Abacus Mining and Exploration

Published : June 23rd, 2008

Ajax Joint Venture Area Drilling Continues To Expands The Resources Area

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Amerigo Resources Limited

Ajax Joint Venture Area Drilling Continues To Expands The Resources Area

VANCOUVER, BC June 23, 2008 Abacus Mining & Exploration Corp. (�Abacus� or �the Company�) (TSX.V: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.

ABACUS/NEW GOLD JOINT VENTURE�AJAX 2008 DRILL RESULTS

Ajax West Grid

Section

Hole No.

Dip Deg

Az. Deg

From (m)

To (m)

Length
(metres)

Length
(feet)

Cu %

Au g/t

1750E

AN-08-022

-45.7

26.8

Scattered individual values >0.20% copper

 

 

 

 

 

 

 

 

 

 

1750E

AN-08-026

-68.5

26

31

56

25

82

0.32

0.31

 

 

 

 

251

497

246

807.1

0.32

0.21

 

 

 

Incl

318

497

179

587.3

0.36

0.25

 

 

 

And

333

439

106

347.8

0.44

0.34

 

 

 

And

333

359.87

26.87

88.2

0.63

0.77

 

 

 

 

 

 

 

 

 

 

1750E

AN-08-029

-89

26

37.49

84

46.51

152.6

0.26

0.14

 

 

 

 

221.48

291

69.52

228.1

0.45

0.23

 

 

 

Incl

224

265.45

41.45

136

0.59

0.32

 

 

 

 

 

 

 

 

 

 

1750E

AN-08-042

-44.6

207.5

30.7

52

21.3

69.9

0.30

0.19

 

 

 

 

199

211

12

39.4

0.40

0.13

 

 

 

 

251

264.13

13.13

43.1

0.91

0.32

 

 

 

 

 

 

 

 

 

 

1750E

An-08-037

-65.5

212.1

230

288.55

58.55

192.1

0.54

0.25

 

 

 

Incl

230

256

26

85.3

0.60

0.29

 

 

 

And

271

288.55

17.55

57.6

0.81

0.38

 

 

 

 

413

436

23

75.5

0.37

0.12

 

 

 

 

 

 

 

 

 

 

1800E

AN-08-021

-70.5

204.2

54

190

136

446.2

0.32

0.18

 

 

 

Incl

98

190

92

301.8

0.39

0.19

 

 

 

and

118

145

27

88.6

0.65

0.34

 

 

 

 

241

284

43

141.1

0.58

0.21

 

 

 

Incl

241

262

21

69

0.99

0.35

 

 

 

 

 

 

 

 

 

 

1850E

AN-08-024

-46

24.1

353

501

148

485.6

0.39

0.24

 

 

 

Incl

353

477

124

406.8

0.42

0.26

 

 

 

And

465

477

12

39.4

1.55

0.87

 

 

 

 

 

 

 

 

 

 

1850E

AN-08-031

-65.2

25

102.72

209

106.28

348.7

0.26

0.14

 

 

 

Incl

114

131.25

17.25

56.6

0.50

0.31

 

 

 

 

336

447

111

364.2

0.28

0.10

 

 

 

Incl

348

378

30

98.4

0.49

0.16

 

 

 

 

 

 

 

 

 

 

1850E

AN-08-036

-88.7

25

195.07

254

58.93

193.3

0.27

0.11

 

 

 

Incl

224

254

30

98.4

0.32

0.11

 

 

 

 

401

430

29

95.1

0.29

0.10

 

 

 

 

 

 

 

 

 

 

1850E

AN-08-039

-43.9

208.1

74

125

51

167.3

0.38

0.22

 

 

 

Incl

74

119

45

147.6

0.41

0.24

 

 

 

 

196

207.5

11.5

37.7

0.77

0.29

 

 

 

 

 

 

 

 

 

 

1850E

AN-08-043

-64.9

209.5

74

220

146

479

0.43

0.18

 

 

 

Inc

74

94

20

65.6

0.67

0.39

 

 

 

and

176

205.66

29.66

97.3

1.00

0.26

 

 

 

 

274

294

20

65.6

0.30

0.10

 

 

 

 

 

 

 

 

 

 

1900E

AN-08-046

-43.2

26.5

255

424

169

554.5

0.26

0.18

 

 

 

Incl

270

285

15

49.2

0.49

0.47

 

 

 

And

379

415

36

118.1

0.41

0.25

 

 

 

 

 

 

 

 

 

 

1900E

AN-08-048

-44.5

26

72

176.35

104.35

324.4

0.23

0.17

 

 

 

 

323

506.3

183.3

601.4

0.39

0.27

 

 

 

Or

323

506.3

183.3

601.4

0.36* Cu cut

0.25* Au cut

 

 

 

Incl

323

406

83

272.3

0.64*
Cu uncut

0.48*
Au uncut

 

 

 

Or

323

406

83

272.3

0.58
Cu cut to 5%

0.44
Au cut to 5g/t

 

 

 

Incl

365.57

385

19.43

63.7

1.32

0.91

 

 

 

 

 

 

 

 

 

 

1900E

AN-08-054

-65.3

24.7

90

127

37

121.4

0.36

0.21

 

 

 

 

417

448.1

31.1

102

0.31

0.12

 

 

 

 

 

 

 

 

 

 

1900E

AN-08-061

-88.1

24.7

169.55

213

43.45

142.6

0.43

0.18

 

 

 

 

 

 

 

 

 

 

1900E

AN-08-067

-46.9

207.7

56

98

42

137.8

0.36

0.17

 

 

 

 

200

292

92

301.8

0.40

0.15

 

 

 

Incl

242

292

50

164

0.53

0.23

 

 

 

 

 

 

 

 

 

1900E

AN-08-069

-65.3

209

33

48.45

15.45

50.7

0.62

0.28

 

 

 

 

175

205

30

98.4

0.32

0.12

 

 

 

 

271

319

48

157.5

0.39

0.10

 

 

 

Incl

304

319

15

49.2

0.72

0.18

 

 

 

 

 

 

 

 

 

1950E

AN-08-051

-44.8

26

101.38

121

19.62

64.4

0.34

0.17

 

 

 

 

415

445

30

98.4

0.22

0.13

 

 

 

 

502

526

24

78.7

0.27

0.18

 

 

 

 

 

 

 

 

 

1950E

AN-08-053

-45.4

25.7

288

425.2

137.2

450.1

0.26

0.20

 

 

 

Incl

336

361

25

82

0.34

0.29

 

 

 

 

 

 

 

 

 

1950E

AN-08-056

-64.5

28

38

80

42

137.8

0.42

0.19

 

 

 

Incl

38

59

21

68.9

0.55

0.23

 

 

 

 

245

344

99

324.8

0.25

0.12

 

 

 

 

 

 

 

 

 

1950E

AN-08-058

-89.2

28

68

252

184

603.7

0.38

0.15

 

 

 

Incl

230

243

13

42.7

1.25

0.45

 

 

 

 

 

 

 

 

 

1950E

AN-08-060

-45.6

208.3

Scattered narrow zones and  individual values >0.20% copper

 

 

 

 

 

 

 

 

 

1950E

AN-08-062

-65

208.3

189

207

18

59.1

0.42

0.13

 

 

 

 

286

304

18

59.1

0.36

0.06

 

 

 

 

 

 

 

 

 

2000E

AN-08-055

-46.2

27.5

375

406

31

101.7

0.84

0.40

 

 

 

 

 

 

 

 

 

2000E

AN-08-057

-65.7

25

117

161

44

144.4

0.49

0.18

 

 

 

Incl

117

146.52

29.52

96.8

0.62

0.23

 

 

 

 

 

 

 

 

 

2000E

AN-08-063

-88.9

25

42

60

18

59.1

0.60

0.33

 

 

 

 

113

195

82

269

0.27

0.09

 

 

 

Incl

177

192

15

49.2

0.61

0.19

 

 

 

 

 

 

 

 

 

2000E

AN-08-065

-45.5

207.5

21

86

65

213.3

0.44

0.17

 

 

 

 

131.62

184

52.38

171.8

0.35

0.11

 

 

 

 

 

 

 

 

 

2000E

AN-08-068

-64.3

207.8

66

178

112

367.4

0.24

0.09

 

 

 

Incl

70

94

24

78.7

0.37

0.18

 

 

 

 

 

 

 

 

 

2000E

AN-08-072

-43.3

28.5

88

407.52

319.52

1048.3

0.26

0.16

 

 

 

Incl

88

196

108

354.3

0.34

0.20

 

 

 

And

361

407.52

46.52

152.6

0.45

0.22

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 (0280 and 2080):

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

Contact: Tim Mikula, Investor Relations 866-834-0301 tmikula@amemining.com 

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.

Abacus Mining and Exploration

EXPLORATION STAGE
CODE : AME.V
ISIN : CA0025552096
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Abacus Mining is a copper and gold producing company based in Canada.

Abacus Mining produces copper, gold, palladium and silver in Canada, and holds various exploration projects in Canada.

Its main asset in production is AFTON in Canada and its main exploration properties are THE MONTE CARLO ZONE, DM AUDRA DEPOSIT, AFTON - AJAX CAMP and RAINBOW in Canada.

Abacus Mining is listed in Canada. Its market capitalisation is CA$ 1.8 millions as of today (US$ 1.4 millions, € 1.2 millions).

Its stock quote reached its highest recent level on June 07, 1996 at CA$ 1.66, and its lowest recent point on April 20, 2001 at CA$ 0.01.

Abacus Mining has 39 130 000 shares outstanding.

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Annual reports of Abacus Mining and Exploration
2007 Annual report
Annual Report 2006
Option Grants of Abacus Mining and Exploration
10/10/2013Compensation Reductions and Stock Option Grants
Nominations of Abacus Mining and Exploration
5/4/2012announces resignation of Andrew Pooler
4/17/2012appoints Stifel Nicolaus Canada as financial advisor
Project news of Abacus Mining and Exploration
9/15/2015Poland's KGHM says applied for mine permit in Canada
3/19/2013provides update on Ajax Copper-Gold Project in B.C.
8/23/2012KGHM aligned on Ajax Project development KGHM International ...
4/2/2012KGHM exercises option to increase interest in Ajax project t...
1/10/2012Files Ajax Copper-Gold Project Feasibility Study Technical R...
12/21/2011announces robust Feasibility Study results for Ajax Copper-G...
6/23/2011KGHM Ajax participates in open house for Ajax Project Commun...
6/2/2011(Afton - Ajax Camp)KGHM Ajax appoints BNP Paribas as exclusive financial adviso...
1/24/2011(Afton - Ajax Camp)completes major definition and infill drill program at Ajax ...
12/1/2010(Afton - Ajax Camp)Feasibility Study Underway on Ajax Copper-Gold Project, B.C.
6/23/2008(Afton - Ajax Camp)Ajax Joint Venture Area Drilling Continues To Expands The Re...
4/28/2008Intersects 318 metres (1043.3 feet) of 0.43% copper and 0.26...
4/9/2008(Afton - Ajax Camp)Releases Drill Results From Monte Carlo, an Eastern Extensio...
3/25/2008(Afton - Ajax Camp)Sign Definitive Agreements
Corporate news of Abacus Mining and Exploration
4/19/2016Abacus Stock Option Grant
4/1/2016Abacus Board Appointment
2/24/2016Abacus Announces Filing of Updated Feasibility Study for Aja...
1/13/2016Abacus announces positive feasibility study update on Ajax C...
12/29/2015Abacus announces grant of stock options
10/19/2015Abacus Announces Ajax Copper-Gold Project Update
9/14/2015Abacus Announces Submission of Environmental Assessment Appl...
3/24/2015Provides Overview of 2015 Program at Ajax Copper-Gold Projec...
3/24/2015Abacus Provides Overview of 2015 Program at Ajax Copper-Gold...
2/20/2015Abacus Announces Grant of Stock Options
2/12/2015Abacus Provides Review of 2014 Program at Ajax Copper-Gold P...
7/31/2014IIROC Trading Resumption - AME
7/31/2014Abacus Arranges CAD$3 Million Loan and Signs Agreement for t...
7/31/2014IIROC Trading Halt - AME
6/4/2014Abacus Mining Completes Shares for Debt Transaction
5/29/2014KGHM aims to start producing copper at Canadian site at end-...
5/29/2014Abacus Mining Announces New Ajax Project Site Plan
4/25/2014Abacus Mining Announces Issuance of Shares for Debt
8/2/2013& Exploration Corporation: Ajax Project Update
5/17/2013Adopts New Shareholder Rights Plan
3/13/2013Extension of Warrants Approved
4/2/2012initiates strategic review to maximize shareholder value
3/15/2012closes unit offering of C$3.18 million
3/2/2012to close $3.0 million unit offering
2/16/2012announces up to $2.5 million unit offering
9/22/2011' Ajax JV and New Gold sign Asset Exchange Agreement
4/9/2011Completes Asset Purchase Agreement with Teck
9/22/2009Details on the company
4/30/2008 Releases First Drill Results From Ajax Joint Venture Area
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CA$ 0.26+2.00%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.38+15.15%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 1.86-8.82%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 64.14+0.88%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.03-8.33%Trend Power :