VANCOUVER, BC February 3, 2009 Abacus Mining & Exploration Corp. ("Abacus" or "the Company") (TSX.V:AME) is pleased to announce assay results from the final 27 diamond drill holes on the Ajax joint venture area, where Abacus is earning a 60% interest from New Gold Inc. The area adjoins the Company's 100% owned Ajax property near Kamloops, British Columbia. 

All reported drill holes are included in the recently released Ajax resource estimation totaling 365 million tonnes (measured and indicated) grading 0.31% copper and 0.20 g/t gold (at 0.20% CuEq cutoff). This resource demonstrates the large size of Ajax with approximately 2.5 billion pounds of copper and 2.3 million ounces of gold. Abacus is now working to complete a preliminary economic assessment ("PEA") that contemplates a 60,000 tonne per day operation. The Ajax deposit remains open along strike and at depth. 

Please visit www.amemining.com for a drill plan map, and other information on the Company. 

Drill Highlights

• Hole AN-08-034 intersected 162 metres (531.5 feet) grading 0.31% copper and 0.16 g/t gold, and 63 metres (206.7 feet) intercept averaging 0.43% copper and 0.21 g/t gold


• Hole AN-08-044 intersected 134 metres (439.6 feet) grading 0.36% copper and 0.13 g/t gold; including a 51 metre (167.3 feet) intercept averaging 0.52% copper and 0.18 g/t gold


• Hole AN-08-038 intersected 237.05 metres (777.1 feet) grading 0.31% copper and 0.18 g/t gold, including a 45 metre (147.6 feet) intercept averaging 0.38% copper and 0.25 g/t gold and a 38 metre (124.7 feet) intercept averaging 0.50% copper and 0.28g/t gold


• Hole AN-08-041 intersected 166 metres (544.6 feet) grading 0.30% copper and 0.16 g/t gold, including a 30 metre (98.4 feet) intercept averaging 0.62% copper and 0.30 g/t gold


• Hole AN-08-045 intersected 133 metres (436.3 feet) grading 0.27% copper and 0.10 g/t gold


• Hole AN-08-052 intersected 161.62 metres (530.2 feet) grading 0.36% copper and 0.19 g/t gold (uncut copper and gold), or 0.31% copper and 0.18 g/t gold (cut copper and gold); and a 27.37 metre (89.8 feet) intercept averaging 0.56% copper and 0.11 g/t gold


• Hole AN-08-020 intersected 318.5 metres (1044.9 feet) averaging 0.25% copper and 0.12 g/t gold; including a 102.15 metre (335.1 feet) intercept averaging 0.36% copper and 0.19g/t gold


• Hole AN-08-025 intersected 153 metres (502 feet) averaging 0.41% copper and 0.21 g/t gold


• Hole AN-08-028 intersected 104.7 metres (343.5 feet) averaging 0.36% copper and 0.14 g/t gold; and a 53.7 metre (176.2 feet) intercept averaging 0.40% copper and 0.13 g/t gold


• Hole AN-08-019 intersected 101 metres (331.4 feet) grading 0.31% copper and 0.15 g/t gold, including a 42 metre (137.8 feet) intercept averaging 0.43% copper and 0.18 g/t gold


• Hole AN-08-033 intersected 83 metres (272.3 feet) grading 0.68% copper and 0.48 g/t gold, including a 29.7 metre (97.4 feet) intercept averaging 0.86% copper and 0.50 g/t gold


• Hole AN-08-070 intersected 114 metres (374 feet) grading 0.58% copper and 0.18 g/t gold, including a 66 metre (216.5 feet) intercept averaging 0.82% copper and 0.25 g/t gold

*Intercept lengths are core lengths, which do not necessarily reflect true width.

Discussion of Results

The holes were drilled at 50 metre spacing in the area between the Ajax West and East pits, and south of the Ajax East pit. They provide coverage from Sections 2050E to 2300E inclusive, filling-in an additional 250 metre strike length beyond that reported in previous releases. It is encouraging to note that 25 of the 27 holes reported have one or more significant mineralized intercepts greater than 30 metres (approximately 100 feet) in length; including 16 holes with one or more significant intercepts of greater than 100 metres (328.1 feet). 

About the Ajax Project

Abacus is an exploration and development company that holds a 100% interest in five significant copper-gold mineral properties in the prolific Afton Camp near Kamloops, British Columbia.
On the Ajax property, Abacus owns 100% interest in 8 crown granted claims and is earning a 60% interest in intervening ground from New Gold Inc. Based on 621 historic and recent holes drilled by Abacus since late 2005, AMEC Americas Limited recently estimated measured and indicated resources on the property totaling 365 million tonnes grading 0.31% copper and 0.20 g/t gold using a 0.20% copper equivalent cutoff; containing over 2.5 billion pounds of copper and 2.3 million ounces of gold. 
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 along with the water rights in 2005 from Teck-Cominco. 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., the Company's Senior Geologist, 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 


Contact: Tim Mikula, Investor Relations 866-834-0301 tmikula@amemining.com 


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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