Management of Abacus Mining and Exploration Corporation (the "Company) is pleased to report on the progress of the diamond drilling program on the Afton area properties near Kamloops, British Columbia. Assay results for thirteen of the nineteen drill holes completed have been received and are reported below. In addition, the Company has also received initial results of the three-dimensional induced polarization (3D-IP) survey completed at the DM-Audra-Crescent zones by SJV Geophysics Ltd. of Vancouver.

Drilling has been completed entirely within the 3D-IP geophysical survey completed last fall. The drilling has focused on the expansion of the #2, #22, #1, and #17 zones. Significant copper-gold mineralization continues to be intersected in the #2 zone while PGE rich mineralization continues to be discovered in the #22 zone. Of particular interest are the significant cobalt values at the #1 zone in drill hole R-04-023 that grade 0.21% cobalt over 37.80 metres. In addition, the size of the #17 zone has been expanded. Of the thirteen drill-holes reported, nine holes intersected significant copper-gold mineralization.

The current drilling focuses on discovering two potential deposit types: high grade copper-gold mineralization that could be mined by underground bulk mining methods and low grade/large tonnage mineralization that could be mined by open pit methods. The 2 kilometre by 1 kilometre 3D-IP survey that encompasses the #2, #22, #1 and #17 zones highlights the potential significance of a large tonnage style of deposit. The discovery of cobalt in the Afton Camp could add significant value to the economic viability of the property.

2 Zone 

Three drill holes tested both the down dip extension and strike potential of the #2 zone, 4 kilometres southeast of the Afton Pit. Hole R-04-15, drilled 25 metres east of drill-hole R-02-09, (170.1 metres grading 0.89% copper, 0.24 g/t gold, and 0.04 g/t palladium) is the most easterly hole drilled by the Company in the zone to date and has successfully expanded the mineralization along strike and down dip. Drill holes R-04-18 and R-04-22 were drilled to the north (opposite to the 2002 drilling) to gain a better understanding of the geometry of the mineralized structure and test the dip and strike potential. Drill hole R-04-18 successfully intersected copper-gold mineralization as targeted down dip of drill hole R-04-09. While drill hole R-04-22 reported minor copper values, wide zones of alteration were intersected which is often associated with sulphide mineralization in the Afton camp. The following table highlights the significant intercepts from the #2 zone:
 

22 Zone 

The #22 zone, located 200 metres southeast of the #2 zone, is a structurally complex zone of copper and PGE mineralization. Previous exploration by the Company encountered an intersection grading 1.12% copper, 0.45 g/t gold and 0.94 g/t palladium over 31.1 metres. (R-02-08). Drill holes R-04-16 and R-04-17 were drilled into this zone to test the strong chargeability anomaly indicated by the 2003 3D-IP geophysical survey. Both holes intersected significant copper-PGE mineralization. More drilling is planned to further delineate this zone. The following table highlights the significant intercepts from the #22 zone:
 

1 Zone 

Four holes were drilled to test the northern extension of the #1 zone, 200 metres southeast of the #22 zone. Each drill hole intersected wide zones of pyrite mineralization. In particular, R-04-23 intersected a semi-massive to massive pyritic zone that returned minor copper values and significant cobalt values with grades as high 0.50%. The Company is now in the process of running cobalt analyses on all subsequent drilling on the property. The following table highlights the significant intercepts from the #1 zone:
 

17 Zone 

This zone lies 400 metres southeast of the #22 zone. Drill hole R-04-027 intersected a wide zone of significant copper sulphides adjacent to mineralization intersected by Teck Exploration Ltd. in 1994. 

(drill hole 94-21, grading 0.88% copper, 0.12 g/t gold). The near surface expression of this mineralization has not been drill tested. The following table highlights the significant intercepts from the #17 zone:
 

DM/Audra and Crescent Zones

The preliminary results from the 3D-IP survey completed over the DM-Audra-Crescent zones indicate the presence of a large east-west trending chargeability anomaly. This area is located only 2 km along strike from the existing Afton pit and will also be a focus for the phase two drilling program.

Future Plans

The Company has completed approximately 6,600 metres of diamond drilling in 2004 and will complete another 2,400 metres during this phase of drilling. Based on the success of the program thus far, the Company has planned a Phase II program that will consist of an additional 12,000 metres of diamond drilling. The Company has also contracted SRK Consulting Ltd. of Vancouver to assist in structural interpretation of the Rainbow property.

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 both Eco Tech of Kamloops and ALS Chemex Labs of North Vancouver, B.C. Mr. Robert R. Friesen, P. Geo and Mr. Robert Darney, P. Geo are the qualified persons responsible for the design and conduct of the work performed.

* Copper equivalents were calculated using the following metal prices: (all prices in United States dollars) copper $1.30/lb, gold $395/oz, palladium $300/oz., platinum $900/oz., cobalt $26/lb.

On Behalf of the Board,

ABACUS MINING AND EXPLORATION CORPORATION

"Doug Fulcher" 

Doug Fulcher

President

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