Abacus provides first drill results from Ajax JV area

Abacus Mining & Exploration Corp. announces the release of assay results from the Ajax joint venture area with New Gold Inc., in which Abacus is earning a 60% interest.

The eighteen holes reported were drilled on the property in 2007 and are located in two separate areas of the property: immediately east of the Ajax West pit (Sections 1700E and 1800E) and south of the Ajax East pit (Sections 2200E and 2300E).

The focus of this and subsequent drilling in 2008 has been to identify extensions to existing mineralized zones and/or locate new zones that will allow expansion of the East and West pits into one large open pit, capable of producing 40,000 to 60,000 tonnes per day.

The information from this drilling will be incorporated into the combined Ajax resource estimate planned for completion by the end of June.

Assay results on the joint venture ground between Ajax West and Ajax East continue to fit with our overall model for the planned development of the Ajax area, said Doug Fulcher, President and CEO.

The extensive infill drilling program is demonstrating that the Ajax area is supporting a large open pit operation, 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.

Within the next few weeks Abacus expects to announce the appointment of a Chief Operating Officer who will oversee the development, construction and eventual operations at the Afton-Ajax Project.