VANCOUVER, Aug. 17, 2017 (GLOBE NEWSWIRE) -- Abacus Mining & Exploration Corporation (“Abacus” or the
“Company”) (TSXV:AME) is pleased to provide an update of exploration activities on the Willow porphyry copper-gold property in
Douglas County, Nevada, USA (the “Property”). The Property is subject to an option agreement with Almadex Minerals Limited
and its wholly-owned Nevada subsidiary Almadex America Inc. ("Almadex"), which gives Abacus the right to earn up to a 75% undivided
ownership interest in the Willow property (see News Release dated February 15, 2017).
The Willow property is considered prospective for porphyry Cu, porphyry Cu-Mo and for epithermal Au-Ag. It was
previously explored in the 1960s to the early 1980s to identify a porphyry copper deposit analogous to the nearby Yerington Mine,
which produced approximately 1.6 billion pounds of copper for Anaconda Copper from 1952 to 1978. The Property is located 65
kilometres southeast of Reno, is accessible year-round, and is close to infrastructure in Yerington, Nevada.
Abacus initiated a program of detailed geological mapping in April of this year, and also located, logged and
analyzed skeleton drill core from a series of holes drilled in the 1970’s. A significant proportion of the property is covered by
soils or later volcanics, with subcrop in some areas, but relatively little actual outcrop. The geological mapping program has been
successful nonetheless in delineating two very large, funnel-shaped alteration systems characteristic of a porphyry copper system
similar to, and on trend from, two separate known porphyry copper centres further east - the Ann Mason Deposit, and the Bear
Deposit. In addition, several trends are believed to be evident from visual logging which spectrometer data interpretation
and results from the planned rock and soil sampling program will be required to verify.
The southern alteration zone can be traced for approximately 3.5 kilometres from southeast to northwest, where
it disappears under later volcanic cover rocks, and is coincident with large copper-in-soils geochemical and IP geophysical
anomalies. A number of Cu-Mo and Au soil anomalies are present further to the northwest within the cover rocks, and may represent a
partially hidden continuation of this same system.
The northern alteration zone is of a similar size and orientation to the southern, and occurs on a newly staked
portion of the property. This area has had no soil geochemistry or ground geophysics done, but will be covered in the
upcoming program slated to begin in a few days.
The geophysics program will include approximately 30 line kilometres of IP, and approximately 150 line
kilometres of magnetics. A total of approximately 500 soil samples will be collected, to be analyzed with a multi-element ICP
package. The soil samples will be further analyzed with a spectrometer to identify alteration minerals present, and a program of
surface rock sampling intended to be analyzed using the same instrument is planned for later in the fall.
The Company is sufficiently funded to carry out exploration for this program, having recently closed a
$1,020,000 financing (see News Release dated March 8, 2017).
The technical information in this news release has been reviewed and approved by Paul G. Anderson, M.Sc. P.Geo.,
a Qualified Person within the meaning of National Instrument 43-101.
On Behalf of the Board,
ABACUS MINING & EXPLORATION CORPORATION
Michael McInnis
Chairman, President & CEO
About Abacus
Abacus is a mineral exploration and mine development company with a 20% interest in the Ajax Project located at
the historic Ajax-Afton site southwest of Kamloops, B.C., and an option to acquire up to a 75% undivided interest in the Willow
porphyry copper-gold property located in Nevada. The Ajax Project is a proposed copper-gold open-pit mine currently undergoing a
provincial and federal environmental assessment process. Through KGHM Ajax Mining Inc., a joint venture company between Abacus
(20%) and KGHM Polska Miedz S.A. (KGHM) (80%), the Ajax Mine is being funded in large part by KGHM and operated by its wholly-owned
subsidiary, KGHM International Ltd. For the latest reports and information on Abacus’ projects, please refer to the Company’s
website at www.amemining.com.
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.
Suite 1000-1050 West Pender Street Vancouver, B.C. V6E 3S7 Canada Tel: 604.682.0301 Fax: 604.682.0307 email: info@amemining.com website: www.amemining.com
