Abacus Mining & Exploration Corp. (TSX.V:AME) (the "Company") announces the remaining drill results from its first phase of exploration on the Rainbow property, near Kamloops, British Columbia. The second phase, scheduled to begin in mid-August will include 15,000 metres of diamond drilling directed toward expanding the mineralized zones on the Rainbow #2 and #22 zones, and exploring the DM, Audra, Crescent, and Coquihalla zones.

Step-out drill holes R-04-050 to R-04-053 have expanded the #2 and #22 zones to the west. Hole R-04-050 drilled 75 metres west of drill holes R-03-013 and R-03-014, previously the most westerly holes drilled by the Company*, intersected 143.0 metres grading 0.54% Cu and 0.14 g/t Au. Hole R-04-051 drilled on the same section and up dip from hole R-04-050, also intersected significant mineralization grading 0.70% Cu and 0.17 g/t Au over 30.5 metres. Drill hole R-04-052, drilled 25 metres west of drill hole R-04-050, intersected continuous but lower grade copper-gold mineralization from near surface to depths of approximately 500 metres and confirms the Company's belief that the potential for significant mineralization exists well below historic drilling. Drill hole R-04-053, drilled between holes R-04-050/051 and R-04-052 intersected 60.0 metres grading 0.36% Cu and 0.09 g/t Au. 

Drilling by the Company and previous operators confirms that wide zones of copper-gold mineralization in this area extend from surface in vertical structures, highlighting the potential for open pit targets. It is also significant to note that all four holes intersected significant molybdenum values ranging up to 5000 ppm Mo.

The #2 and #22 zones now form a mineralized zone over 700 metres long and up to 500 metres depth extent, and is open along strike and at depth .The 3D Induced Polarization ("3D-IP") geophysical survey completed last fall indicates the chargeability anomaly that defines the #2 and #22 zone extends untested for an additional 500 metres to the northwest. 

The following table gives the results of holes R-04-050 to R-04-053:
 

Most of the drill holes in the #2 and #22 zones have been angle holes (-50 to --67 degrees) in order to test the vertical structures that host mineralization.

The Company has also completed the first three drill holes on the DM zone and results are pending. The DM zone lies approximately 4.5 kilometres north of the Rainbow #2 and #22 zones, and is situated between the previously mined Afton and Crescent pits. Historical drilling on the three zones in this area (DM, Audra, and Crescent) has not tested mineralization deeper than 150 metres. The results from the 3D-IP survey completed by the Company over the DM, Audra, and Crescent zones this year has defined a large east-west trending chargeability anomaly and that extends for over two kilometres.

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 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.

A drill plan map is available on the Company's website at: http://www.amemining.com/properties/afton_properties/rainbow/photo_gallery/

On Behalf of the Board,
ABACUS MINING AND EXPLORATION CORPORATION

"Doug Fulcher" 

Doug Fulcher
President

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