Abacus Mining & Exploration Corporation (TSX VENTURE:AME) ("Abacus") is pleased
to announce the appointment of Ian M. MacNeily, C.A. as Executive Vice President
and Chief Financial Officer effective February 1, 2011. 


Mr. MacNeily brings more than 15 years of executive financial management and
leadership experience in the mining sector. As a senior executive for a number
of global mining and development companies, he has considerable experience in
strategic planning, acquisitions, financial controls and reporting, capital
restructuring and funding, metal trading, and implementing successful finance
programs that have resulted in improved financial position and increased
shareholder value. Prior to entering the resource sector, his experience
includes seven years with Burns Fry (now BMO Nesbitt Burns) in both Toronto and
London, U.K., managing treasury and operational activities of the firm. Mr.
MacNeily is a Chartered Accountant. 


Mr. MacNeily takes over from Mr. Paddy Nicol, who has been with Abacus since
1995 serving as a director from 1999 to 2009 and as its CFO since 2003. Mr.
Nicol is leaving to take on a leadership role in a new venture. Jim Excell,
President & CEO of Abacus, recognizes with appreciation his significant
contribution to the Company: "Paddy has been a tremendous asset to the Company.
On behalf of the Board of Directors, I thank him for his outstanding service and
contribution to Abacus over the years." 


Mr. Excell continued, "I am also pleased to welcome Ian to our team. His
leadership and considerable relevant experience in the mining industry will
further enhance the Company's management depth and I look forward to his
significant contributions as the Company develops the Ajax copper-gold property
and accelerates growth through acquisition of additional accretive assets." 


Mr. MacNeily will be responsible for the financial operations and management of
Abacus and the KGHM Ajax joint venture. He will be based in the Company's new
downtown Toronto office location at 55 York Street. 


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. 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 (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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