Abacus Mining and Exploration

Published : April 09th, 2008

Releases Drill Results From Monte Carlo, an Eastern Extension of the Ajax Area

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Keywords :   Copper | Diamond | Gold | Market |
Amerigo Resources Limited

Abacus Releases Drill Results From Monte Carlo,
an Eastern Extension of the Ajax Area

Intersects 116.5 metres (382.2 feet) of 0.36% copper and 0.21 g/t gold

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 9, 2008) - Abacus Mining & Exploration Corp. ("Abacus" or "the Company") (TSX VENTURE:AME) is pleased to announce assay results from their 2007 Monte Carlo area Diamond drill program. The Monte Carlo zone is a copper-gold rich zone lying immediately east of the Ajax pits that historically reported shallow underground working, surface trenches and a number of shallow vertical drill holes. The focus of Abacus' drilling at Monte Carlo was to drill a first-pass set of "prospect" holes to depth in this area to test this historic information. It is believed that the Monte Carlo zone could be a fault offset of the overall Ajax deposit, and could become the eastern extension of the combined Ajax area.

Abacus has just completed an extensive drilling program in the joint venture area between the previously drilled Ajax West and Ajax East pits at Afton. A preliminary economic assessment encompassing Ajax West, Ajax East and the area in between is expected by mid-2008 and a full feasibility study on the combined Ajax area is anticipated in 2009. An extensive infill drilling program will continue at Ajax to support the feasibility study, which will examine a 40,000 to 60,000 tonne per day surface mining operation at Ajax, planned for as early as 2010.

A drill plan map showing the location of these holes has been posted on the Company's website at www.amemining.com. This plan also includes two holes (AE-07-031, 032) that were drilled eastwards from the Ajax East pit last year.

Monte Carlo Drill Highlights

- Hole AM-07-001 intersected 116.5 metres (382.2 feet) grading 0.36% copper and 0.21 g/t gold, including a 13.3 metre (43.6 feet) intercept averaging 0.79% copper and 0.28 g/t gold and a 10.7 metre (35.1 feet) intercept averaging 1.22% copper and 1.02 g/t gold.

- Hole AM-07-003 intersected 76.8 metres (252 feet) grading 0.25% copper and 0.16 g/t gold, which includes a 31.7 metre (104 feet) intercept averaging 0.34% copper and 0.18 g/t gold.

- Hole AM-07-007 intersected three separate, narrower zones of 12 metres (39.4 feet) grading 0.41% copper and 0.16 g/t gold, 10 metres (32.8 feet) of 0.33% copper and 0.04 g/t gold, and 14.9 metres (48.9 feet) of 1.20% copper and 0.65 g/t gold.

- These intercepts indicate that Ajax style mineralization extends for at least another 500 metres east of the East Pit; the results of which warrant additional, more detailed follow-up drilling.


Table of Significant Monte Carlo Drill Results

Section Hole No.� Dip�� Az.�
2450E��� AM-07-001 -45 �028 99 109.2 10 32.8 0.34 0.03
205 229.4 24.4 80.1 0.36 0.08
291.5 408 116.5 382.2 0.36 0.21
Incl 291.5 304.8 13.3 43.6 0.79 0.28
And 324 333 9 29.5 0.61 0.36
And 388 398.7 10.7 35.1 1.22 1.02
2450E AM-07-002 -70 028 87� 116� 29 95.1 0.26 0.18
266.5� 297 30.5 100.1 0.31 0.08
Incl 266.5� 284� 17.5 57.4 0.37 0.08
359 371 12 39.4 0.30 0.28
399.1� 412 12.9 42.3 0.23 0.14
499 533.6 34.6 113.5 0.32 0.22
2550E AM-07-003 -45 028 114 126� 12 39.4 0.30 0.05
429 505.8 76.8 252 0.25� 0.16
Incl�� 429 444 15 49.2 0.43 0.22
And 429 460.7 31.7� 104 0.34 0.18
And 429 469 40 131.2 0.31 0.18
2650E� AM-07-004 -46 027.6 176.3 193 16.7 54.8 0.48 0.13
462� 477 15 49.2� 0.31� 0.27
616.7 634 17.3 56.8� 0.25� 0.13
2750E� AM-07-007 -45 28.5� 408 420 12 39.4 0.41 0.16
638 648 10 32.8 0.33 0.04
669.2� 684 14.9 48.9 1.20 0.65
Previously Reported in 2007; Drilled from Ajax East Grid:
1450N� AE-07-031 -46.2 117.5 59.1 68.0� 8.9 29.2 0.52 0.13
124.0 160.0 36.0� 118.1 0.62 0.17
485.9 501.0� 15.1 49.5 0.82� 0.16
1450N AE-07-032� -60.1 117.3� 79.0 97.0 18.0 59.1� 0.69 0.15
301.0� 336.0� 35.0 114.8 0.37 0.09
305.2� 330.0 24.8 81.4 0.45 0.10
Intercept lengths are core lengths, which do not necessarily reflect true width.


About the Monte Carlo Area

The Monte Carlo property is an area consisting of the three easternmost Crown-Granted claims in the Ajax area, which are a part of the 100% Abacus-owned contiguous claim group covering the East pit area.

Much of the area is underlain by Sugarloaf diorite, which is the primary host rock for all copper-gold mineralization in the Ajax area. The area has seen a typically long history of exploration that included trenching, pitting, and both Diamond and percussion drilling. Recent compilation work by Abacus geologists revealed the presence of numerous occurrences of encouraging near-surface copper-gold mineralization with grades similar to that found in the Ajax East and West pits. In the fall of 2007, Abacus began an eight-hole, "first pass" Diamond drill program to explore this area at depths below 100 metres. Eight holes were drilled from four setups located 100 metres apart, along an access road that straddles the southern portion of the property (see map on Company's website). As shown in the above table, numerous significant copper-gold intercepts were made in all but one (AM-07-005) of the northerly directed holes. The best intercept, AM-07-01, intersected 116.5 metres (382 feet) of 0.36% copper and 0.21 g/t gold about 150 metres (492 feet) east of the Ajax East pit. Abacus geologists are considering the possibility that this mineralization extends eastward from that pit; however, a more detailed follow-up drill program will be required to more accurately determine the size, extent and continuity of these zones, and whether or not they can be incorporated into the upcoming Ajax economic evaluation.

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,


Doug Fulcher, President and Chief Executive Officer

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 Corp.
Tim Mikula
Investor Relations
Email: tmikula@amemining.com
Website: www.amemining.com

The TSX Venture Exchange has not reviewed and does not accept the responsibility for the adequacy or accuracy of this news release.

INDUSTRY:� Manufacturing and Production-Mining and Metals


Abacus Mining and Exploration

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$ 1.4 millions as of today (US$ 1.1 millions, € 959 244).

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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