Abacus Mining and Exploration Corp.
TSX VENTURE : AME

Abacus Mining and Exploration Corp.

September 10, 2007 08:01 ET

Abacus Mining & Exploration Corp.: Progress Report on Drilling at Ajax West and East; Drilling Underway at DM-Audra-Crescent

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 10, 2007) - Abacus Mining & Exploration Corp. (TSX VENTURE:AME) (the "Company") is pleased to announce further results from the ongoing diamond drill program on the Ajax Property (the "Property) near Kamloops, B.C. The Property comprises eight, 100 percent owned Crown grants near Kamloops, B.C., which encompass most of the historic East and West pits that were last mined in 1997 by Afton Operating Company. The Ajax Property is situated 8 km southeast of the former Afton mill/shop/warehouse infrastructure which the Company purchased from Teck-Cominco and is accessible via an existing haul road.

Two diamond drill rigs are currently in operation on the Ajax Property. The first drill rig is dedicated to defining a 43-101 compliant resource in the Ajax East zone. The second drill rig is currently being used to fill-in and possibly expand the NI-43-101 compliant Ajax West inferred resource estimate completed last March by Beacon Hill Consultants Ltd. (147,000,000 tonnes @ 0.36% copper and 0.23g/t gold at a 0.20% copper cutoff grade).

Two exploratory holes were also drilled into the adjacent Monte Carlo claim from the east side of the Ajax east pit.

A third drill rig is operating at the DM-Audra-Crescent Zone which is situated 1.0 to 2.5 kilometres east of the Afton mill/shop/warehouse infrastructure. On this property Abacus has already defined a 43-101 compliant resource estimate by Giroux Consultants Ltd. of 28,500,000 tonnes Indicated @ 0.30% copper and 0.15g/t gold plus 15,800,000 tonnes Inferred @ 0.28% copper and 0.12g/t gold; both at 0.20% copper cutoff grade. The current drilling is intended to expand on the resource, which is open at depth and along strike. Results will be released when sufficient assay data has been received.

Mr. Douglas Fulcher, President of Abacus, states, "This year's drilling program is continuing to expand on the potential size of both the Ajax and DM-Audra deposits." A resource on the Ajax East deposit is expected to be completed this fall and preliminary economics on the whole Ajax area as well as the DM zones is now well underway and expected to be completed in early 2008. The Company is currently contemplating to have a full Feasibility Study completed by the end of 2008. To date, Abacus has drilled over 100,000 metres in the Afton camp with an additional 30,000 metres to be completed this year. Baseline and Environmental studies are well underway and will continue throughout the year.

Drilling Highlights:

(see Table for further details)

Ajax West

Hole AW-07-047 intersected 204 metres of 0.28% copper and 0.12g/t gold from 47.0m to 251.0m; and 48.0 metres of 0.70% copper and 0.26g/t gold from 335.0m to 383.0m.

Hole AW-07-048 intersected 93 metres of 0.37% copper and 0.12g/t gold from 120.0m to 213.0m; including 21.0m of 0.65% copper and 0.23g/t gold from 147.0m to 168.0m.

Hole AW-07-050 intersected 60m metres of 0.64% copper and 0.24g/t gold from 53.0m to 113.0m.

Hole AW-07-051 intersected 57.3 metres of 0.97% copper and 0.51g/t gold from 26.7m to 84.0m; including 48.3m of 1.08% copper and 0.55g/t gold from 26.7m to 75.0m.

Ajax East

Hole AE-07-024 intersected 207.0 metres of 0.32% copper and 0.17g/t gold from 136.0m to 343.0m; including 48.0m of 0.47% copper and 0.30g/t gold from 259.0m to 307.0m.

Hole AE-07-026 intersected 120.0 metres of 0.35% copper and 0.15g/t gold from 50.0m to 170.0m.

Hole AE-07-029 intersected 108.0 metres of 0.48% copper and 0.35g/t gold from 470.0m to 578.0m.

Hole AE-07-021 intersected 246.02 metres of 0.29% copper and 0.27g/t gold from 384.0m to 630.02m.

Monte Carlo

Hole AE-07-031 intersected 36.0 metres of 0.62% copper and 0.17g/t gold from 124.0m to 160.0m; and 15.1 metres of 0.82% copper and 0.16g/t gold from 485.9m to 501.0m.

Hole AE-07-032 intersected 18.0 metres of 0.69% copper and 0.15g/t gold from 79.0m to 97.0m; and 24.8 metres of 0.45% copper and 0.10g/t gold from 305.2m to 330.0m.

The following tables list the most recent results from the Ajax drilling that have not been previously released. Intercept lengths are core lengths, which do not necessarily reflect true width. A drill hole plan map and cross sections will be posted on the Abacus website as soon as possible.



AJAX WEST DRILL RESULTS

---------------------------------------------------------------------------
Hole Core
Length From To Length Copper Gold
Section Hole No. Dip Az. (m) (m) (m) (m) (%) g/t
---------------------------------------------------------------------------
1700E AW-07-047 -49.2 028.3 392.58 47.0 251.0 204 0.28 0.12
degrees degrees
---------------------------------------------------------------------------
Incl 98.0 137.0 39.0 0.38 0.17
---------------------------------------------------------------------------
And 335.0 383.0 48.0 0.70 0.26
---------------------------------------------------------------------------
1700E AW-07-048 -65.6 027.0 486.77 120.0 213.0 93.0 0.37 0.12
---------------------------------------------------------------------------
Incl 147.0 168.0 21.0 0.65 0.23
---------------------------------------------------------------------------
180.0 213.0 33.0 0.40 0.11
---------------------------------------------------------------------------
1700E AW-07-049 -84.0 026.0 193.24 NSV
---------------------------------------------------------------------------
1800E AW-07-050 -50.1 028.1 249.02 53.0 113.0 60.0 0.64 0.24
---------------------------------------------------------------------------
Incl 83.0 110.0 27.0 0.91 0.34
---------------------------------------------------------------------------
1800E AW-07-051 -64.2 027.7 362.41 26.7 84.0 57.3 0.97 0.51
---------------------------------------------------------------------------
Incl 26.7 75.0 48.3 1.08 0.55
---------------------------------------------------------------------------
189.0 207.0 18.0 0.57 0.20
---------------------------------------------------------------------------
1800E AW-07-052 -80.2 028.0 383.44 25.35 58.0 32.65 0.57 0.24
---------------------------------------------------------------------------
Incl 31.0 55.0 24.0 0.69 0.29
---------------------------------------------------------------------------
1800E AW-07-053 -45.0 208.0 49.68 Hole did not reach bedrock; no
assays
---------------------------------------------------------------------------
1800E AW-07-054 -55.0 208.0 67.06 Hole did not reach bedrock; no
assays
---------------------------------------------------------------------------
1850E AW-07-055 -83.2 014.0 377.95 NSV
---------------------------------------------------------------------------
1850E AW-07-056 -69.5 209.0 422.15 NSV
---------------------------------------------------------------------------


Drill coverage of the Ajax West deposit has now been completed along strike, but Abacus will continue with fill-in coverage at depth and along the north and south margins to better constrain the deposit.



AJAX EAST DRILL RESULTS

---------------------------------------------------------------------------
Hole Core
Length From To Length Copper Gold
Section Hole No. Dip Az. (m) (m) (m) (m) (%) g/t
---------------------------------------------------------------------------
1400N AE-07-022 -45.3 298.0 550.47 65.0 77.0 12.0 0.81 0.48
degrees degrees
---------------------------------------------------------------------------
And 278.0 317.0 39.0 0.36 0.22
---------------------------------------------------------------------------
And 377.0 416.0 39.0 0.31 0.19
---------------------------------------------------------------------------
1400N AE-07-024 -61.1 298.5 569.06 136.0 343.0 207.0 0.32 0.17
---------------------------------------------------------------------------
Incl 259.0 307.0 48.0 0.47 0.30
---------------------------------------------------------------------------
Incl 271.0 301.0 30.0 0.59 0.38
---------------------------------------------------------------------------
1400N AE-07-026 -81.2 303.0 450.19 50.0 170.0 120.0 0.35 0.15
---------------------------------------------------------------------------
And 347.0 368.0 21.0 0.63 0.39
---------------------------------------------------------------------------
And 413.0 431.0 18.0 0.33 0.23
---------------------------------------------------------------------------
1450N AE-07-027 -60.7 300.2 651.36 99.0 135.0 36.0 0.34 0.22
---------------------------------------------------------------------------
And 156.0 222.0 66.0 0.45 0.24
---------------------------------------------------------------------------
And 297.0 318.0 21.0 0.66 0.36
---------------------------------------------------------------------------
And 351.0 363.0 12.0 0.77 0.66
---------------------------------------------------------------------------
1450N AE-07-029 -75.5 301.8 607.47 143.0 179.0 36.0 0.32 0.16
---------------------------------------------------------------------------
And 347.0 359.0 12.0 0.48 0.46
---------------------------------------------------------------------------
And 470.0 578.0 108.0 0.48 0.35
---------------------------------------------------------------------------
Incl 497.0 521.0 24.0 0.90 0.58
---------------------------------------------------------------------------
1500N AE-07-020 -74.9 299.0 63.40 Abandoned in fault before target
zone reached
---------------------------------------------------------------------------
1500N AE-07-021 -74.2 298.5 630.02 162.0 186.0 24.0 0.69 0.33
---------------------------------------------------------------------------
And 384.0 630.02 246.02 0.29 0.27
---------------------------------------------------------------------------
Incl 384.0 417.0 33.0 0.41 0.33
---------------------------------------------------------------------------
Incl 498.0 630.02 132.02 0.30 0.30
---------------------------------------------------------------------------
Incl 498.0 555.0 57.0 0.35 0.37
---------------------------------------------------------------------------
1550N AE-07-023 -45.1 297.8 529.44 67.0 79.0 12.0 0.76 0.27
---------------------------------------------------------------------------
And 196.0 232.0 36.0 0.29 0.20
---------------------------------------------------------------------------
And 340.0 403.0 63.0 0.31 0.22
---------------------------------------------------------------------------
1550N AE-07-025 -60.2 297.7 630.63 NSV
---------------------------------------------------------------------------
1550N AE-07-028 -74.0 297.3 620.88 213.0 414.0 201.0 0.22 0.22
---------------------------------------------------------------------------
Incl 213.0 273.0 60.0 0.42 0.29
---------------------------------------------------------------------------
Incl 357.0 414.0 57.0 0.26 0.35
---------------------------------------------------------------------------
1650N AE-07-030 -77.4 297.25 620.88 408.0 561.0 153.0 0.23 0.21
---------------------------------------------------------------------------
Incl 450.0 471.0 21.0 0.53 0.53
---------------------------------------------------------------------------
Incl 540.0 561.0 21.0 0.33 0.31
---------------------------------------------------------------------------


Detailed drilling of the Ajax East Pit on Abacus ground is nearing completion. Some fill-in drilling is still required between our southern boundary and Section 1350N, and near our eastern claim boundary. Additionally, one or two more longitudinal holes will be completed along a northeast to southwest direction to look for clues that will help us determine the orientation that future drilling should take as we move eastward into the Monte Carlo property.

Monte Carlo Property

The Monte Carlo claim is part of a contiguous group of six Abacus-owned crown-granted claims that cover part of the Ajax East pit deposit and surrounding area, most recently mined by Afton Operating Company. The Monte Carlo claim lies immediately east of the old pit where near-surface historical work indicates the presence of copper-gold mineralization that appears to be similar to, and therefore possibly an eastern extension of the Ajax zones. Abacus recently completed two exploratory holes into the claim from Section 1450N on the east side of the Ajax East pit and the results demonstrate the presence of copper-gold mineralization, which has the potential to extend to depths encountered at both Ajax open pits. Highlights are as follows:



MONTE CARLO DRILL RESULTS

---------------------------------------------------------------------------
Hole Core
Length From To Length Copper Gold
Section Hole No. Dip Az. (m) (m) (m) (m) (%) g/t
---------------------------------------------------------------------------
1450N AE-07-031 -46.2 117.5 590.4 59.1 68.0 8.9 0.52 0.13
---------------------------------------------------------------------------
And 124.0 160.0 36.0 0.62 0.17
(i)
---------------------------------------------------------------------------
And 485.9 501.0 15.1 0.82 0.16
---------------------------------------------------------------------------
1450N AE-07-032 -60.1 117.3 551.69 79.0 97.0 18.0 0.69 0.15
---------------------------------------------------------------------------
And 301.0 336.0 35.0 0.37 0.09
---------------------------------------------------------------------------
Incl 305.2 330.0 24.8 0.45 0.10
---------------------------------------------------------------------------
(i)Individual copper assay cut to 5.0%


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. is the qualified person responsible for the design and conduct of the work performed.

On Behalf of the Board,

ABACUS MINING & EXPLORATION CORPORATION

Doug Fulcher, President

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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