Abacus Mining & Exploration Corporation: Ajax Project Update

Abacus Mining & Exploration Corporation (TSX VENTURE:AME) ("Abacus" or the
"Company") announces today that it has been informed by KGHM International
Limited ("KI") the operator of the Ajax copper/gold project that KI has recently
concluded a comprehensive evaluation of the Ajax project.


This evaluation took into account potential opportunities to make modifications
to the project layout that may increase the distance between some of the
project's structures and the closest residential neighbourhoods and public
infrastructures. Also, KI is evaluating the economic viability of some
additional possible ore bodies in the Ajax project area footprint which may have
the potential to increase the Ajax project's copper and gold resources.


As a result of the evaluation, KI will continue to work on these identified
opportunities to maximize the benefits of the Ajax project to all stakeholders.
These possible modifications will delay KI's submission of the Ajax project's
Environmental Application Assessment which had previously been expected to be
submitted in September 2013.


Abacus will continue to share information as it becomes available from KI.
Readers are encouraged to read the KI news release
(http://www.ajaxmine.ca/blog/2013/07/kghm-international-ajax-project-update)

and visit the updated Ajax project website: http://www.ajaxmine.ca.

On Behalf of the Board,

ABACUS MINING AND EXPLORATION CORPORATION

James D. Excell, President & CEO

Ian MacNeily, Executive Vice President & CFO

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. 


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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Abacus Mining & Exploration Corporation
James D. Excell
President & CEO
[e-mail]


Abacus Mining & Exploration Corporation
Ian MacNeily
Executive Vice President & CFO
[phone]
[e-mail]