The Directors of Abacus Mining and Exploration Corp. (TSX.V:AME) (the "Company") are pleased to announce the completion of ten diamond drill holes as part of the ongoing 2006 diamond drill program under the Ajax West Pit. Assay results have been received for five of the holes to date. All five holes intersected the large zone of copper-gold rich mineralization mentioned in previous news releases. As with the previous holes, there were a number of higher-grade copper-gold intercepts encountered within broader zones of mineralization. The results confirm the continuity of significant copper-gold mineralization to a vertical depth of at least 300 metres below the existing open pit. With the combined 2005 and 2006 drilling, Abacus has now drilled the zone over a strike length of 300 metres. 

Highlights:

• Drill hole AW-06-06 was drilled on section 1250E (25 metres west of AW-05-01) at azimuth 28.50° (UTM), dip -55.30°, for a total length of 669.65 metres. It intersected 0.50% copper and 0.31 g/t gold over 432 metres.
• Drill hole AW-06-08 was drilled on section 1400E (150 metres east of AW-06-06), at azimuth 0270° (UTM), dip -45.90° for a total length of 350.52 metres. It intersected 0.39% copper and 0.23 g/t gold over 332.52 metres. This included an intercept of 0.72% copper and 0.27 g/t gold over 57 metres.
• Drill hole AW-06-09 was drilled down dip of hole on AW-06-08 on section 1400E at azimuth 0270° (UTM), dip -69.70°, for a total length of 581.25 metres. It intersected 0.41% copper and 0.24 g/t gold over 339 metres.

The following table lists the above mentioned assay intervals, including significant subintervals of higher grade, for results received to date from the 2006 holes. A drill hole plan map and cross-sections will be posted shortly on the Abacus website.

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                                                                 Cu
               From       To                           Au     Equiv.
Hole No.         (m)      (m)  Interval     Cu%       g/t         %
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AW-06-006       176      608       432     0.50     0 .31     0 .68
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Includes        218      251        33     .054      0.29      0.71
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and             311      347        36     0.61      0.41      0.85
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                467      542        75     0.88      0.51      1.18
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Includes        467      494        27     1.17      0.64      1.52
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                557      608        51     0.83      0.56      1.16
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Includes        587      596        18     1.63      1.19      2.32
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AW-06-007     149.5      343     193.5     0.26      0.24      0.40
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Includes      149.5      205      55.5     0.48      0.40      0.71
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Includes      149.5      169      19.5     0.82      0.67      1.21
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AW-06-008        18   350.52    332.52     0.39      0.23      0.52
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Includes         18       33        15     0.69      0.23      0.82
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and              78      135        57     0.72      0.27      0.88
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Includes         93      135        42     0.84      0.30      1.02
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                282      348        66     0.47      0.40      0.70
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AW-06-009        66      405       339     0.41      0.24      0.55
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Includes         66      204       138     0.56      0.38      0.78
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Includes         66       99        30     0.98      0.70      1.39
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AW-06-010       133      166        33     0.28      0.08      0.33
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and             292      343        51     0.23      0.29      0.40
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AW-06-011 Abandoned
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AW-06-012
 to 015                     Results pending
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Note: 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.

All holes targeted copper-gold mineralization below the Ajax West Pit. This mineralization is associated with disseminated and stringer chalcopyrite, with minor tetrahediite and bornite, within steep dipping albite alteration zones cutting what appear to be flatter, south dipping phases of sugarloaf diorite and hybrid intrusives. The gold to copper ratio appears to increase at depth. Anomalous molybdenum has also been intersected within most holes, with intersections of up to 137 ppm Molybdenum over 48 metres. 

The Company's Ajax property comprises eight 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 southeast along an existing haul road from the Afton Mill facilities, which Abacus has recently agreed to purchase from Teck Cominco Limited.

A total of 4,636.17 metres (15,210 feet) has been drilled at Ajax in 2006 to date. The ongoing diamond drill program will involve systematic drilling across both the Ajax West and Ajax East pits at 50 metre spacings in order to complete a resource model for the Ajax property. In addition to drilling at Ajax this year, Abacus is also planning an extensive drill program to continue testing depth and strike extensions for the previously reported Rainbow and DM-Audra resources. 

It should be noted that the Ajax West drill grid was changed from looking northwest to looking southeast to remain consistent with the drill grids established on the company's Coquihalla, Rainbow, 1, and 17 zones, which occupy the same Leemac Fault system as Ajax. Assay intervals quoted in this release are downhole widths and do not necessarily reflect the true width of mineralization. 

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 Eco Tech Laboratory Ltd., of Kamloops BC. Mr. Robert G. 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 

Contact:
Abacus Mining and Exploration Corp.
Paddy Nicol
(604) 682-0301

B & D Capital Partners
Brad Aelicks or Don Mosher
(604) 685-6465

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