AME Abacus Mining and Exploration Corporation

Abacus Mining & Exploration Corporation (TSX VENTURE:AME) ("Abacus") is pleased
to provide an update on the progress of the Feasibility Study (the "FS") on its
jointly owned Ajax copper-gold project.


The majority of the project inputs have now been received from a team of widely
recognized consultants led by Wardrop Engineering as the project's general QP.
Comprehensive trade-off studies have been incorporated to maximize operations
over the life of mine and enhance project value, over the original Preliminary
Economic Assessment (PEA) of June 22, 2009. These studies include the use of
high pressure grinding rolls vs SAG mill technology for reduced costs and
improved recoveries, in-pit crushing and conveying of both ore and waste vs
truck and shovel operations, and high density tailings deposition vs
conventional tailings storage to improve location logistics and reduce the
environmental footprint. A new reserve and resource estimate will also be
reported following the extensive delineation and infill diamond drilling
programs undertaken by Abacus since the PEA to further define and upgrade
resources. The results of the studies are being incorporated into the FS which
is anticipated in the fourth quarter of 2011.


Once the FS is delivered to joint venture partner KGHM Polska Miedz SA, KGHM
will have a maximum of 90 days from the date of delivery of the FS to acquire a
further 29% in the joint venture company for a cash consideration equal to 29%
of the Proven and Probable copper equivalent reserve in the FS, to a maximum of
US$35 million. Thereafter, KGHM will arrange the financing for its (80%)
proportionate interest in the project capex, and Abacus has the option to
arrange its own financing for its (20%) proportionate interest or elect to have
KGHM do so on commercially reasonable terms.


In the event that KGHM chooses not to increase its interest in the Joint
Venture, Abacus has the right to purchase KGHM's 51% interest within a period of
90 days following the above timeframe for a total consideration of US$37
million. Should KGHM choose not to increase its interest and Abacus does not
purchase KGHM's interest in its entirety, Abacus' interest in the Joint Venture
can be increased to 51% for a consideration of approximately US$1.5 million
payable to KGHM.


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 anticipated in
the fourth quarter of 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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