AME Abacus Mining and Exploration Corporation

Abacus Mining & Exploration Corporation (TSX VENTURE:AME) ("Abacus") through the
KGHM Ajax Joint Venture with KGHM Polska Miedz S.A. ("KGHM"), is pleased to
provide an update on the Feasibility Study currently underway on the Ajax
copper-gold project located 10 kilometres southwest of Kamloops, B.C.


The Feasibility Study commenced shortly after Abacus and KGHM announced the
formation of the Joint Venture in May 2010, and is expected to be completed next
year. The purpose of the Study is to determine updated estimates for the life of
mine production schedule of the Ajax project, initial and sustaining capital, as
well as operational costs.


The study is being managed by a team of highly recognized consultants:

Wardrop Engineering Inc. (Wardrop) - mineral processing, surface site
infrastructure financial analysis and general QP for the 43-101 feasibility
report


AMEC Americas Ltd. (AMEC) - geology, mineral resource estimate and mine design

Knight Piesold Ltd. (Knight Piesold) - environmental base line studies and
facilitation of the permitting process


Golder Engineering Ltd. (Golder) - slurry transport, tailings design and water
management


BGC Engineering Inc. (BGC) - pit slope design and pit hydrogeology

G&T Metallurgical Services Ltd. (G&T) - metallurgical test work

In its NI-43-101 compliant Preliminary Economic Assessment Report dated June 22,
2009, Wardrop contemplated a 60,000 tonne per day plant producing on average 110
million pounds of copper (approx. 50,000 tonnes) and 100,000 ounces of gold in
concentrate annually. The report shows the Ajax deposit to be amenable to bulk
mining with straight forward ore control and process. The Ajax Mine will benefit
significantly from nearby infrastructure which, together with the significant
gold content, should translate into a low cost copper operation. The Ajax
extension remains open along strike and at depth.


Field work and engineering studies are underway to further define measured and
indicated mineral resources, process plant milling circuit, mine haulage and
in-pit crushing, and tailing deposition methods to increase project value.


An infill drill hole program is being completed in, around, and between the Ajax
East and West pits where approximately 85% of the 502 million tonnes of 43-101
compliant estimated pit inventory resource is classified as measured and
indicated. Continued drilling in the Ajax East Extension could provide
additional tonnage to the Ajax deposit which will have a positive impact on the
project's economics. This data will be incorporated into the Feasibility Study.


On Behalf of the Board,

ABACUS MINING AND EXPLORATION CORPORATION

Jim Excell, President & CEO

Donna Yoshimatsu, Director, Investor Relations

About Abacus

Abacus Mining is an exploration and mine development company focused on the
development of the Ajax copper-gold project located 10 kms southwest of
Kamloops, B.C. with joint venture partner KGHM Polska Miedz SA. The project has
a positive preliminary economic assessment report (June 22, 2009) that
contemplates a 60,000 tonne per day operation producing an average of
approximately 110 million pounds of copper (approx. 50,000 tonnes) and 100,000
ounces of gold in concentrate annually. Sensitivity analyses approximating metal
prices (US$3.00 per pound copper and US$1,000 per ounce gold) in the assessment
indicate a NPV of $1.46 billion discounted 8% over a 23 year mine life, with an
IRR of 35.4%, cash costs of $0.90 per pound copper, and payback of 2.0 years.
The Ajax extension remains open along strike and at depth. Mineral resources
that are not mineral reserves do not have demonstrated economic viability.


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. Except
as required by applicable securities laws, 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.

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