November 26, 2007
Abacus Announces Ajax Drill Results From Afton Project

Four Drills Accelerate Ajax Program To Define Large Open Pit Resource

Vancouver, BC, November 26, 2007 Abacus Mining & Exploration Corp. (the "Company") is pleased to announce expansion of the mineralized zones at both the Ajax East and West areas of the Afton copper-gold project, near Kamloops British Columbia.  Results from fifteen holes reported below continue to demonstrate significant widths of copper-gold mineralization in an area that has had over 60,000 metres drilled by the Company since 2005.  Four drill rigs at Ajax will continue to provide additional data to potentially define a large open pit resource encompassing both Ajax pits, and areas in between.  The 43-101 compliant resource for the entire Ajax area is expected in the second quarter of 2008. (image available at www.amemining.com)

Ultimately, the Company plans to develop large scale surface mining operations at Afton, producing between 40,000 and 60,000 tonnes per day, with production commencing in early 2010.

Highlights

East Pit Drilling

  • Hole AE-07-038 intercepts 98 metres averaging 0.63% copper and 0.40 g/t gold, and 54.74 metres of 0.91% copper and 0.56 g/t gold. 
  • Hole AE-07-035 intercepts 36 metres of 0.51% copper and 0.27 g/t gold, and 39 metres of 0.48% copper and 0.38 g/t gold. The hole also includes a 129 metre interval of 0.17 g/t palladium. 
  • Hole AE-07-039 intercepts 120 metres of 0.40% copper and 0.38 g/t gold.

West Pit Drilling

  • Hole AW-07-059 intercepts 156 metres of 0.38% copper and 0.22 g/t gold which includes 111 metres of 0.45% copper and 0.28 g/t gold. 
  • Hole AW-07-063 intercepts 48 metres of 0.49% copper and 0.27 g/t gold.  
  • Holes AW-07-059 and 063 expand the mineralized zone at the west end of the pit at least 50 metres southwards.

About the Ajax area

The Company's 100% owned Ajax property comprises eight 100 percent owned Crown grants near Kamloops, B.C., comprising the historic East and West pits.  In addition, the Company has an interest in claims recently acquired from a joint-venture agreement signed with Newgold 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.  In order to complete a compliant resource estimation of the entire Ajax area, the Company is using four drill rigs to complete a minimum of 60,000 feet of drilling (18,000 metres) on the ground surrounding the Ajax East and West area.  A 43-101 compliant resource estimate of the entire Ajax area is expected to be completed in the second quarter of 2008.  

About the Afton Property

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. In doing so, the Company has completed over 360,000 feet (111,863 metres) of drilling. To date, the Company has 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 cutoff).

During this time frame, the existing DM/Audra/Crescent compliant resource, completed in 2005, will also be recalculated, incorporating the recent 2006 and 2007 drilling.

Upon completion of all resource estimates, Abacus intends to progress their Afton project through preliminary economic studies and into feasibility during the second half of 2008.

New Drill Results

The following tables list the most recent drill results.  Intercept lengths are core lengths, which do not necessarily reflect true width. 

 

AJAX WEST AREA

Section

Hole No.

Dip Deg

From (m)

To (m)

Length (m)

Copper %

Gold g/t

1200E

AW-07-060

-74.3

145

336

191

0.38

0.16

 

Incl.

 

252

291

39

0.61

0.21

 

 

 

435

495

60

0.60

0.29

 

 

 

 

 

 

 

 

1200E

AW-07-061

-90.0

127

145

18

0.36

0.08

 

Incl.

 

277

316

39

0.28

0.10

 

 

 

409

421

12

0.35

0.16

 

 

 

 

 

 

 

 

1250E

AW-07-062

-82.3

186

249

63

0.23

0.09

 

Incl.

 

186

225

39

0.26

0.10

 

 

 

390

408

18

0.38

0.17

 

 

 

 

 

 

 

 

1300E

AW-07-063

-75.9

173

221

48

0.49

0.27

 

Incl.

 

197

212

15

0.98

0.66

 

 

 

Abandoned---redrilled as AW-07-064

 

 

 

 

 

 

 

 

1400E

AW-07-059

-76.9

139

175

36

0.38

0.20

 

 

 

302

458

156

0.38

0.22

 

Incl.

 

347

458

111

0.45

0.28

 

 

 

350

371

21

0.46

0.17

 

 

 

425

449

24

0.68

0.66

 

 

 

 

 

 

 

 

1450E

AW-07-058

-78.6

260

287

27

0.36

0.29

 

 

 

 

 

 

 

 

1600E

AW-07-057

-85.2

No Significant Intercepts

AJAX EAST AREA

Section

Hole No.

Dip Deg

From (m)

To (m)

Length (m)

Copper %

Gold g/t

1500N

AE-07-040

-87.5

51

63

12

0.44

0.14

 

 

 

156

177

21

0.29

0.11

 

 

 

366

503

137

0.37

0.33

 

Incl.

 

366

431

65

0.46

0.43

 

 

 

 

 

 

 

 

1550N

AE-07-039

-87

75

135

60

0.26

0.11

 

Incl.

 

213

240

27

0.26

0.18

 

 

 

396

420

24

0.45

0.45

 

 

 

483

603

120

0.40

0.38

 

Incl.

 

483

501

18

0.60

0.68

 

Incl.

 

516

552

36

0.58

0.53

 

 

 

 

 

 

 

 

1600N

AE-07-034

-61.2

18.9

43

24.1

0.46

0.17

 

 

 

454

526

72

0.05

0.05

 

 

 

 

 

 

 

 

1600N

AE-07-035

-75.3

27

39

12

1.16

0.68

 

Incl.

 

72

108

36

0.51

0.27

 

 

 

258

387

129

0.13

0.14

 

 

 

420

459

39

0.48

0.38

 

 

 

 

 

 

 

 

1600N

AE-07-036

-45.8

166

184

18

0.27

0.82

 

 

 

 

 

 

 

 

LONG

 AE-07-037

-46.4

165

186

21

0.29

0.38

 

 

 

234

246

12

0.37

0.15

 

 

 

276

288

12

0.33

0.13

 

 

 

396

507

111

0.28

0.17

 

Incl.

 

396

426

30

0.41

0.18

 

And

 

480

507

27

0.44

0.35

 

 

 

 

 

 

 

 

LONG

 AE-07-038

-60

208

247.8

39.8

0.02

1.07

 

 

 

451

470.04

19.04

0.78

0.67

 

 

 

502

600

98

0.63

0.40

 

Incl.

 

502

579.57

77.57

0.74

0.45

 

Incl.

 

514

568.74

54.74

0.91

0.56

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 AND EXPLORATION CORPORATION

Doug Fulcher,

President and Chief Executive Officer

Contact: Tim Mikula, 866-834-0301 [email protected]


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. Forward-looking statements in this release include statements regarding the Company's rights and benefits under the letters of intent with New Gold and Teck Cominco; the Company's future exploration and development plans; and the timing and nature of any future resource estimates, economic analyses or feasibility studies. 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, 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. These statements are based on a number of assumptions, including, among others, assumptions regarding general business and economic conditions, the ability of the Company and other relevant parties to satisfy stock exchange and other regulatory requirements in timely manner, the availability of financing for the Company's proposed transactions and exploration and development programs on reasonable terms and the ability of third-party service providers to deliver services in a timely manner.

You can view the Next News Releases item: November 29, 2007, Mr. Thomas A. Mckeever Appointed Chairman Of The Board

You can view the Previous News Releases item: November 15, 2007, Abacus Announces Updated Schedule For Development Of Its Afton Cu-Au Properties

You can return to the main News Releases page, or press the Back button on your browser.