Abacus Mining and Exploration Corp.
TSX VENTURE : AME

Abacus Mining and Exploration Corp.

March 01, 2007 16:30 ET

Abacus Mining and Exploration Corp.: 102 Metres of 0.50% Copper and 0.34 g/t Gold, Ajax East Property Expands to 400 Metres of Strike Length, DM-Audra Zone Highlighted by Additional Drilling

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 1, 2007) - Abacus Mining and Exploration Corp. (TSX VENTURE:AME), a junior resource company engaged in exploration of copper and gold properties in the Afton mining camp near Kamloops British Columbia, today announced that the results of its recent drilling activities have significantly expanded the mineralized zone at its Ajax East property. Additional drilling at the DM-Audra deposit area was also successful in better defining the mineralized zones.

Abacus has now received all remaining assay results from the 2006 diamond drill programs on the Ajax East and DM-Audra properties near Kamloops, B.C. Thirteen holes totaling 7786.41 metres were drilled at Ajax East, of which the first eight holes have already been reported. Nineteen holes totaling 7157.59 metres were drilled at DM-Audra.

Highlights of the Ajax East and DM-Audra drilling include:

Ajax East:

- Drill hole AE-06-013 was drilled on Section 1450N at an azimuth of 298.1 degrees UTM (i.e., from the East pit wall), dip -47.1 degrees for a total length of 645.26 metres. It intersected 0.50% copper and 0.34 g/t gold over 102 metres. This intercept lies within a broader interval of 0.31% copper and 0.21 g/t gold over 263 metres.

- Drill hole AE-06-009 was drilled on Section 1550N at an azimuth of 116.0 degrees (UTM), dip - 64.3 degrees for a total length of 790.65 metres. It intersected 0.45% copper and 0.40 g/t gold over 72 metres within a broader interval of 165 metres of 0.30% copper and 0.30 g/t gold.

DM-Audra:

- Drill hole DA-06-054 was drilled on Section 23N at an azimuth of 310.2 degrees (UTM), dip -45.8 degrees for a total length of 331.01 metres. It intersected 0.42% copper and 0.33 g/t gold over 132 metres and includes a 30 metre subinterval of 1.00% copper and 0.96 g/t gold.

- Drill hole DA-06-039 was drilled on Section 19N at an azimuth of 312.5 degrees (UTM), dip -60.0 degrees for a total length of 434.95 metres. It intersected 0.34% copper and 0.42 g/t gold over 153 metres and includes a 36 metre subinterval of 0.52% copper and 1.14 g/t gold.

The following table lists the most recent results from the Ajax East and DM-Audra drilling. Intercept lengths are core lengths, which do not necessarily reflect true width. Drill hole plan maps and cross sections will be posted on the Abacus website.



AJAX EAST DRILL RESULTS
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Hole Core
Sect- Hole Dip Az. Length From To Length Copper Gold
ion No. (deg) (deg) (m) (m) (m) (m) % g/t
--------------------------------------------------------------------------
1450N AE-06-013 -47.1 298.1 645.26 207 470 263 0.31 0.21
--------------------------------------------------------------------------
incl 368 470 102 0.50 0.34
--------------------------------------------------------------------------
1550N AE-06-009 -64.3 116.0 790.65 388 403 15 0.85 0.78
--------------------------------------------------------------------------
598 763 165 0.30 0.30
--------------------------------------------------------------------------
incl 688 760 72 0.45 0.40
--------------------------------------------------------------------------
1600N AE-06-011 -45.5 118.2 550.77 342 387 45 0.22 0.12
--------------------------------------------------------------------------
incl 342 360 18 0.37 0.21
--------------------------------------------------------------------------
480 498 18 0.34 0.45
--------------------------------------------------------------------------
1650N AE-06-010 -48.0 118.0 468.48 448 468.48 20.48(i) 0.44 0.36
--------------------------------------------------------------------------
Longitudinal
from north
end of
pit AE-06-012 -46.2 226.2 642.21 117 123 6 0.01 4.67
----------------------------------
204 516 312 0.30 0.22
--------------------------------------------------------------------------
incl 231 246 15 0.88 0.80
--------------------------------------------------------------------------
incl 345 453 108 0.33 0.25
--------------------------------------------------------------------------
incl 348 369 21 0.58 0.41
--------------------------------------------------------------------------
(i) Hole ended in mineralization at property boundary

DM-AUDRA DRILL RESULTS
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Hole Core
Sect- Hole Dip Az. Length From To Length Copper Gold
ion No. (deg) (deg) (m) (m) (m) (m) % g/t
--------------------------------------------------------------------------
17N DA-06-042 -45.0 311.2 288.65 177 219 42 0.40 0.15
--------------------------------------------------------------------------
incl 186 216 30 0.45 0.16
--------------------------------------------------------------------------
17N DA-06-043 -68.0 311.2 438.00 NSV
--------------------------------------------------------------------------
18N DA-06-040 -45.0 312.1 294.74 177 246 69 0.67 0.35
--------------------------------------------------------------------------
incl 177 234 57 0.74 0.40
--------------------------------------------------------------------------
18N DA-06-041 -63.6 312.1 407.52 228 285 57 0.21 0.08
--------------------------------------------------------------------------
incl 228 246 18 0.32 0.08
--------------------------------------------------------------------------
19N DA-06-038 -46.4 312.5 354.18 186 288 102 0.35 0.30
--------------------------------------------------------------------------
19N DA-06-039 -60.0 312.5 434.95 214 367 153 0.34 0.42
--------------------------------------------------------------------------
incl 217 286 69 0.48 0.72
--------------------------------------------------------------------------
incl 217 253 36 0.52 1.14
--------------------------------------------------------------------------
20N DA-06-037 -65.6 312.0 514.20 229 283 54 0.30 0.20
--------------------------------------------------------------------------
340 388 48 0.28 0.16
--------------------------------------------------------------------------
incl 367 388 21 0.39 0.22
--------------------------------------------------------------------------
21N DA-06-044 -80.0 312.0 642.21 237 261 24 0.35 0.18
--------------------------------------------------------------------------
348 381 33 0.34 0.20
--------------------------------------------------------------------------
incl 366 381 15 0.45 0.26
--------------------------------------------------------------------------
22N DA-06-045 -63.0 312.0 480.67 252 336 84 0.31 0.23
--------------------------------------------------------------------------
incl 279 297 18 0.56 0.30
--------------------------------------------------------------------------
23N DA-06-054 -45.8 310.2 331.01 166 298 132 0.42 0.33
--------------------------------------------------------------------------
incl 265 295 30 1.00 0.96
--------------------------------------------------------------------------
23N DA-06-055 -65.0 310.2 530.96 298 328 30 0.85 0.42
--------------------------------------------------------------------------
25N DA-06-052 -45.0 311.1 334.37 223 265 42 0.45 0.17
--------------------------------------------------------------------------
incl 223 244 21 0.62 0.26
--------------------------------------------------------------------------
25N DA-06-053 -65.0 312.0 217.59 148 157 9 0.30 0.12
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27N DA-06-050 -46.0 312.7 306.73 186 219 33 0.33 0.09
--------------------------------------------------------------------------
27N DA-06-051 -64.6 312.7 328.27 NSV
--------------------------------------------------------------------------
31N DA-06-048 -46.9 312.4 322.17 159 177 18 0.54 0.05
--------------------------------------------------------------------------
31N DA-06-049 -66.5 312.4 294.74 NSV
--------------------------------------------------------------------------
33N DA-06-046 -46.0 310.0 319.13 NSV
--------------------------------------------------------------------------
33N DA-06-047 -63.0 310.0 319.13 148 169 21 0.24 0.09
--------------------------------------------------------------------------


Including the West pit, which has been summarized in previous releases, Abacus completed a total of sixty-nine diamond drill holes totaling 33,082.58 metres (108,537 feet) in 2006.

At Ajax East, drilling from both the west and east sides of the pit has outlined a zone of copper-gold mineralization below previous mining similar to that which Abacus reported at the Ajax West pit, approximately 0.5 kilometres to the west. The Ajax East zone has so far been drilled over a presumed strike length of at least 400 metres along the axis of the pit and copper gold mineralization has been intersected to depths of 600 metres below surface. One drill hole (AE-06-012) was drilled from the north end wall of the pit, directed south southwest along its long axis. 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. The Ajax property lies nine kilometres southeast along an existing haul road from the Abacus-owned Afton mill and infrastructure.

At DM-Audra, infill drilling approximately 1.5-2 kilometres east of the historic Afton mine site was completed to better define the current resource. All drilling in 2006 was done on the Audra (eastern) portion of the deposit area. The DM-Audra copper-gold zone is located within the Cherry Creek intrusive monzonite breccia and although they are interpreted to be connected along strike, there is considerable thinning, to only a few metres in the middle area of the deposit. The two zones have a combined strike length of about 800 metres. The third mineralized zone in the trend, the Crescent zone lies east of the Audra zone, but is fault offset from it by about 200 metres or more (apparent horizontal) to the southeast. A small open pit mined by Afton Operating Company exists on Crescent zone. The 2006 DM-Audra drilling was part of an ongoing program designed to expand the current resource which is located near the Abacus-owned mill and site infrastructure, including an existing haul road. Further infill and step-out drilling will be done in 2007.

Mr. Douglas Fulcher, President of Abacus, said, "We are extremely pleased with these results and their implications. At Ajax East, infill drilling will begin shortly so that we can bring the zone to resource status as quickly as possible. In addition, a NI 43-101 compliant resource is currently being calculated on the Ajax West Zone, which is located approximately 500 metres to the southwest. We expect to announce those results in the very near future. The DM zone continues to show increased size potential as well as higher grades, with more drilling expected to be carried out this spring."

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, P. Geo and Robert J. Darney, P. Geo, are the qualified persons responsible for the design and conduct of the work performed.

About Abacus Mining & Exploration Corp.

Abacus Mining & Exploration Corp. (TSX VENTURE:AME) is a Vancouver, BC-based junior resource company engaged in the exploration and development of copper / gold deposits in the Afton Camp near Kamloops, B.C. Abacus is led by a team of industry professionals with over 130 years of combined mineral property development experience and backgrounds in mining and exploration, project management and corporate finance.

The Company's strategy is to focus on areas known for historic production and employ modern exploration technology to maximize a property's potential. Abacus' objective is to develop mineral properties to an economically viable status by partnering with progressive senior mining companies who seek firms, like Abacus, with superior technical skills to develop early stage exploration targets.

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