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Abacus Drills 1339 Feet of Copper-Gold Mineralization Below Ajax Pit

Posted on: Friday, 16 December 2005, 09:00 CST

The Directors of Abacus Mining and Exploration Corp. (TSX VENTURE:AME) (the "Company") are pleased to announce that a large zone of copper-gold rich mineralization below the Ajax West Pit has been intersected by the Company's first two diamond drill holes. Within this zone, a number of higher grade intercepts over 1.0% copper have been encountered. Both holes confirm the continuity of copper-gold mineralization to a vertical depth of at least 300 metres below the existing open pit.

Highlights

- Drill hole AW-05-01 was drilled on section 1675 W at -50 degrees for a total length of 588.6 metres and intersected 0.52% copper and 0.31 g/t gold over 408 metres.

- Drill hole AW-05-02 was drilled from the same collar location as AW-05-01 at -61 degrees to a depth of 697.1 metres and intersected 0.51% copper and 0.25 g/t gold over 340 metres.

The following table lists the above mentioned assay intervals along with significant subintervals of higher grade:

---------------------------------------------------------------- Cu From To Interval Cu Au Equivalent Hole No. (m) (m) (m) (%) (g/t) (%) ---------------------------------------------------------------- AW-05-01 136.0 544.0 408.0 0.52 0.31 0.70 ---------------------------------------------------------------- Incl. 331.0 496.0 165.0 0.77 0.54 1.08 ---------------------------------------------------------------- Incl. 331.0 343.0 12.0 1.54 1.16 2.22 ---------------------------------------------------------------- Incl. 424.0 478.0 54.0 0.88 0.56 1.21 ---------------------------------------------------------------- Incl. 463.0 478.0 15.0 1.38 0.94 1.93 ---------------------------------------------------------------- AW-05-02 124.0 464.0 340.0 0.51 0.25 0.66 ---------------------------------------------------------------- Incl. 136.0 159.0 23.0 0.68 0.36 0.89 ---------------------------------------------------------------- And 189.0 228.0 39.0 0.66 0.36 0.87 ---------------------------------------------------------------- And 302.0 355.0 33.0 0.70 0.33 0.89 ---------------------------------------------------------------- And 419.0 461.0 42.0 1.06 0.59 1.40 ---------------------------------------------------------------- Incl. 440.0 458.0 18.0 1.19 0.64 1.56 ---------------------------------------------------------------- - Please refer to our web site for a drill plan and section. - Copper equivalents use metal prices of $1.00 (US) per pound of copper, $400 (US) per ounce for gold.

The two holes targeted the mineralization below the middle of the Ajax West Pit. The geological interpretation and results of these two holes indicate there is increasing potential for a significant open pit and underground resource below the pit at depths that have never been tested. The copper-gold mineralization is most closely associated with steeply dipping albite alteration in the intrusive host rocks.

The Company's Ajax property comprises five 100% owned Crown Grants near Kamloops, British Columbia that encompass most of the old East and West pits that were last mined in 1997 by Afton Operating Corp. The Ajax West Pit lies nine kilometres southwest along the existing haul road from the Afton Mill Facilities, which have recently been purchased by Abacus from Teck Cominco.

The Company also announces that the formal agreement (the "Agreement") to acquire Afton Operating Corporation's milling and processing facilities, tailings storage areas, associated permits, and other infrastructure at the past producing Afton Mine has been approved by the TSX Venture Exchange. The first payment of 8,500,000 shares has now been issued to Teck Cominco Limited (TSX:TEK.MV.A and TEK.SV.B) ("Teck Cominco"). These shares are subject to a hold period expiring on April 15, 2006. Teck Cominco is now a significant share holder in the Company, representing approximately 18% of the total outstanding shares.

In 2006, drilling will continue in the Ajax West Pit and Ajax East Pit area, and continue to test the depth and strike extensions on the previously reported Rainbow and DM-Audra resources.

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 ongoing, using both Eco Tech of Kamloops and ALS Chemex Labs of North Vancouver, B.C. Mr. Robert R. Friesen, P. Geo and Mr. Robert Darney, P. Geo are the qualified persons responsible for the design and conduct of the work performed.

On Behalf of the Board,

ABACUS MINING & EXPLORATION CORPORATION

Doug Fulcher, President

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

Abacus Mining and Exploration Corp. (TSX VENTURE:AME)

Source: Business Wire

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