Abacus Intersects 318 Metres (1043.3 Feet) of 0.43% Copper and 0.26 g/t Gold at Ajax: Financial News

Abacus Intersects 318 Metres (1043.3 Feet) of 0.43% Copper and 0.26 g/t Gold at Ajax
Monday April 28, 2008 8:00 am ET

VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Apr 28, 2008 -- Abacus Mining & Exploration Corp. ("Abacus" or "the Company") (CDNX:AME.V - News) 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
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                     Dip     Az.  From          Length  Length
Section  Hole No.    Deg    Deg     (m)  To(m) (metres)  (feet)  Cu% Au g/t
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1250E    AW-07-072   -60  206.9    285    603      318  1043.3  0.43   0.26
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                    Incl           405    480       75   246.1  0.67   0.45
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                                   504    603       99   324.8  0.61   0.27
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1250E    AW-07-073   -90      -    296    517      221   725.1  0.40   0.32
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                    Incl           406    423       17    55.8  0.87   0.68
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                     and        491.54    517    25.46    83.5  0.92   0.67
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Ajax East Drilling
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2200E    AE-07-041 -89.5    118 153.38    584   430.62  1412.8  0.28   0.25
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(Long               Incl        153.38 260.99   107.61   353.1  0.37   0.23
 Sect)
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                     and           372    450       78   255.9  0.33   0.40
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                     and           500    584       84   275.6  0.37   0.38
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1300N    AE-07-042   -50  299.9    284    308       24    78.7   044   0.22
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1300N    AE-07-043 -70.2  299.9    123    279      156   511.8  0.43   0.24
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                    Incl           123    153       30    98.4  0.80   0.49
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                     and           231    279       48   157.5  0.67   0.31
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                                   326    428      102   334.6  0.26   0.14
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1300N    AE-07-044   -90      -    174    270       96     315  0.27   0.18
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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

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.

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