Abacus Mining & Exploration Corporation (TSX VENTURE:AME) ("Abacus") announces
that its 49% owned joint venture company, KGHM Ajax Mining Inc. ("Ajax"), has
signed and completed the transactions pursuant to an Asset Exchange Agreement
with New Gold Inc. ("New Gold") for certain assets and property claims in the
Afton-Ajax mining area and New Gold's 10% net profits interest (NPI) royalty.
The 10% NPI covers certain mineral claims within the Ajax pit area. 


As part of a previous Asset Purchase Agreement between Abacus, Teck Resources
Limited and Afton Operating Corporation, Abacus had acquired the Afton mill
building, office and maintenance shop ("Teck buildings"). 


New Gold has acquired from Ajax the Teck buildings and the lot on which they are
located. These buildings are not currently being used by Ajax and are not
required for future operations. 


In exchange, Ajax has acquired from New Gold the NPI royalty (for subsequent
cancellation) and mining claims which extend Ajax's claim block to the north of
the proposed Ajax mining area. 


Jim Excell, President & CEO of Abacus commented, "The agreement with New Gold
settles certain access and ownership issues that are mutually beneficial and
brings efficiencies to both our operations. It also further strengthens our
ownership of the Ajax project through the cancellation of New Gold's 10% NPI.
With the Feasibility Study in the final stage of completion and the
environmental review and permitting process well underway, we anticipate an
exciting and eventful fall."


On Behalf of the Board,

ABACUS MINING AND EXPLORATION CORPORATION

James D. 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 near 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. A Feasibility Study is in the final
stage of completion and is expected to be available in Autumn 2011. The
environmental review and permitting process was initiated in January of this
year with the submission of the Project Description, a copy of which is
available on the Company's website and www.eao.gov.bc.ca.


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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