VANCOUVER, BRITISH COLUMBIA - May 17, 2005 - The Directors of Abacus Mining and Exploration Corp. (TSX VENTURE:AME) (the "Company") are pleased to announce that a Letter of Intent has been signed with Teck Cominco Limited (TSX:TEK.MV.A)(TSX:TEK.SV.B) ("Teck Cominco") for the purchase of Afton Operating Corporation's milling and processing facilities, tailings storage areas, associated permits, and other infrastructure at the past-producing Afton Mine located near Kamloops, British Columbia. The Company has also agreed to purchase Teck Cominco's back-in rights on the Company's Afton properties.

The Directors are also pleased to announce that Mr. Gary Giroux, MASc., P. Eng of Giroux Consultants Ltd. has completed the preliminary resource calculations on the DM/Audra zone and the Rainbow zone. 

Doug Fulcher, President of the Company states, "This is a very important step for the Company and gives us a significant competitive advantage in the Afton camp. Acquiring the infrastructure will significantly advance the timeline of our development process and considerably reduce future capital costs. The tonnage and grade numbers are consistent with similar copper-gold porphyry deposits in British Columbia. At a 0.20% copper cut-off grade, we now have over 75 million tonnes of indicated resources in the DM/Audra and Rainbow zones. Coupled with an aggressive drill program this summer, we expect to advance the project to a pre-feasibility stage by the end of 2005."

Teck Cominco Senior Vice President of Mining, Mike Lipkewich, states, "Teck Cominco is pleased to participate in Abacus' ongoing program in the Afton camp through this transaction."

Under the Letter of Intent with Teck Cominco, the Company will acquire the mine facilities, associated permits, surface rights and related equipment, as well as the back-in rights, by issuing 18.5 million shares and $10 million cash to Teck Cominco over the next two years. Completion of the transaction is subject to definitive documentation, receipt of necessary regulatory approvals and customary conditions of closing. Upon completion of closing, Teck Cominco will become a significant shareholder of the Company.

The following DM/Audra and Rainbow resource models are based on 35,000 metres of diamond drilling completed by the Company as well as drilling completed by previous operators. The DM/Audra and Rainbow zones remain open along strike and at depth and expanding these zones will be the major focus of the next phase of drilling, which is expected to begin in the next few weeks. Mr. Giroux is the Qualified Person for the preliminary resource estimate as defined under NI 43-101. His report will be filed on SEDAR within thirty days from the date of this release. 

RAINBOW RESOURCE MODEL
Indicated Resource 



Inferred Resource



DM/AUDRA RESOURCE MODEL
Drill Indicated Resource



Inferred Resource




On Behalf of the Board,
ABACUS MINING AND EXPLORATION CORPORATION

"Paddy Nicol"

Paddy Nicol, MBA
Director