AME Abacus Mining and Exploration Corporation

Abacus Mining & Exploration Corporation (TSX VENTURE:AME) ("Abacus") is pleased
to announce the signing of an advanced exploration agreement between KGHM Ajax
Mining Inc. ("KGHM Ajax") and Stk'emlupsemc te Secwepemc ("STS"), represented by
the Tk'emlups and Skeetchestn Bands. 


The agreement confirms the intention of both parties to work together through
all mineral exploration and related activities in a spirit of partnership and
collaboration to build a positive and mutually beneficial relationship in
facilitating exploration work and advancing the Ajax copper-gold project (the
"Project"). KGHM Ajax will ensure that the exploration work is carried out so as
to minimize the disturbance of the natural environment with assistance of
individuals from STS, and providing sufficient opportunity for STS to comment on
proposed activities prior to the submission of permit or like applications. STS
for its part, agrees not to oppose any application by or on behalf of KGHM Ajax
in connection with the exploration work or permits associated with the Project. 


Prior to the completion of the Feasibility Study, the parties agree to negotiate
in good faith towards commercially reasonable service agreements, including the
participation of individuals from STS during performance of archaeological work
and cultural heritage review. This will be followed by a long-term definitive
"Working Interest Agreement" upon determination of the Project's economic
viability at the completion of the Feasibility Study expected to be completed in
2011. 


Chief Shane Gottfriedson of the Tk'emlups Band commented, "We look forward to
supporting the advancement of the Ajax mining project through a positive and
mutually beneficial relationship with KGHM Ajax represented by Abacus and KGHM
Polska Miedz S.A. Our participation in the growth of mining through employment
and training will ensure that our people benefit from the development of our
traditional territory." Chief Rick Deneault of the Skeetchestn Band added, "We
look forward to the negotiations on the final agreement which will be more
comprehensive than other agreements already in place with other mining interests
in our Territory."


Jim Excell, President and CEO of Abacus Mining added, "Abacus recognizes the
rights, culture and aspirations of our First Nation partners, at all times
respecting the environment and traditional knowledge. Engaging the local
communities early in this process ensures that we move forward in a spirit of
mutual respect, creating the foundation for a positive long term partnership for
the benefit of all parties." 


On Behalf of the Board,

ABACUS MINING AND EXPLORATION CORPORATION

James D. Excell
President & CEO

Donna Yoshimatsu
Director, Investor Relations
dyoshimatsu@amemining.com 

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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