Abacus Provides Update on the Ajax Copper-Gold Project

Abacus Provides Update on the Ajax Copper-Gold Project 
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/21/12 -- Abacus
Mining & Exploration Corporation (TSX VENTURE:AME) ("Abacus" or the
"Company") announces that in a letter addressed to the community of
Kamloops, B.C., the operator of its 20% interest Ajax copper-gold
project, KGHM International Ltd. ("KGHMI") provided assurance of
their commitment and expertise to advance the Ajax project to the
highest social and environmental standards. 
In the statement, KGHMI outlined their approach since becoming
operator of the Ajax copper-gold project on September 1, 2012: 
"We have dedicated all necessary resources, both internal and
external, to ensure that our approach to the development of this
project is socially and environmentally responsible, innovative yet
sound, and technically viable. We are committed to earning the social
license needed to develop this project and to gain the community's
trust by demonstrating that we will build and operate the Ajax mine
according to the same high standards to which we conduct all of our
Currently KGHMI operates six mines in Canada, the United States and
Chile and is advancing two other development projects in Canada and
Chile. Since taking over operatorship of the Ajax project, KGHMI has
appointed a new management team to the project and is continuing to
advance the permitting process while conducting a technical review.
Public information sessions are being planned for the month of
January 2013, during which KGHMI will introduce itself to the
community and to allow the community to personally meet the new
project leadership team. These information sessions will provide an
open forum to further engage the people of Kamloops and to establish
ongoing dialogue that is a key to developing a successful, long-term
Jim Excell, CEO of Abacus commented, "KGHM International Ltd.
(formerly Quadra FNX Mining Ltd.) is a respected Canadian mining
company with an extensive record of developing mining operations. We
are pleased that they are fully engaged in continuing to advance the
permitting process for the Ajax project, building on the foundation
put in place by the Abacus team since early 2011. We have every
confidence in their capabilities to develop the
 project in a manner
that will be positive for the City of Kamloops and the Province of
British Columbia." 
To view the letter addressed to the community of Kamloops, B.C.,
visit the following link:
Abacus continues to work with its financial advisor Stifel Nicolaus
Canada Inc. in the process of realizing potential strategic
opportunities to maximize the value of its 20% interest in the Ajax
Project and will announce developments as appropriate. 
On Behalf of the Board, 
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. ("KGHM") through KGHM Ajax Mining Inc. ("KGHM Ajax"), and is
operated by KGHM International Ltd., a subsidiary of KGHM.  
The Ajax project NI 43-101 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.  
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release. 
Abacus Mining & Exploration Corporation
James D. Excell
President & CEO
Abacus Mining & Exploration Corporation
Donna Yoshimatsu
Director, Investor Relations
(647) 345-0826
Abacus Mining & Exploration Corporation
604.682.0307 (FAX)
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