Abacus Minerals - Lookout Zone Continues to Expand to the West, New Discovery 1000 Feet to the East.

VANCOUVER, British Columbia--(BUSINESS WIRE)--July 8, 1997-- Abacus Minerals Corp(VSE AMC.) Abacus Minerals Corporation ("the Company") announces that this year's program has begun with great success as the known area of mineralization at the Lookout Zone has been expanded both down dip and along strike to the west.

Assay results of significant drill hole intercepts have now been received for the first seven holes of the 1997 drilling program on the Niblack project in southeast Alaska. Drilling to date has concentrated along the western and eastern strike extensions of the Lookout zone where the company previously announced a resource of approximately 1,800,000 tons grading 0.117 oz/t gold, 1.37 oz/t silver, 1.50 percent copper and 2.64 percent zinc. In addition, massive sulphides have been discovered on the Trio/Broadguage patented claims 1000 feet east of the mineralization at Lookout.

Significant intersections from these initial holes include drill hole LO-126 which successfully intersected the Lookout zone 400 feet downdip of 1996 drill hole LO-117 which is the most western hole in the zone. As previously reported, LO-117 intersected 115.9 feet of 0.057 oz/t gold, 0.55 oz/t silver, 1.43 percent copper and 1.55 percent zinc including 22.4 feet of 0.077 oz/t gold, 1.16 oz/t silver, 2.79 percent copper and 1.99 percent zinc.

Drill hole LO-129 intersected extremely high-grade gold-copper-zinc mineralization approximately 350 feet downdip of 1996 drill hole LO-108 which intersected 16.5 feet of 0.098 oz/t gold, 1.56 oz/t silver, 4.72 percent copper and 3.22 percent zinc.

Drill holes LO-126 and LO-129 substantially add to the Lookout zone resource and leave the zone open to depth and along strike to the west.

At the Trio/Broadguage claims, 1000 feet east of the Lookout zone, Abacus has been successful in locating a gold-copper-zinc mineralized body with very similar characteristics and grades as found at Lookout. Although exploration at the Trio/Broadguage claims is at an early stage, interpretation strongly suggests the mineralization could be an eastern extension of the Lookout zone mineralization. Successful in-fill drilling in the 1000 foot area between the Lookout zone and the Trio/Broadguage claims would substantially add to the Lookout zone resource. The Trio/Broadguage mineralization remains open in all directions.

Significant results are summarized below: -0-

Hole  ZONE  From   To  Interval  Gold  Silver  Copper  Zinc
No.        (ft)   (ft)   (ft)   (oz/t) (oz/t)  (p.c.)  (p.c.)

LO-126
   Lookout 1312.0 1338.1  26.1  0.049   0.54    1.78    2.23

LO-129
   Lookout 1340.7 1355.5  14.8  0.095   2.86    4.52   16.38

LO-124
   Trio     529.7  542.0  12.3  0.036   0.58    1.12    0.48

LO-125
   Trio     436.3  458.7  22.4  0.032   0.27    2.17    5.13
     incl.  436.3  439.4   3.1  0.018   0.22    0.63   17.60
     and    445.9  458.7  12.8  0.049   0.40    3.60    4.68

LO-127
   Trio     442.0  452.5  10.5  0.159   2.11    1.47    1.22
            602.6  606.0   3.4  0.341   0.46    3.42    0.12
            678.6  702.0  23.4  0.052   0.77    1.28    2.92
     incl.  678.6  686.2   7.6  0.044   0.91    2.40    3.60
     and    692.0  702.0  10.0  0.084   1.04    1.09    4.02

Final results for drill holes LO-130 to LO-136 will be received and compiled within the next 7 days at which time results will be reported.

For a copy of an updated drill hole plan map, and the Lookout/Trio longsection, please telephone the company to request one. ABACUS MINERALS CORPORATION

Steve L. Todoruk, P. Geo., President -0-

The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

CONTACT: Abacus Minerals Corporation

Steve Todoruk, 604/682-0301 or 1-800-811-5388 Toll Free

604/682-0307 (FAX)

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