AME Abacus Mining and Exploration Corporation

Abacus Mining & Exploration Corporation (TSX VENTURE:AME) ("Abacus" or the
"Company") is pleased to report that the previously announced non-brokered
private placement unit offering (the "Offering") has closed. 


Pursuant to the Offering, the Company issued 14,446,818 units ("Units") at a
price of C$0.22 per Unit, for gross proceeds to the Company of C$3,178,300. Each
Unit consists of one common share and one-half of a non-transferable common
share purchase warrant. Each full warrant is exercisable to purchase one common
share at a price of C$0.32 per common share until March 14, 2013. 


The Company paid cash finder's fees totaling C$169,000 being 6% of the gross
proceeds raised from Unit subscriptions attributable to the efforts of finders. 


All securities issued in connection with the Offering are subject to a
four-month hold period, expiring July 15, 2012. 


Proceeds from the financing will be used to continue to advance the Company's
interest in the Ajax copper-gold project located near Kamloops, B.C., a joint
venture with global copper producer KGHM Polska Miedz S.A., and for general
corporate and working capital purposes.


The securities have not been registered under the United States Securities Act
of 1933, as amended, or any state securities laws and may not be offered or sold
in the United States absent registration thereunder or an applicable exemption
from such registration requirements. This press release shall not constitute an
offer to sell or the solicitation of an offer to buy any of the securities in
the United States.


On Behalf of the Board,

ABACUS MINING AND EXPLORATION CORPORATION

James D. Excell, President & CEO

Donna Yoshimatsu, Director, Investor Relations

About Abacus

Abacus is a mineral exploration and mine development company with a feasibility
stage copper-gold project located in the Ajax Mining Camp near Kamloops, B.C.
The Ajax copper-gold project is a joint venture between Abacus Mining &
Exploration Corp. and KGHM Polska Miedz S.A. ("KGHM") through KGHM Ajax Mining
Inc. ("KGHM Ajax") currently owned 49% by Abacus and 51% by KGHM. 


On December 21, 2011 Abacus announced robust feasibility study results
supporting 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. 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"))


Pursuant to the Joint Venture Shareholders' Agreement among Abacus, KGHM and
KGHM Ajax, KGHM has 90 days (expiring on or about April 5, 2012) to acquire a
further 29% in KGHM Ajax for cash consideration equal to 29% of the proven and
probable copper equivalent reserves as defined in the FS, to a maximum of US$35
million, towards use by Abacus for its share of project capital. In the event
that KGHM chooses not to increase its interest in the joint venture, Abacus then
has 90 days to elect to purchase KGHM's 51% interest for US$37 million, and 90
days thereafter to close on this purchase. Should Abacus choose not to purchase
KGHM's interest in its entirety, Abacus' interest in the joint venture can be
increased to 51% by paying approximately US$1.5 million to KGHM.


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.

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