Abacus Mining & Exploration Corporation (the "Company") announces that the brokered private placement, previously announced on March 1, 2004, has closed. The Company has issued 5,600,000 units at a price of $0.45 per unit to raise gross proceeds of $2,520,000. Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant is exercisable into one common share at a price of $0.60 for a one year period expiring March 30, 2005.

Pacific International Securities Inc. acted as Agent in the private placement. The Company paid cash commissions of $108,300, issued 207,333 commission units (having the same terms as the private placement units) at a deemed price of $0.45 per unit and issued 560,000 Agents Warrants pursuant to the agency agreement. The Agents Warrants are exercisable into one common share at a price of $0.65 for a one year period expiring March 30, 2005.

The shares and any shares issued pursuant to the exercise of the warrants are subject to a hold period expiring July 31, 2004.

The proceeds from the offering will be used to finance further exploration of the Company's projects in the Afton camp near Kamloops, British Columbia, and for general working capital.

On Behalf of the Board,
ABACUS MINING AND EXPLORATION CORPORATION
"Paddy Nicol"

Paddy Nicol
Director

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