Abacus fully vested in Afton project (August 23, 2004)

Vancouver – Ahead of schedule, Abacus Mining & Exploration (AME-V) has fulfilled the terms to earn its 100% interest in the Afton project, from Teck Cominco (TEK-T), situated just west of Kamloops, British Columbia.

The company’s accelerated earn-in matches the pace of its exploration programs conducted on the 7,000 hectare copper-gold project, since entering into the option agreement in early-2002.

The ground is adjacent to and southeast of DRC Resources’ (DRC-T) main Afton Mine project which is being advanced towards underground copper-gold production. The Abacus land package covers the main structural corridor trending southeastwards from the Afton pit to the Ajax pit, about 13 km. away.

Abacus has now spent over $3 million on the project, and has drilled over 15,000 metres of core this year alone, with a second 15,000 metre program scheduled to commence in late-August.

The company has now expended well in excess of the required $1.5 million to satisfy the option agreement terms and become fully vested.

Under the option agreement, once the company has expended over $5 million, or delivers a pre-feasibility study, Teck Cominco has 120 days to exercise back-in rights for up to 65% interest in the project.

Abacus’ upcoming drill program will focus on further expanding the No. 2 and No. 22 zones on the Rainbow claims and will continue to test the DM, Audra, Crescent, and Coquihalla zones.

Previous drilling at Rainbow has intersected significant intervals of copper-gold mineralization in numerous holes. Additionally, elevated values of molybdenum and palladium have been encountered in a number of holes.

Abacus reports 34 million shares outstanding, as of the latest figures. The issue has recently traded in the 21-25 per share range.