Abacus Mining and Exploration Corp.

Abacus Mining and Exploration Corp.

March 23, 2006 09:30 ET

Abacus Resumes Drilling at the Afton Project

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 23, 2006) - The Directors of Abacus Mining and Exploration Corp. (TSX VENTURE:AME) (the "Company") are pleased to announce that drilling has begun on the Company's wholly owned copper-gold Afton project located near Kamloops, in south-central British Columbia. Two diamond drill rigs have been commissioned to complete up to 50,000 metres of drilling. The drill program is designed to explore on a property wide scale that will test deep targets below the Ajax pits and expand the preliminary resources below and on strike at the Rainbow and DM zones.

Doug Fulcher, President of the Company states, "The Company is now well funded to carry out an extensive 50,000 metre drill program in 2006. The initial drilling has started on the Ajax targets and will test both the east and west pits. A second drill rig will be mobilized later in April and will focus on the Rainbow and DM zones. In addition, Beacon Hill Consultants have been retained by the Company to continue to update the Rainbow and DM zone resource calculations and to carry out preliminary engineering and economic studies on both deposits."

The Company also reports that pursuant to the Afton asset acquisition agreement signed with Teck Cominco Limited (previously announced November 25, 2005), $3 million of the $5 million first anniversary payment has been paid.

Eco Tech Laboratory Ltd. of Kamloops, B.C. will complete the Company's analytical work on the project. A quality control program, using specific standards and blank samples will be completed by Eco Tech of Kamloops, and ALS Chemex Labs of North Vancouver, B.C. Mr. Robert R. 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,


Paddy Nicol, MBA, Director

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
    (604) 682-0301
    Abacus Mining and Exploration Corp.
    Paddy Nicol
    (604) 682-0301
    (604) 682-0307 (FAX)