Abacus Mining and Exploration Corp. (the "Company") continues to intersect wide zones of copper-gold mineralization on their Ajax property nine kilometres southwest of the old Afton Mine/Mill complex near Kamloops BC. Two drill rigs are currently exploring beneath the previously mined Ajax West and East pits. Drilling at the Ajax pits now totals 21,004 metres (68,910 feet) in 42 completed holes (37 holes beneath the West Pit and 5 holes beneath the East Pit). The Company has begun the process of completing a NI-43-101 compliant resource on the Ajax West drilling which is expected to be completed in October. The Company has also contracted both Knight Piesold Ltd. and Beacon Hill Consulting Ltd. to begin a preliminary scoping study and an economic evaluation on the Ajax West deposit..

Highlights
West Pit

• Drill hole AW-06-025 (drilled on Section 1200E) intersected 219 metres of 0.54% copper and 0.53 g/t gold. This included an intercept of 24 metres of 1.31% copper and 1.17 g/t gold.
• Drill hole AW-06-23 (drilled on Section 1550E) intersected 409 metres of 0.34% copper and 0.15 g/t gold. This included intercepts of 150 metres of 0.52% copper and 0.42 g/t gold, 66 metres of 0.67% copper and 0.27 g/t gold, and 18 metres of 1.07% copper and 0.43 g/t gold
• Results have indicated a continuous zone of copper-gold mineralization beneath the Ajax West pit can be traced for at least 400 metres along strike and to depths of at least 300 metres below previous mining. The zone remains open along strike and at depth.

East Pit

• Drill hole AE-06-003 (drilled on Section 1350N) intersected 27 metres of 0.57% copper and 0.42 g/t gold, and 42 metres of 0.47% copper and 0.37 g/t gold in the Upper Zone; plus a Lower Zone intercept of 120 metres of 0.40% copper and 0.20 g/t goldthat also included 48 metres of 0.48% copper and 0.29 g/t gold.
• Drill hole AE-06-005 (drilled on Section 1400N) intersected an Upper Zone intercept of 27 metres of 0.93% copper, 0.62 g/t gold and 0.12 g/t palladium; plus a Lower Zone intercept of 276 metres of 0.29% copper and 0.17 g/t gold that also included 30 metres of 0.54% copper and 0.34 g/t gold.
• Results from five holes drilled beneath the Ajax East pit have traced the mineralization within a 100 metre corridor to depths of at least 400 metres below the pit. The zone also remains open on strike and at depth.

Doug Fulcher, president of Abacus states: "Current results continue to show significant copper-gold mineralization beneath the Ajax pits. We are on target to complete an initial resource estimate on the Ajax West pit this fall and will aggressively target the Ajax East pit to complete a resource later this year. Initial engineering and economic studies have begun and metallurgical test work is also under way. Abacus intends on continuing its extremely aggressive approach to exploration on its Afton project."

AJAX DRILL RESULTS BY SECTION
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                            WEST PIT ZONE
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                               Hole                  Leng- Cop-
        Hole    Dip     Az.  Length     From     To    th  per  Gold
Section   No.   Deg    Deg       (m)      (m)    (m)   (m)   %   g/t
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1200E     AW- -56.3  209.5   669.65      246    537   291 0.47  0.52
      06-025  
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        Incl.                            318    537   219 0.54  0.53
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                                         357    381    24 0.78  0.89
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                                         420    537   117 0.67  0.57
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                                         459    483    24 1.31  1.17
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1550E     AW- -46.0   26.5    495.3      91    473    382 0.35  0.20
      06-021  
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        Incl.                            91    217    126 0.49  0.21
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                                        157    217     60 0.63  0.24
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                                        452    473     21 0.53  0.38
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1550E     AW- -60.0   25.3   206.04
      06-022             (abandoned)  62.55 206.04 143.49 0.29  0.11
          (i) 
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        Incl.                            98    126     28 0.41  0.16
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1550E     AW- -60.6   26.3   626.97      74    479    409 0.34  0.15
      06-023  
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        Incl.                           116    201     85 0.42  0.18
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                                        329    479    150 0.52  0.24
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                                        353    419     66 0.67  0.27
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                                        401    419     18 1.07  0.43
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1550E     AW- -74.6   24.5   552.60     114    321    207 0.32  0.10
      06-024  
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        Incl.                           114    171     57 0.56  0.20
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                            EAST PIT ZONE
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                             Hole              Leng-  Cop      Palla-
        Hole    Dip    Az. Length  From   To     th   per Gold  dium
Section   No.   Deg.  Deg.     (m)   (m)  (m)    (m)    %  g/t   g/t
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1350N     AE- -48.9 118.7  578.21    96  105   9(ii) 0.54 0.58  0.12
          06-
         003  
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         And                        138  159  21(ii) 0.44 0.27  0.07
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         And                        174  216  42(ii) 0.47 0.37     -
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        Incl.                       177  204  27(ii) 0.57 0.42     -
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         And                        360  480    120  0.40 0.20     -
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        Incl.                       360  408     48  0.48 0.29     -
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                                    429  480     51  0.46 0.18     -
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1350N     AE- -64.0 117.8  621.79   109  205  96(ii) 0.38 0.32     -
          06-
         004  
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        Incl.                       163  139  30(ii) 0.34 0.33  0.07
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         And                        163  205  42(ii) 0.56 0.45     -
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         And                        286  388    102  0.37 0.26     -
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        Incl.                       346  388     42  0.40 0.23     -
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         And                        430  445     15  0.41 0.26     -
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1400N     AE-  -56.3 117.5  613.56   65  101  36(ii) 0.70 0.47  0.12
          06-
         005   
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        Incl.                        74  101  27(ii) 0.93 0.62  0.12
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         And                        299  575    276  0.29 0.17     -
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        Incl.                       335  365     30  0.54 0.34     -
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(i)  Hole abandoned in fault before planned hole depth reached; 
     see hole AW-06-023 for redrill hole
(ii) Upper Zone; all other intercepts in the East Pit drilling are
     Lower Zone.
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.

Mineralization at Ajax consists of disseminated chalcopyrite with minor bornite, tetrahedrite and molybdenite associated with albite alteration within the sugarloaf diorite and hybrid intrusive.

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 by Afton Operating Corp. The Ajax property lies nine kilometers southeast along an existing haul road from the Afton mill site, which Abacus recently agreed to purchase from Teck-Cominco, along with the shop facilities and tailings area.

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

On Behalf of the Board,
ABACUS MINING & EXPLORATION CORP.

Doug Fulcher,
President

Abacus Mining and Exploration Corp. 
Doug Fulcher or Paddy Nicol 
(604) 682-0301 

B & D Capital Partners
Brad Aelicks or Don Mosher
(604) 685-6465

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. Actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the TSX Venture Exchange, the British Columbia Securities Commission and the US Securities and Exchange Commission