October 24, 2003
Closing Of Private Placement And Debt Settlement

Abacus Mining & Exploration Corporation (the "Company") announces that the private placement to raise gross proceeds of $300,000 has closed. The Company has issue 3,000,000 units at a price of $0.10 per unit of which 560,000 are flow-through eligible.

Each unit consists of one common share and one share purchase warrant. In the case of the flow-through warrants, each warrant is exercisable into one common share at a price of $0.15 for one year. In the case of the non-flow-through warrants, each warrant is exercisable into one common share at a price of $0.12 for a period of one year. Finder's fees of 30,000 non flow-through units were paid with respect to certain subscribers. The common shares and any shares issued pursuant to the exercise of the warrants will be subject to a four-month hold period expiring February 4th, 2004. The company also announces the issuance of 696,325 shares and 394,744-share purchase warrants to settle outstanding debt. These securities also have a hold period expiring February 15th, 2004.

On Behalf of the Board,
"Doug Fulcher"
Doug Fulcher

Suite 615-800 West Pender Street
Vancouver, B.C. V6C 2V6 Canada
Tel: 604.682.0301 Fax: 604.682.0307
email: info@abacusminerals.com
website: www.amemining.com
Contact: Doug Fulcher or Paddy Nicol
news release: 03-13

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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