AME Abacus Mining and Exploration Corporation

Abacus Mining & Exploration Corporation (TSX VENTURE:AME) ("Abacus") reports
that KGHM Ajax Mining Inc. ("KGHM Ajax"), the joint venture development company
between Abacus and KGHM Polska Miedz S.A., has executed an engagement letter
with BNP Paribas ("BNP Paribas"), appointing BNP Paribas as exclusive financial
advisor in connection with the project financing for the Ajax copper-gold
project near Kamloops, B.C.


Ian MacNeily, Chief Financial Officer of Abacus and KGHM Ajax stated, "We are
pleased to engage BNP Paribas, a leading international project financing
institution, as advisor to the Ajax project to assist us in structuring the most
effective financing arrangement for the development of the Ajax copper-gold
project."


The Ajax Project is currently undergoing environmental review and permitting,
with a bankable feasibility study ("BFS"), managed by a team of renowned
consultants, expected to be completed in the fall of this year. The BFS
contemplates construction of an open pit copper and gold mine in the Ajax camp
10 kms southwest of Kamloops, B.C. where its proximity to infrastructure and its
significant gold content is expected to have a favourable impact on the
project's economics. The BFS follows the NI 43-101 compliant Preliminary
Economic Assessment (the "PEA") of June 22, 2009 by Wardrop Engineering Inc.,
which 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. 


On Behalf of the Board,

ABACUS MINING AND EXPLORATION CORPORATION

Ian M. MacNeily, EVP & CFO  

Donna Yoshimatsu, Director, Investor Relations 

About Abacus

Abacus is an exploration and mine development company focused on the development
of the Ajax copper-gold project located 10 km southwest of Kamloops, B.C. With
major copper producer and joint venture partner, KGHM Polska Miedz S.A., Abacus,
as operator, is currently completing the feasibility study on the Ajax project,
which is expected to be completed in the fall of 2011. The project is in the
permitting phase with environmental assessment underway. 

Please refer to the Company's website for further information at www.amemining.com. 

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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