g/t gold

DM Zone Drill Highlights

- Hole DA-07-073, drilled in the Audra component of the deposit area, intersects 87 metres (327 feet) of 0.35% copper and 0.20 g/t gold and a second zone of 60 metres of 0.29% copper and 0.17 g/t gold

- Hole DA-07-076, drilled in the DM component of the deposit area, intersects 105 metres (344 feet) of 0.26% copper and 0.08 g/t gold

- Hole DA-07-078, also drilled in the DM component of the deposit area intersects 57 metres (187 feet) of 0.33% copper and 0.15 g/t gold within a larger intercept of 114 metres (374 feet) grading 0.26% copper and 0.11 g/t gold

About the Ajax West Area

The Ajax property comprises of eight 100% owned Crown grants which include the historic Ajax East and West pits. Also included is an interest in claims between the pits acquired from a joint-venture agreement signed with New Gold Inc. The Ajax area lies nine kilometres southeast along an existing haul road from the Afton mill, shop facilities and tailings area which Abacus agreed to purchase in 2005 from Teck-Cominco. Four drill rigs turning on the property have completed over 25,000 feet of drilling to date. It is anticipated that an additional 35,000 feet of drilling will be completed in the Ajax area during March. A 43-101 compliant resource estimate of the entire Ajax area is due to be completed in the second quarter of 2008.



Ajax West Drilling
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Dip Az. From To Length Copper Gold
Section Hole No. Deg Deg (m) (m) (m) % g/t
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1300E AW-07-064 -78 028 147 11 64 0.43 0.17
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195 205 10 0.93 0.51
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330 349 19 0.56 0.26
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438 445 7 2.14 0.59
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1400E AW-07-065 -80.6 028 Drilled in south wall of pit in
mafic volcanics. No significant
mineralization.
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1150E AW-07-066 -85 028 137.11 255 117.89 0.35 0.11
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164 193.9 29.9 0.44 0.17
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220 235 15 0.65 0.22
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241 255 14 0.54 0.16
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380.5 525 144.5 0.47 0.23
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380.5 401 20.5 0.94 0.42
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380.5 430 49.5 0.67 0.35
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460 525 65 0.44 0.19
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1375E AW-07-067 -86 208 249 381 132 0.29 0.21
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315 330 15 0.50 0.38
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348 381 33 0.41 0.21
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465 477 12 0.50 0.23
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1350E AW-07-068 -45 028 69 147 78 0.48 0.38
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105 147 42 0.55 0.51
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1550E AW-07-070 -45 028 14.33 111 96.67 0.32 0.30
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14.33 28.7 14.37 0.65 0.74
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1100E AW-07-071 -88 025 125 499.78 374.78 0.51 0.41
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127.1 151 23.9 0.87 0.51
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403 490 87 1.00 0.87
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415 457 42 1.40 1.40
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Intercept lengths are core lengths, which do not necessarily reflect
true width.


About the DM Zone

The Company's 100% owned DM zone lies 1.5 kilometres from the existing infrastructure. Its proximity to existing infrastructure and expected low strip ratio enables Abacus to look at the DM deposit as an important component of a potential multiple pit mining plan at Afton. This complements and adds to the proposed 2010 production from Ajax and elsewhere.



DM Zone Drilling
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Hole
Dip Az. Length From To Length Copper Gold
Section Hole No. Deg Deg (m) (m) (m) (m) % g/t
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21N(Audra) DA-07-070 -45 312 157.58 33 78 45 0.25 0.12
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20N(Audra) DA-07-071 -45 312 107.29 51 66 15 0.29 0.16
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DA-07-074 -80 312 690.98 314 362 48 0.20 0.22
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446 528 82 0.24 0.16
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Incl 500 528 28 0.30 0.17
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592 619 27 0.26 0.02
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19N(Audra) DA-07-073 -75.5 312 636.12 273 360 87 0.35 0.20
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417 477 60 0.29 0.17
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18N(Audra) DA-07-075 -45 312 185.01 No Significant Intercepts
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6N(DM) DA-07-076 -60.8 130.7 537.67 78 183 105 0.26 0.08
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Incl 78 129 51 0.30 0.11
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147 183 36 0.28 0.08
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270 294 24 0.25 0.10
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342 411 69 0.29 0.16
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5N(DM) DA-07-077 -45 132 212.45 66.14 99.67 33.53 0.24 0.08
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DA-07-078 -60 132 453.24 123 237 114 0.26 0.11
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Incl 123 180 57 0.33 0.15
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Intercept lengths are core lengths, which do not necessarily reflect true
width.


About the Afton Area

The Afton properties belonging to the Company lie within a mining camp hosting a number of mined and un-mined alkalic copper-gold, porphyry style deposits. Since 2002, Abacus has redefined several known deposits through expansion of down-dip and strike extensions. The Company has completed 399,000 feet (121,618 metres) of drilling and developed NI 43-101 compliant indicated resources on the DM and Rainbow deposits, totaling 60.1 million tonnes and an inferred resource at the Ajax West deposit totaling 147,000,000 tonnes (all resources calculated at 0.20% copper cut-off).

This year, an updated DM zone resource will be upgraded by the first quarter and the greater Ajax area will have a compliant resource estimate completed during the second quarter. Upon completion of the resource estimates, Abacus intends to progress the Afton project through preliminary economic studies and into feasibility during the second half of 2008 and completed in early 2009. The Company's goal is to develop, large-scale surface mining operations at Afton producing between 40,000 and 60,000 tonnes per day by 2010.

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

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. 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, and 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.

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

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