AME Abacus Mining and Exploration Corporation

Abacus Mining & Exploration Corporation (TSX VENTURE:AME) ("Abacus") is pleased
to announce the initiation of the Environmental Assessment Review Process for
the Ajax Project, a proposed copper-gold mine located 10 kilometres southwest of
Kamloops, B.C. 


The Ajax Project is being developed by KGHM Ajax Mining Inc., a joint venture
between Abacus and KGHM Polska Miedz S.A. ("KGHM"). The Environmental Assessment
Review and permitting phase for the Ajax Project has now been launched with the
submission of the Project Description to the British Columbia Environmental
Assessment Office and the Canadian Environmental Assessment Agency. The Project
Description will be reviewed for completeness by government agencies, to be
followed by official receipt and posting on the website of the British Columbia
Environmental Assessment Office (www.eao.gov.bc.ca).


Earlier last year, Abacus, the Project's operator, accelerated environmental and
socio-economic studies by retaining Knight Piesold Ltd., an international group
of consulting engineers and environmental scientists, to undertake comprehensive
studies of aquatic and terrestrial ecosystems, physical environmental
parameters, and socio-economic data. This follows several years of environmental
database collection and analysis of in situ parameters from past mining
activities at the site. 


The NI-43-101 compliant Preliminary Economic Assessment Report for the Ajax
copper-gold project was completed by Wardrop Engineering Inc. on June 22, 2009
and 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. 


The technical information in this news release has been reviewed and approved by
Dave Laudrum, P.Geo., the Company's Chief Geologist who is a Qualified Person
within the meaning of National Instrument 43-101.


On Behalf of the Board,

ABACUS MINING AND EXPLORATION CORPORATION

Jim Excell, President & CEO  

jexcell@amemining.com 

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 kilometres southwest of
Kamloops, B.C. through the KGHM Ajax Joint Venture with 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 of US$3.00 per pound copper and US$1,000 per ounce gold in the assessment
indicate a NPV of $1.46 billion discounted at 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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