Vancouver, British Columbia - Sept. 9, 2005 - Abacus Mining and Exploration Corp. (TSX VENTURE:AME) - NOT FOR DISSEMINATION IN THE UNITED STATES

The Directors of Abacus Mining and Exploration Corp. (the "Company") announce that further to the Company's plan of arrangement, previously announced on March 28, 2005 and May 8, 2005, Niblack Mining Corp. ("Niblack") has arranged a brokered and a non-brokered private placement to raise gross proceeds of up to $2.0 million. Niblack will issue up to 6,000,000 units at a price of $0.35 per unit. Each unit shall consist of one common share and one-half of one share purchase warrant. Each whole such warrant is exercisable into one common share at a price of $0.50 for a two year period from the date of closing.

Pacific International Securities Inc. (the "Agent") will act as the Agent to place up to 3,500,000 units. The Agent will receive a commission equal to 8% of the gross proceeds from the sale of its portion of the offering and may elect to receive the commission in cash and/or shares at a deemed price of $0.35 per share. The Agent will also be granted Agent's compensation options equal in number to 10% of the number of units sold by it. The Agent's compensation options may be exercised into units at an exercise price of $0.40, for a period of two years from the closing date. Each Agent's unit consists of one common share and one-half of one share purchase warrant, with each such warrant exercisable into one common share at a price of $0.55 for a period of two years from the closing date.

The non-brokered portion of the financing will make up the balance of the 6,000,000 units. Niblack may pay finder's fees with respect to a portion of the non-brokered portion of the private placement in accordance with regulatory policies and guidelines.

Proceeds from this financing will be used for drilling the Niblack property, a copper-gold rich volcanogenic massive sulphide target on Prince of Wales Island in southeast Alaska, and for working capital.

This news release 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 foregoing arrangement is subject to regulatory acceptance.

On Behalf of the Board of Abacus Mining and Exploration Corp.

Paddy Nicol, MBA, CFO, Director



FOR FURTHER INFORMATION PLEASE CONTACT:
Abacus Mining and Exploration Corp.
Doug Fulcher
(604) 682-0301
OR
Abacus Mining and Exploration Corp.
Paddy Nicol, MBA
CFO, Director
(604) 682-0301
Fax: (604) 682-0307
info@amemining.com
www.amemining.com

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