Vancouver, May 31, 2007 Abacus Mining & Exploration Corp. (TSX.V:AME) (the "Company") is pleased to announce the first set of assay results from the 2007 diamond drill program on the Ajax Property near Kamloops, British Columbia. Of the three drill rigs operating at the property, two have significantly expanded the mineralized zone at the Ajax East pit while one rig continues to expand and increase the confidence level of the recently calculated resource estimation at the Ajax West pit.

Ajax West Drilling Highlights

• Drill hole AW-06-046, located on Section 1100E and drilled off azimuth to the northwest to extend the strike length of the West Zone, intersected 118.0 metres of 0.63% copper and 0.53 g/t gold from 122.0 metres to 240 metres. The location of this intercept appears to extend the strike length of the mineralized zone by approximately 25 to 30 metres. Included within this intercept was a 30 metre interval containing 0.42% copper, 0.43g/t gold and 0.44g/t palladium (see table below). Significant intervals of palladium at Ajax usually occur at or near the contacts of mineralized intrusives with mafic rocks such as the Iron Mask Hybrid or picrite. 

Ajax East Drilling Highlights

• Drill hole AE-07-014, drilled on Section 1350N had a 12 metre intercept that contained native copper and chalcocite in a fault breccia. The interval containing most of this material averaged 0.64% copper and 0.47g/t gold, from 100.0m to 112.0m.
• Drill hole AE-07-015, drilled on Section 1350N intersected 414 metres of 0.36% copper and 0.20g/t gold from 126 metres to 540 metres. Included in this intercept was 207 metres of 0.47% copper and 0.27g/t gold from 273 metres to 480 metres.
• Drill hole AE-07-016, also drilled on Section 1500N intersected 256 metres of 0.45% copper and 0.37g/t gold from 267 metres to 523 metres.

Doug Fulcher, President of Abacus, said "We have now completed over 15,000 metres of drilling on the Ajax deposit in 2007. With this phase of drilling we are continuing to expand the mineralized zones at the Ajax deposits. Coupled with the recently announced financing we now have sufficient funds to see us through a Feasibility Study in 2008."

Ajax West Drill Results

* hole AW-07-044 was drilled to 50.29m but abandoned due to casing problems (no samples taken).  The hole was re-drilled as AW-07-045 . The above West Pit holes were drilled at azimuths directed west of the main drill grid azimuth in order to extend strike coverage of the deposit into the western corner of the property boundary. Intercept lengths are core lengths, which do not necessarily reflect true width.
 
Ajax East Drill Results

* hole caved, unable to continue
** intercept contained native copper and chalcocite

About the Ajax Exploration Program

Three drill rigs have been operating on the property since the beginning of March. Two of the drills are dedicated to exploring the Ajax East zone below the existing open pit (500 metres northeast of the Ajax West pit zone). Thus far, both drill rigs have conducted northwesterly directed holes from the east side of the old open pit, to "scissor" holes drilled by Abacus last year from the west side of the pit. It is expected that drilling in this area will be complete by next month.

The third drill is currently being used to complete some fill-in and on-strike coverage of the Ajax West deposit area to its boundary limits. Last March, Abacus announced the following NI 43-101 compliant inferred resource estimate on the Ajax West property as produced by Beacon Hill Consultants (1988) Ltd.: 

The company's Ajax property comprises eight 100 percent owned Crown grants near Kamloops, B.C., encompassing most of the historic East and West pits that were last mined in 1997 by Afton Operating Corp. The Ajax property lies nine kilometers by road southeast of the Afton mine/mill facilities, which Abacus is in the process of purchasing from Teck Cominco.

Eco Tech Laboratory Ltd. of Kamloops, B.C., has completed all of Abacus's analytical work on the project. A quality-control program, using specific standards and blank samples is in place. Robert G. Friesen, P. Geo. is the qualified persons responsible for the design and conduct of the work performed.
 

On Behalf of the Board,
ABACUS MINING & EXPLORATION CORPORATION

"Doug Fulcher"

Doug Fulcher,
President, CEO
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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.

The TSX Venture Exchange has neither reviewed or approved the accuracy or adequacy of this news release.