March 15, 2004
$175,000 Private Placement Closes

Abacus Mining & Exploration Corporation (the "Company") announces that the privatevplacement, previously announced on December 3, 2003, to raise gross proceeds of $175,000 has closed. The Company has issued 500,000 units at a price of $0.35 per unit. Each unit consists of one common share and one-half common share purchase warrant. Each whole warrant is exercisable into one common share at a price of $0.50 for a period of six months. The common shares and any shares issued pursuant to the exercise of the warrants will be subject to a four-month hold period expiring July 5, 2004.

The proceeds from the private placement will be used for working capital and ongoing exploration at the Company's Afton area properties.

On Behalf of the Board,
"Doug Fulcher"

Doug Fulcher

The TSX Venture Exchange has not reviewed and does not accept the responsibility for the adequacy or accuracy of this news release.

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