March 1, 2004
Abacus To Raise $2.52 Million

Abacus Mining & Exploration Corporation ("Abacus") is pleased to announce that it has engaged Pacific International Securities ("Pacific International" or the "Agent") in connection with a proposed private placement (the "Private Placement"), on a best efforts basis, of up to 5,600,000 units (the "Units") of Abacus at a price of $0.45 per Unit, for gross proceeds of up to $2,520,000. Each Unit shall be comprised of one common share of Abacus and one half of one common share purchase warrant. Each Whole Warrant is exercisable into one additional common share of Abacus for a period of one year from the closing date of the Private Placement at an exercise price of $0.60. The Agents also have the option, exercisable at any time prior to the closing of this offering, to increase the number of Units offered by up to 20%.

The Agent will receive a commission of 8%, payable in cash or Units, Agent's warrants equal in number to 10% of the number of units sold and a corporate finance fee of $15,000. The Agent's Units are exercisable for a period of one year from the closing at an exercise price of $0.65.

The proceeds from the offering will be used to finance further exploration of Abacus' projects in the Afton camp near Kamloops, British Columbia, and for general working capital. The Private Placement is subject to receipt by Abacus of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.

On Behalf of the Board,

"Doug Fulcher"

Doug Fulcher,

TSX.V Symbol: AME

Vancouver, B.C. V6C 2V6 Canada
Tel: 604.682.0301 Fax: 604.682.0307
Toll free: 866-834-0301


Contact: Doug Fulcher or Paddy Nicol

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