News Releases |Abacus Mining and Exploration Corp.

June 23, 2008

Ajax Joint Venture Area Drilling Continues To Expands The Resources Area

VANCOUVER, BC June 23, 2008 Abacus Mining & Exploration Corp. ("Abacus" or "the Company") (TSX.V:AME) is pleased to announce the release of assay results from 29 more drill holes on the Ajax joint venture area with New Gold Inc.; in which Abacus may earn a 60% interest. All 29 holes reported here were drilled on the property in 2008 from Sections 1750E to 2000E inclusive, covering a strike length of 250 metres east of the Ajax West pit. The focus of this joint venture drill program has been to test for continuity of copper, gold mineralization between the Ajax West and East pits. This could allow for the expansion of the East and West pits into one large scale open pit mining operation. The information from this drilling will be incorporated into the combined Ajax resource estimation which is currently in progress.

Seventy-three holes totaling 30,625 metres (100,476 feet) were collared on the joint venture property from November 2007 until April, 2008. Eighteen holes drilled in late 2007 were reported previously and twenty-six holes remain to be released that cover the area further east from sections 2050E to 2250E.

A drill plan map showing the location of these holes will be posted on the Company's website at www.amemining.com as soon as possible.

Drill Highlights

Hole AN-08-021 intersected 92 metres (301.8 feet) grading 0.39% copper and 0.19 g/t gold, and a 43 metre (141.1 feet) intercept averaging 0.58% copper and 0.21 g/t gold.
Hole AN-08-024 intersected 124 metres (406.8 feet) grading 0.42% copper and 0.26 g/t gold.
Hole AN-08-026 intersected 246 metres (807.1 feet) grading 0.32% copper and 0.21 g/t gold, including a 106 metre (347.8 feet) intercept averaging 0.44% copper and 0.34 g/t gold.
Hole AN-08-043 intersected 146 metres (479 feet) grading 0.43% copper and 0.18 g/t gold, including a 29.66 metre (97.3 feet) intercept averaging 1.00% copper and 0.26 g/t gold.
Hole AN-08-048 intersected 183.3 metres (601.4 feet) grading 0.39% copper and 0.27 g/t gold (uncut copper and gold), or 0.36% copper and 0.25 g/t gold (cut copper and gold); including an 83 metre (272.3 feet) intercept averaging 0.64% copper and 0.48 g/t gold (uncut copper and gold); or 0.58% copper and 0.44 g/t gold (cut copper and gold). High copper and gold values cut to 5% and 5 g/t respectively.
Hole AN-08-055 intersected 31 metres (101.7 feet) grading 0.84% copper and 0.40 g/t gold.
Hole AN-08-058 intersected 184 metres (603.7 feet) grading 0.38% copper and 0.15 g/t gold.
Hole AN-08-065 intersected 65 metres (213.3 feet) grading 0.44% copper and 0.17 g/t gold.
Hole AN-08-067 intersected 92 metres (301.8 feet) grading 0.40% copper and 0.15 g/t gold, including a 50 metre (164 feet) intercept averaging 0.53% copper and 0.23 g/t gold.
Hole AN-08-072 intersected 319.52 metres (1048.3 feet) grading 0.26% copper and 0.16 g/t gold, including a 108 metre (354.3 feet) intercept averaging 0.34% copper and 0.20 g/t gold.

The following table lists the most significant drill intercepts from holes drilled in the joint venture area mentioned in this release. Intercept lengths are core lengths, which do not necessarily reflect true width.

ABACUS/NEW GOLD JOINT VENTURE---AJAX 2008 DRILL RESULTS
Ajax West Grid
Section	Hole No.	Dip Deg	Az. Deg	From (m)	To (m)	Length (metres)	Length (feet)	Cu %	Au g/t
1750E	AN-08-022	-45.7	26.8	Scattered individual values >0.20% copper

1750E	AN-08-026	-68.5	26	31	56	25	82	0.32	0.31
				251	497	246	807.1	0.32	0.21
			Incl	318	497	179	587.3	0.36	0.25
			And	333	439	106	347.8	0.44	0.34
			And	333	359.87	26.87	88.2	0.63	0.77

1750E	AN-08-029	-89	26	37.49	84	46.51	152.6	0.26	0.14
				221.48	291	69.52	228.1	0.45	0.23
			Incl	224	265.45	41.45	136	0.59	0.32

1750E	AN-08-042	-44.6	207.5	30.7	52	21.3	69.9	0.30	0.19
				199	211	12	39.4	0.40	0.13
				251	264.13	13.13	43.1	0.91	0.32

1750E	An-08-037	-65.5	212.1	230	288.55	58.55	192.1	0.54	0.25
			Incl	230	256	26	85.3	0.60	0.29
			And	271	288.55	17.55	57.6	0.81	0.38
				413	436	23	75.5	0.37	0.12

1800E	AN-08-021	-70.5	204.2	54	190	136	446.2	0.32	0.18
			Incl	98	190	92	301.8	0.39	0.19
			and	118	145	27	88.6	0.65	0.34
				241	284	43	141.1	0.58	0.21
			Incl	241	262	21	69	0.99	0.35

1850E	AN-08-024	-46	24.1	353	501	148	485.6	0.39	0.24
			Incl	353	477	124	406.8	0.42	0.26
			And	465	477	12	39.4	1.55	0.87

1850E	AN-08-031	-65.2	25	102.72	209	106.28	348.7	0.26	0.14
			Incl	114	131.25	17.25	56.6	0.50	0.31
				336	447	111	364.2	0.28	0.10
			Incl	348	378	30	98.4	0.49	0.16

1850E	AN-08-036	-88.7	25	195.07	254	58.93	193.3	0.27	0.11
			Incl	224	254	30	98.4	0.32	0.11
				401	430	29	95.1	0.29	0.10

1850E	AN-08-039	-43.9	208.1	74	125	51	167.3	0.38	0.22
			Incl	74	119	45	147.6	0.41	0.24
				196	207.5	11.5	37.7	0.77	0.29

1850E	AN-08-043	-64.9	209.5	74	220	146	479	0.43	0.18
			Inc	74	94	20	65.6	0.67	0.39
			and	176	205.66	29.66	97.3	1.00	0.26
				274	294	20	65.6	0.30	0.10

1900E	AN-08-046	-43.2	26.5	255	424	169	554.5	0.26	0.18
			Incl	270	285	15	49.2	0.49	0.47
			And	379	415	36	118.1	0.41	0.25

1900E	AN-08-048	-44.5	26	72	176.35	104.35	324.4	0.23	0.17
				323	506.3	183.3	601.4	0.39	0.27
			Or	323	506.3	183.3	601.4	0.36* Cu cut	0.25* Au cut
			Incl	323	406	83	272.3	0.64* Cu uncut	0.48* Au uncut
			Or	323	406	83	272.3	0.58 Cu cut to 5%	0.44 Au cut to 5g/t
			Incl	365.57	385	19.43	63.7	1.32	0.91

1900E	AN-08-054	-65.3	24.7	90	127	37	121.4	0.36	0.21
				417	448.1	31.1	102	0.31	0.12

1900E	AN-08-061	-88.1	24.7	169.55	213	43.45	142.6	0.43	0.18

1900E	AN-08-067	-46.9	207.7	56	98	42	137.8	0.36	0.17
				200	292	92	301.8	0.40	0.15
			Incl	242	292	50	164	0.53	0.23

1900E	AN-08-069	-65.3	209	33	48.45	15.45	50.7	0.62	0.28
				175	205	30	98.4	0.32	0.12
				271	319	48	157.5	0.39	0.10
			Incl	304	319	15	49.2	0.72	0.18

1950E	AN-08-051	-44.8	26	101.38	121	19.62	64.4	0.34	0.17
				415	445	30	98.4	0.22	0.13
				502	526	24	78.7	0.27	0.18

1950E	AN-08-053	-45.4	25.7	288	425.2	137.2	450.1	0.26	0.20
			Incl	336	361	25	82	0.34	0.29

1950E	AN-08-056	-64.5	28	38	80	42	137.8	0.42	0.19
			Incl	38	59	21	68.9	0.55	0.23
				245	344	99	324.8	0.25	0.12

1950E	AN-08-058	-89.2	28	68	252	184	603.7	0.38	0.15
			Incl	230	243	13	42.7	1.25	0.45

1950E	AN-08-060	-45.6	208.3	Scattered narrow zones and individual values >0.20% copper

1950E	AN-08-062	-65	208.3	189	207	18	59.1	0.42	0.13
				286	304	18	59.1	0.36	0.06

2000E	AN-08-055	-46.2	27.5	375	406	31	101.7	0.84	0.40

2000E	AN-08-057	-65.7	25	117	161	44	144.4	0.49	0.18
			Incl	117	146.52	29.52	96.8	0.62	0.23

2000E	AN-08-063	-88.9	25	42	60	18	59.1	0.60	0.33
				113	195	82	269	0.27	0.09
			Incl	177	192	15	49.2	0.61	0.19

2000E	AN-08-065	-45.5	207.5	21	86	65	213.3	0.44	0.17
				131.62	184	52.38	171.8	0.35	0.11

2000E	AN-08-068	-64.3	207.8	66	178	112	367.4	0.24	0.09
			Incl	70	94	24	78.7	0.37	0.18

2000E	AN-08-072	-43.3	28.5	88	407.52	319.52	1048.3	0.26	0.16
			Incl	88	196	108	354.3	0.34	0.20
			And	361	407.52	46.52	152.6	0.45	0.22

Discussion of Results

These drill holes were all drilled in early 2008 and provide coverage from 1750E to 2000E inclusive; or for 250 metres due east of the Ajax West pit. Due to the intense and detailed nature of the drill program, drill fans of 3 to 5 holes were often drilled from one set-up. Section spacing for the drill coverage was 50 metres and all holes reported here were oriented along the Ajax West grid (0280 and 2080):

The results continue to provide support for Abacus' proposed exploration model of locating sufficient continuity of copper-gold mineralization to potentially support a large scale open pit mining operation. It is encouraging to note that 25 of the holes reported here had one or more significant mineralized intercepts greater than 30 metres (about 100 feet) in length; including 11 holes with one or more significant intercepts ranging in length from 100 metres (328.1 feet) to 319.52 metres (1048.3 feet).

The remaining 26 holes will be released shortly.

You can view the Next News Releases item: June 26, 2008,Amec Appointed As Engineering Team For Afton / Ajax Project

You can view the Previous News Releases item: May 5, 2008,Abacus Names Andrew Pooler Chief Operating Officer

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