Abacus Mining and Exploration Corp.
TSX VENTURE : AME

Abacus Mining and Exploration Corp.

June 23, 2008 14:13 ET

Abacus Mining and Exploration Corp.: Ajax Joint Venture Area Drilling Continues to Expands the Resources Area

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 23, 2008) - Abacus Mining & Exploration Corp. ("Abacus" or "the Company") (TSX VENTURE:AME) is pleased to announce the release of assay results from 29 more drill holes on the Ajax joint venture area with New Gold Inc.; in which Abacus may earn a 60% interest. All 29 holes reported here were drilled on the property in 2008 from Sections 1750E to 2000E inclusive, covering a strike length of 250 metres east of the Ajax West pit. The focus of this joint venture drill program has been to test for continuity of copper, gold mineralization between the Ajax West and East pits. This could allow for the expansion of the East and West pits into one large scale open pit mining operation. The information from this drilling will be incorporated into the combined Ajax resource estimation which is currently in progress.

Seventy-three holes totaling 30,625 metres (100,476 feet) were collared on the joint venture property from November 2007 until April, 2008. Eighteen holes drilled in late 2007 were reported previously and twenty-six holes remain to be released that cover the area further east from sections 2050E to 2250E.

A drill plan map showing the location of these holes will be posted on the Company's website at www.amemining.com as soon as possible.

Drill Highlights

- Hole AN-08-021 intersected 92 metres (301.8 feet) grading 0.39% copper and 0.19 g/t gold, and a 43 metre (141.1 feet) intercept averaging 0.58% copper and 0.21 g/t gold.

- Hole AN-08-024 intersected 124 metres (406.8 feet) grading 0.42% copper and 0.26 g/t gold.

- Hole AN-08-026 intersected 246 metres (807.1 feet) grading 0.32% copper and 0.21 g/t gold, including a 106 metre (347.8 feet) intercept averaging 0.44% copper and 0.34 g/t gold.

- Hole AN-08-043 intersected 146 metres (479 feet) grading 0.43% copper and 0.18 g/t gold, including a 29.66 metre (97.3 feet) intercept averaging 1.00% copper and 0.26 g/t gold.

- Hole AN-08-048 intersected 183.3 metres (601.4 feet) grading 0.39% copper and 0.27 g/t gold (uncut copper and gold), or 0.36% copper and 0.25 g/t gold (cut copper and gold); including an 83 metre (272.3 feet) intercept averaging 0.64% copper and 0.48 g/t gold (uncut copper and gold); or 0.58% copper and 0.44 g/t gold (cut copper and gold). High copper and gold values cut to 5% and 5 g/t respectively.

- Hole AN-08-055 intersected 31 metres (101.7 feet) grading 0.84% copper and 0.40 g/t gold.

- Hole AN-08-058 intersected 184 metres (603.7 feet) grading 0.38% copper and 0.15 g/t gold.

- Hole AN-08-065 intersected 65 metres (213.3 feet) grading 0.44% copper and 0.17 g/t gold.

- Hole AN-08-067 intersected 92 metres (301.8 feet) grading 0.40% copper and 0.15 g/t gold, including a 50 metre (164 feet) intercept averaging 0.53% copper and 0.23 g/t gold.

- Hole AN-08-072 intersected 319.52 metres (1048.3 feet) grading 0.26% copper and 0.16 g/t gold, including a 108 metre (354.3 feet) intercept averaging 0.34% copper and 0.20 g/t gold.

The following table lists the most significant drill intercepts from holes drilled in the joint venture area mentioned in this release. Intercept lengths are core lengths, which do not necessarily reflect true width.



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ABACUS/NEW GOLD JOINT VENTURE - AJAX 2008 DRILL RESULTS
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Ajax West Grid
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Dip Az. From To Length Length Au
Section Hole No. Deg Deg (m) (m) (metres) (feet) Cu % g/t
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1750E AN-08-022 -45.7 26.8 Scattered individual values greater than 0.20%
copper
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1750E AN-08-026 -68.5 26 31 56 25 82 0.32 0.31
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251 497 246 807.1 0.32 0.21
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Incl 318 497 179 587.3 0.36 0.25
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And 333 439 106 347.8 0.44 0.34
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And 333 359.87 26.87 88.2 0.63 0.77
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1750E AN-08-029 -89 26 37.49 84 46.51 152.6 0.26 0.14
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221.48 291 69.52 228.1 0.45 0.23
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Incl 224 265.45 41.45 136 0.59 0.32
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1750E AN-08-042 -44.6 207.5 30.7 52 21.3 69.9 0.30 0.19
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199 211 12 39.4 0.40 0.13
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251 264.13 13.13 43.1 0.91 0.32
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1750E An-08-037 -65.5 212.1 230 288.55 58.55 192.1 0.54 0.25
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Incl 230 256 26 85.3 0.60 0.29
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And 271 288.55 17.55 57.6 0.81 0.38
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413 436 23 75.5 0.37 0.12
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1800E AN-08-021 -70.5 204.2 54 190 136 446.2 0.32 0.18
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Incl 98 190 92 301.8 0.39 0.19
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And 118 145 27 88.6 0.65 0.34
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241 284 43 141.1 0.58 0.21
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Incl 241 262 21 69 0.99 0.35
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1850E AN-08-024 -46 24.1 353 501 148 485.6 0.39 0.24
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Incl 353 477 124 406.8 0.42 0.26
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And 465 477 12 39.4 1.55 0.87
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1850E AN-08-031 -65.2 25 102.72 209 106.28 348.7 0.26 0.14
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Incl 114 131.25 17.25 56.6 0.50 0.31
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336 447 111 364.2 0.28 0.10
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Incl 348 378 30 98.4 0.49 0.16
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1850E AN-08-036 -88.7 25 195.07 254 58.93 193.3 0.27 0.11
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Incl 224 254 30 98.4 0.32 0.11
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401 430 29 95.1 0.29 0.10
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1850E AN-08-039 -43.9 208.1 74 125 51 167.3 0.38 0.22
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Incl 74 119 45 147.6 0.41 0.24
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196 207.5 11.5 37.7 0.77 0.29
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1850E AN-08-043 -64.9 209.5 74 220 146 479 0.43 0.18
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Incl 74 94 20 65.6 0.67 0.39
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And 176 205.66 29.66 97.3 1.00 0.26
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274 294 20 65.6 0.30 0.10
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1900E AN-08-046 -43.2 26.5 255 424 169 554.5 0.26 0.18
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Incl 270 285 15 49.2 0.49 0.47
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And 379 415 36 118.1 0.41 0.25
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1900E AN-08-048 -44.5 26 72 176.35 104.35 324.4 0.23 0.17
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323 506.3 183.3 601.4 0.39 0.27
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Or 323 506.3 183.3 601.4 0.36 0.25
Cu cut Au cut
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Incl 323 406 83 272.3 0.64 0.48
Cu Au
uncut uncut
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Or 323 406 83 272.3 0.58 0.44
Cu cut Au cut
to 5% to 5g/t
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Incl 365.57 385 19.43 63.7 1.32 0.91
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1900E AN-08-054 -65.3 24.7 90 127 37 121.4 0.36 0.21
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417 448.1 31.1 102 0.31 0.12
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1900E AN-08-061 -88.1 24.7 169.55 213 43.45 142.6 0.43 0.18
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1900E AN-08-067 -46.9 207.7 56 98 42 137.8 0.36 0.17
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200 292 92 301.8 0.40 0.15
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Incl 242 292 50 164 0.53 0.23
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1900E AN-08-069 -65.3 209 33 48.45 15.45 50.7 0.62 0.28
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175 205 30 98.4 0.32 0.12
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271 319 48 157.5 0.39 0.10
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Incl 304 319 15 49.2 0.72 0.18
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1950E AN-08-051 -44.8 26 101.38 121 19.62 64.4 0.34 0.17
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415 445 30 98.4 0.22 0.13
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502 526 24 78.7 0.27 0.18
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1950E AN-08-053 -45.4 25.7 288 425.2 137.2 450.1 0.26 0.20
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Incl 336 361 25 82 0.34 0.29
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1950E AN-08-056 -64.5 28 38 80 42 137.8 0.42 0.19
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Incl 38 59 21 68.9 0.55 0.23
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245 344 99 324.8 0.25 0.12
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1950E AN-08-058 -89.2 28 68 252 184 603.7 0.38 0.15
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Incl 230 243 13 42.7 1.25 0.45
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1950E AN-08-060 -45.6 208.3 Scattered narrow zones and individual values
greater than 0.20% copper
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1950E AN-08-062 -65 208.3 189 207 18 59.1 0.42 0.13
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286 304 18 59.1 0.36 0.06
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2000E AN-08-055 -46.2 27.5 375 406 31 101.7 0.84 0.40
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2000E AN-08-057 -65.7 25 117 161 44 144.4 0.49 0.18
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Incl 117 146.52 29.52 96.8 0.62 0.23
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2000E AN-08-063 -88.9 25 42 60 18 59.1 0.60 0.33
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113 195 82 269 0.27 0.09
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Incl 177 192 15 49.2 0.61 0.19
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2000E AN-08-065 -45.5 207.5 21 86 65 213.3 0.44 0.17
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131.62 184 52.38 171.8 0.35 0.11
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2000E AN-08-068 -64.3 207.8 66 178 112 367.4 0.24 0.09
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Incl 70 94 24 78.7 0.37 0.18
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2000E AN-08-072 -43.3 28.5 88 407.52 319.52 1048.3 0.26 0.16
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Incl 88 196 108 354.3 0.34 0.20
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And 361 407.52 46.52 152.6 0.45 0.22
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Discussion of Results

These drill holes were all drilled in early 2008 and provide coverage from 1750E to 2000E inclusive; or for 250 metres due east of the Ajax West pit. Due to the intense and detailed nature of the drill program, drill fans of 3 to 5 holes were often drilled from one set-up. Section spacing for the drill coverage was 50 metres and all holes reported here were oriented along the Ajax West grid (028 degrees and 208 degrees):

The results continue to provide support for Abacus' proposed exploration model of locating sufficient continuity of copper-gold mineralization to potentially support a large scale open pit mining operation. It is encouraging to note that 25 of the holes reported here had one or more significant mineralized intercepts greater than 30 metres (about 100 feet) in length; including 11 holes with one or more significant intercepts ranging in length from 100 metres (328.1 feet) to 319.52 metres (1048.3 feet).

The remaining 26 holes will be released shortly.

About the Afton Project

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 over 500,000 feet (152,402 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). Resource estimations for the entire Ajax area (Ajax East, Ajax West, and the joint venture ground in between) are currently in progress.

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. With the completion of the high priority drilling in the joint venture ground, the project is now down to two drill rigs turning on the property. These two drills will continue to carry out definition drilling throughout the Ajax area in order to maximize the assignment of resources into measured and indicated categories.

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.

Contact Information