Abacus Mining and Exploration Corp.
TSX VENTURE : AME

Abacus Mining and Exploration Corp.

February 25, 2009 08:01 ET

Abacus Discovers New Mineralized Extension to the Ajax Deposit

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 25, 2009) - Abacus Mining & Exploration Corp. ("Abacus" or the "Company") (TSX VENTURE:AME) is pleased to announce the results of the first five drill holes completed on the Ajax extension area (formally known as Monte Carlo) in December 2008. Abacus geologists have identified a new mineralized, fault offset block of the Ajax deposit, approximately 200 metres east of the Ajax East pit. The Ajax East zone is a major component of the overall Ajax deposit containing a recently reported 43-101 compliant resource estimate totaling 365 million tonnes (measured and indicated) grading 0.31% copper and 0.20 g/t gold (at 0.20% CuEq cutoff).

Assay results from the holes reported were not received in time for inclusion in the 43-101 compliant resource estimate however, the holes will be included in an updated resource for the on-going preliminary economic assessment ("PEA"). Additional drilling to further explore and evaluate the Ajax extension area is now being planned.

Please visit www.amemining.com for a drill plan map of this area, and other Company information.

Offset Extension Drill Highlights

- Hole AM-08-013 intersects 192 metres (629.9 feet) averaging 0.44% copper and 0.33 g/t gold; including 97 metres (318.2 feet) averaging 0.60% copper and 0.40 g/t gold. These intercepts lie within a 371 metre (1217.2 feet) long intercept averaging 0.32% copper and 0.25 g/t gold.

- Hole AM-08-014 intersects 39.7 metres (130.2 feet) averaging 0.44% copper and 0.26 g/t gold; including 26.7 metres (87.6 feet) averaging 0.58% copper and 0.35 g/t gold. Further down the hole, it intersects a separate 18 metre (59.1 feet) intercept averaging 0.59% copper and 0.22 g/t gold.

- Hole AW-08-015 intersects 18 metres (59.1 feet) averaging 0.72% copper and 0.25 g/t gold; and a 30.2 metre (99.1 feet) intercept averaging 0.60% copper and 0.30 g/t gold; including 16 metres (52.5 feet) of 0.98% copper and 0.50 g/t gold.



---------------------------------------------------------------------------
ABACUS - AJAX EAST OFFSET DRILL RESULTS
Significant Drill Results from Holes Drilled in 2008 in the Offset
Extension of Ajax East Zone
---------------------------------------------------------------------------
Hole Dip Az. From To Length Length Cu Au
Section No. Deg Deg (m) (m) (metres) (feet) % g/t
---------------------------------------------------------------------------
1650N AM-08-013 -89.2 306.1 71 442 371 1217.2 0.32 0.25
---------------------------------------------------------------------------
Incl 71 263 192 629.9 0.44 0.33
---------------------------------------------------------------------------
148 245 97 318.2 0.60 0.40
---------------------------------------------------------------------------
And 286 316 30 98.4 0.38 0.30
---------------------------------------------------------------------------
And 415 442 27 88.6 0.30 0.22
---------------------------------------------------------------------------

---------------------------------------------------------------------------
1650N AM-08-014 -54.8 115.6 250.3 290 39.7 130.2 0.44 0.26
---------------------------------------------------------------------------
Incl 250.3 277 26.7 87.6 0.58 0.35
---------------------------------------------------------------------------
And 488 506 18 59.1 0.59 0.22
---------------------------------------------------------------------------

---------------------------------------------------------------------------
1650N AM-08-015 -47.4 117.5 34.3 53 18.4 60.4 0.27 0.16
---------------------------------------------------------------------------
153.65 171.65 18 59.1 0.72 0.25
---------------------------------------------------------------------------
301 331.2 30.2 99.1 0.60 0.30
---------------------------------------------------------------------------
Incl 301 317 16 52.5 0.98 0.50
---------------------------------------------------------------------------

---------------------------------------------------------------------------
1650N AM-08-016 -47 27.3 87 110 23 75.5 0.17 0.14
---------------------------------------------------------------------------
144 168 24 78.7 0.29 0.22
---------------------------------------------------------------------------

---------------------------------------------------------------------------
1650N AM-08-017 -45.9 52 31 47 16 52.5 0.35 0.39
---------------------------------------------------------------------------
68 94 26 85.3 0.23 0.14
---------------------------------------------------------------------------
129 159 30 98.4 0.24 0.31
---------------------------------------------------------------------------
NOTE: Intercept lengths are core lengths, which do not necessarily reflect
true width.


Discussion of Results

The above results are considered to be very positive and open up a new area for possible expansion of the Ajax resource. The extension area is wide open for exploration due to the lack of outcrop in the area and little previous work.

A reinterpretation of some of the earlier Ajax East drill results (listed below), indicate that several of the holes crossed through the offsetting fault and intersected copper-gold mineralization at depth. This suggests that the near surface mineralization intersected in the extension area has significant down-dip continuity similar to that found in the main Ajax East area.

All intercepts to date in this new block lie immediately north of the offsetting fault. It appears the strike and dip of the offset mineralized zone is similar to that found in the Ajax East area where there is potential for expanding the current resource along an unknown strike length.

Some Earlier Ajax Area Intercepts Now Interpreted to Belong to the Offset Block

- AE-07-035: 420m to 459m (39m) @ 0.48% copper and 0.38 g/t gold

- AE-07-039: 483m to 603m (120m) @ 0.40% copper and 0.38 g/t gold

- AE-07-041: 500m to 584m (84m) @ 0.37% copper and 0.38 g/t gold

- AE-08-054: 325m to 379.55m (54.55m) @ 0.56% copper and 0.42 g/t gold

- AE-08-062: 360m to 549m (189m) @ 0.32% copper and 0.25 g/t gold

- AM-08-012: 522m to 615m (93m) @ 0.51% copper and 0.37 g/t gold

About the Ajax Project

Abacus is an exploration and development company that holds a 100% interest in four significant copper-gold mineral properties in the prolific Afton Camp near Kamloops, British Columbia.

On the Ajax property, Abacus owns 100% interest in 8 crown granted claims and is earning a 60% interest in the surrounding ground from New Gold Inc. Based on 621 historic and recent holes drilled by Abacus since late 2005, AMEC Americas Limited recently estimated measured and indicated resources on the property totaling 365 million tonnes grading 0.31% copper and 0.20 g/t gold using a 0.20% copper equivalent cutoff; containing over 2.5 billion pounds of copper and 2.3 million ounces of gold.

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 along with the water rights in 2005 from Teck-Cominco. 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., the Company's Senior Exploration Manager, 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.

Contact Information