NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

News Release:06-03

Abacus Mining and Exploration Corp. ("Abacus") (AME-TSX.V) announces that further to the Company's news release of January 17, 2006, the oversubscription option has been increased by $2.5 million consisting of an additional $2.0 million in Units and $0.5 million in Flow-Through Units. If the oversubscription option is fully subscribed, the Company will issue up to 20,000,000 Units at a price of $0.60 per Unit and up to 3,571,428 Flow-Through Units at a price $0.70 per Flow-Through Unit to raise gross proceeds of $14.5 million. The terms of the warrants and commissions will remain the same as per the January 17th, 2006 announcement.

The offering is subject to receipt of all necessary approvals, including the approval of the TSX Venture Exchange. 

On Behalf of the Board, 
ABACUS MINING & EXPLORATION CORPORATION

"Doug Fulcher"

Doug Fulcher, President 

Contact:
Abacus Mining and Exploration Corp.
Doug Fulcher or Paddy Nicol
(604) 682-0301
Fax: (604) 682-0307
info@amemining.com
www.amemining.com


This news release, required by applicable Canadian laws, is not for distribution to U.S. news wire services or for dissemination in the United States, and does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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