Abacus Mining and Exploration Corp.
TSX VENTURE : AME

Abacus Mining and Exploration Corp.

January 12, 2006 13:15 ET

Abacus Hits Another 358 Metres of Copper-Gold Mineralization Below Ajax Pit

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 12, 2006) - The Directors of Abacus Mining and Exploration Corp. (TSX VENTURE:AME) (the "Company") are pleased to announce that three more diamond drill holes completed under the Ajax West Pit have also intersected the large zone of copper-gold rich mineralization mentioned in their previous news release (see December 19th news release). As with the first two holes, there were a number of higher-grade copper-gold intercepts encountered within broader zones of mineralization. The overall results of the drill program confirm the continuity of significant copper-gold mineralization to a vertical depth of at least 300 metres below the existing open pit.

Highlights:

- Drill hole AW-05-03 was drilled on section 1625 W (50 metres east of AW-05-01) at azimuth 028 degrees (UTM), dip -50 degrees, for a total length of 538.6 metres. It intersected 0.47% copper and 0.28 g/t gold over 228 metres.

- Drill hole AW-05-04 was drilled on section 1750 W (75 metres west of AW-05-01), near the western end of the pit at azimuth 028 degrees (UTM), dip -50 degrees, for a total length of 456.3 metres. It intersected 0.36% copper and 0.40 g/t gold over 87 metres.

- Drill hole AW-05-05 was drilled on section 1525 W (150 metres east of AW-05-01), in the eastern half of the pit at azimuth 028 degrees (UTM), dip -50 degrees, for a total length of 456.3 metres. It intersected 0.47% copper and 0.36 g/t gold over 358 metres.

The following table lists the above mentioned assay intervals, including significant subintervals of higher grade, and the previously released holes AW-05-01 and AW-05-02:



----------------------------------------------------------------
From To Interval Cu Au Cu Equiv.
Hole (metres) (metres) (metres) (%) (g/t) (%)
----------------------------------------------------------------
AW-05-03 165.0 393.0 228.0 0.47 0.28 0.63
----------------------------------------------------------------
Incl 165.0 213.0 48.0 0.61 0.26 0.76
----------------------------------------------------------------
And 342.0 393.0 51.0 0.72 0.51 1.02
----------------------------------------------------------------
AW-05-04 249.0 261.0 12.0 0.62 0.69 1.02
----------------------------------------------------------------
And 345.0 432.0 87.0 0.36 0.40 0.59
----------------------------------------------------------------
Incl 396.0 432.0 36.0 0.39 0.43 0.66
----------------------------------------------------------------
AW-05-05 97.0 455.0 358.0 0.47 0.36 0.68
----------------------------------------------------------------
Incl 196.0 377.0 181.0 0.52 0.43 0.77
----------------------------------------------------------------
Incl 247.0 323.0 76.0 0.58 0.49 0.87
----------------------------------------------------------------
Incl 284.0 323.0 39.0 0.78 0.62 1.14
----------------------------------------------------------------
Previously Reported Drill Holes
----------------------------------------------------------------
AW-05-01 136.0 544.0 408.0 0.52 0.31 0.70
----------------------------------------------------------------
Incl 331.0 496.0 165.0 0.77 0.54 1.08
----------------------------------------------------------------
Incl 331.0 343.0 12.0 1.54 1.16 2.22
----------------------------------------------------------------
Incl 424.0 478.0 54.0 0.88 0.56 1.21
----------------------------------------------------------------
Incl 463.0 478.0 15.0 1.38 0.94 1.93
----------------------------------------------------------------
AW-05-02 124.0 464.0 340.0 0.51 0.25 0.66
----------------------------------------------------------------
Incl 136.0 159.0 23.0 0.68 0.36 0.89
----------------------------------------------------------------
And 189.0 228.0 39.0 0.66 0.36 0.87
----------------------------------------------------------------
And 302.0 355.0 33.0 0.70 0.33 0.89
----------------------------------------------------------------
And 419.0 461.0 42.0 1.06 0.59 1.40
----------------------------------------------------------------
Incl 440.0 458.0 18.0 1.19 0.64 1.56
----------------------------------------------------------------
Note: Please refer to our web site for a drill plan and section.
Copper equivalents use metal prices of $1.00 (US) per
pound of copper, $400 (US) per ounce for gold.


All holes targeted copper-gold mineralization below the Ajax West Pit. The mineralization is most closely associated with zones of steeply dipping albite alteration in the intrusive host rocks. From this drill program, it is apparent there is a significant, largely untested copper-gold zone beneath the pit at depths that have never been tested. The Company believes this zone has the potential for hosting both an open pit and underground resource. Future drilling at Ajax, scheduled to begin next month, will continue to explore the extent of this zone, as well as initiate a similar program beneath the Ajax East Pit.

The Company's Ajax property comprises eight 100% owned Crown Grants near Kamloops, British Columbia that encompass most of the old East and West pits that were last mined in 1997 by Afton Operating Corp. The Ajax West Pit lies nine kilometres southeast along an existing haul road from the Afton Mill facilities, which Abacus has recently agreed to purchase from Teck Cominco Limited.

In addition to drilling at Ajax this year, Abacus is also planning an extensive drill program to continue testing depth and strike extensions for the previously reported Rainbow and DM-Audra resources.

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 ongoing, using Eco Tech Laboratory Ltd., of Kamloops BC. Mr. Robert G. Friesen, P. Geo and Mr. Robert Darney, P. Geo 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


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
    President
    (604) 682-0301
    or
    Abacus Mining and Exploration Corp.
    Paddy Nicol
    (604) 682-0301
    (604) 682-0307 (FAX)
    info@amemining.com
    www.amemining.com