Abacus Provides Update on Ajax Copper-Gold Project in B.C.

Abacus Mining & Exploration Corporation (TSX VENTURE:AME) ("Abacus" or the
"Company") is pleased to provide the following update from a recent KGHM-Ajax
Mining Inc. ("KGHM-Ajax") Board Meeting. Abacus holds a 20% interest in
KGHM-Ajax which owns the Ajax copper-gold project ("Ajax project") located near
Kamloops, B.C.


The operator of the Ajax project, KGHM International ("KGHMI"), has committed
significant resources to the project's development since assuming the
operatorship on September 1, 2012, demonstrating a strong commitment to the
community, environment and to the long term sustainability of the Ajax project.


Community Focus

With a strategy of engaging the community with a strong local presence, KGHMI
has expanded the Ajax project team which currently numbers 23 employees, and
plans to hire additional personnel throughout the year. Of note, the Community
Affairs Department was enhanced to recently include Mr. Yves Lacasse, formerly
Chief of Police for the RCMP detachment in Kamloops, as External Affairs Manager
for the project. In addition, community, external affairs and outreach
specialists have recently joined the KGHM-Ajax Kamloops team. A successful open
house was hosted in January involving local government and about 600 members
from the community.


First Nations Agreements - MOU and Cultural Heritage Study signed

Agreements have been signed with the Stk'emlupsemc te Secwepemc ("STS"),
represented by the Tk'emlups and Skeetchestn First Nations bands for a Cultural
Heritage Study ("CHS") and a Memorandum of Understanding ("MoU"). Consultations
continue with the STS on a Capacity Funding Agreement to assist them in the
review of the Environmental Assessment and towards aligning an Impacts Benefits
Project Agreement ("IBA"). The IBA would define the mutual responsibilities
between KGHM-Ajax and the STS in connection with the benefits, construction,
operations, and closure of the Ajax project.


Technical Review Update

An extensive review was performed by KGHMI staff and outside consultants to
optimize the Ajax mine plan including validation of the proposed capital and
operating expenditures. Pilot plant testwork of the tailings storage facility
was successfully conducted and a sample has been forwarded to Golder Associates
for further test work. A metallurgical pilot plant test is also being planned
for the Ajax ore. These and other technical considerations are being assessed to
improve project economics and mine life. The 2013 budget for KGHM-Ajax is $58
million of which Abacus' 20% would be funded by its monies currently held in
escrow for development of the Ajax project.


Environmental & Permitting

The formal Environmental Assessment Application is expected to be submitted to
the federal and provincial agencies in September this year. The next phase is
the submission of the permit application under the joint Mines Act and
Environmental Management Act in the first quarter of 2014. KGHMI is currently
pursuing a schedule that envisions production start-up at Ajax in the third
quarter of 2016. This represents a delay compared with the Feasibility Study
dated January 6, 2012 but encompasses increased detailed engineering, and
technical and environmental assurances.


Financial Condition

Following the exercise of the Development Option by KGHM Polska Miedz S.A. on
April 2, 2012, (thereby increasing its ownership in KGHM-Ajax to 80%), Abacus
was paid cash consideration of US$29.9 million. To date, net of cash calls,
$24.9 million remains in Abacus' escrow account which will contribute to Abacus'
portion of all development expenditures. The joint venture agreement with KGHM
Polska Miedz S.A. provides for a financed carry for Abacus' 20% interest with
100% of the project's capex obligation to be provided by KGHM.


Abacus has approximately $1.5 million in cash and equivalents. This is expected
to be sufficient for the foreseeable future as the Company has a very low
monthly cash requirement.


Strategic Review

Abacus continues working with financial advisor Stifel Nicolaus Canada Inc. in
evaluating a number of potential strategic opportunities to maximize the value
of its 20% interest in the Ajax Project. A development in this regard will be
announced when appropriate.


On Behalf of the Board,

ABACUS MINING AND EXPLORATION CORPORATION

James D. Excell, President & CEO

Donna Yoshimatsu, Director, Investor Relations

About Abacus

Abacus is a mineral exploration and mine development company with a 20% interest
in the feasibility stage Ajax copper-gold project located near Kamloops, B.C.
The Ajax Project is a joint venture between Abacus Mining & Exploration
Corporation and KGHM Polska Miedz S.A. through KGHM-Ajax. 


The Ajax project feasibility study supports production of a total of 2.5 billion
lbs of copper and 2.28 million ozs of gold in concentrate, or an average of
approximately 109 million lbs of copper and 99,000 ozs of gold annually, over a
23 year mine life. Total proven and probable mineral reserves are estimated at 3
billion lbs Cu and 2.7 million ozs Au at 0.27% Cu and 0.17 g/t Au based on $2.50
Cu and $1,085 Au. The proposed mine plan envisages a conventional open pit
operation processing 60,000 tonnes per day or 21.9 million tonnes per year of
ore. (see Report titled "Ajax Copper/Gold Project -- Kamloops, British Columbia
Feasibility Study Technical Report" by Wardrop (a Tetra Tech Company) dated
January 6, 2012 ("FS")).


Forward-Looking Information 

This release includes certain statements that are deemed "forward-looking
statements". All statements in this release, other than statements of historical
facts, that address events or developments that Abacus 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 changes to commodity prices,
mine and metallurgical recovery, operating and capital costs, foreign exchange
rates, ability to obtain required permits on a timely basis, exploitation and
exploration successes, 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. 




FOR FURTHER INFORMATION PLEASE CONTACT: 
Abacus Mining and Exploration Corporation
James D. Excell
President & CEO
jexcell@amemining.com


Abacus Mining and Exploration Corporation
Donna Yoshimatsu
Director, Investor Relations
(647) 345-0826
dyoshimatsu@amemining.com


Abacus Mining & Exploration Corporation
(604) 682-0301
(604) 682-0307 (FAX)
info@amemining.com
www.amemining.com
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