VANCOUVER, BC April 28, 2008 Abacus Mining &
Exploration Corp.
("Abacus" or "the Company") (TSX.V:AME) is pleased to
announce additional assay results for the Ajax East and West pit drill
program. The focus of that drilling (62 holes drilled in 2007) was to
continue delineating copper-gold mineralization beneath the Ajax West and
East pits on the Abacus-owned Crown-granted claims. The information from this
drilling will be incorporated into the combined Ajax 43 - 101 resource
estimation planned for completion in June 2008, which will also include drill
results from the joint venture area between the pits.
"We are pleased to see assay results that fit
with our overall model for the planned development of the Ajax area",
said Doug Fulcher, President and CEO. "Management continues to meet
the goals that have been set for 2008 for the ongoing development of the Ajax
area. We have now completed the first phase of drilling on the joint
venture ground between Ajax West and Ajax East, with results to be announced
shortly."
Ajax
West Pit Drill Highlights
- Hole AW-07-072 intersected 318 metres (1043.3 feet)
grading 0.43% copper and 0.26 g/t gold, including a 75 metre (246.1
feet) intercept averaging 0.67% copper and 0.45 g/t gold and a 99 metre
(324.8 feet) intercept averaging 0.61% copper and 0.27 g/t gold.
Ajax
East Pit Drill Highlights
- Hole AE-07-041 intersected 430.62 metres (1412.8
feet) grading 0.28% copper and 0.25 g/t gold, which includes a 107.61
metre (353.1 feet) intercept averaging 0.37% copper and 0.23 g/t gold
- Hole AE-07-043 intersected 156 metres (511.8 feet)
grading 0.43% copper and 0.24g/t gold.
The
following table lists the most recent drill results from the Ajax West and
East zones. Intercept lengths are core lengths, which do not
necessarily reflect true width. Section spacing is 50 metres. A drill
hole plan map will be available as soon as possible at www.amemining.com.
Ajax
West Drilling
Section
|
Hole No.
|
Dip Deg
|
Az. Deg
|
From (m)
|
To (m)
|
Length
(metres)
|
Length
(feet)
|
Cu %
|
Au g/t
|
1250E
|
AW-07-072
|
-60
|
206.9
|
285
|
603
|
318
|
1043.3
|
0.43
|
0.26
|
|
|
Incl
|
|
405
|
480
|
75
|
246.1
|
0.67
|
0.45
|
|
|
|
|
504
|
603
|
99
|
324.8
|
0.61
|
0.27
|
|
|
|
|
|
|
|
|
|
|
1250E
|
AW-07-073
|
-90
|
-
|
296
|
517
|
221
|
725.1
|
0.40
|
0.32
|
|
|
Incl
|
|
406
|
423
|
17
|
55.8
|
0.87
|
0.68
|
|
|
and
|
|
491.54
|
517
|
25.46
|
83.5
|
0.92
|
0.67
|
Ajax East Drilling
|
2200E
|
AE-07-041
|
-89.5
|
118
|
153.38
|
584
|
430.62
|
1412.8
|
0.28
|
0.25
|
(Long
Sect)
|
|
Incl
|
|
153.38
|
260.99
|
107.61
|
353.1
|
0.37
|
0.23
|
|
|
and
|
|
372
|
450
|
78
|
255.9
|
0.33
|
0.40
|
|
|
and
|
|
500
|
584
|
84
|
275.6
|
0.37
|
0.38
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1300N
|
AE-07-042
|
-50
|
299.9
|
284
|
308
|
24
|
78.7
|
0.44
|
0.22
|
|
|
|
|
|
|
|
|
|
|
1300N
|
AE-07-043
|
-70.2
|
299.9
|
123
|
279
|
156
|
511.8
|
0.43
|
0.24
|
|
|
Incl
|
|
123
|
153
|
30
|
98.4
|
0.80
|
0.49
|
|
|
and
|
|
231
|
279
|
48
|
157.5
|
0.67
|
0.31
|
|
|
|
|
326
|
428
|
102
|
334.6
|
0.26
|
0.14
|
|
|
|
|
|
|
|
|
|
|
1300N
|
AE-07-044
|
-90
|
-
|
174
|
270
|
96
|
315
|
0.27
|
0.18
|
Note: Intercept lengths
are core lengths, which do not necessarily reflect true width
About
the Afton Area
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 about 480,000 feet (146,304 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).
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.
The updated
DM zone resource will be completed within the next few weeks and the greater
Ajax area will have a compliant resource estimate scheduled for completion by
the end of June. Upon completion of the resource estimates, Abacus
intends to progress the Afton project through preliminary economic studies
and into feasibility during the second half of 2008 and completed in early
2009. The Company's goal is to develop, large-scale surface mining
operations at Afton producing between 40,000 and 60,000 tonnes per day by
2010.
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.