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Abacus Mining and Exploration Corp.: Ajax Joint Venture Area Drilling Continues to Expands the Resources Area

June 24, 2008

VANCOUVER, BRITISH COLUMBIA–(Marketwire – June 23, 2008) – Abacus Mining & Exploration Corp. (“Abacus” or “the Company”) (TSX VENTURE: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 ——————————————————————– ——- ____________________Dip____Az.__From____ To____Length__Length____________Au Section__Hole No.__ Deg__ Deg____ (m)____(m)__(metres)__(feet)__Cu %____g/t ——————————————————————– ——- 1750E__AN-08-022__-45.7__26.8 Scattered individual values greater than 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 ——————————————————————– ——- ________________________ Incl____ 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__ 0.25 ______________________________________________________________Cu cut Au cut ——————————————————————– ——- ________________________ Incl____323____406________83__ 272.3__ 0.64__ 0.48

______________________________________________________________Cu____ Au ______________________________________________________________ uncut__uncut ——————————————————————– ——- __________________________ Or____323____406________83__ 272.3__ 0.58__ 0.44 ______________________________________________________________Cu cut Au cut ______________________________________________________________to 5% 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 __________________________________________________greater than 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 (028 degrees and 208 degrees):

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

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.

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