March 29, 2005
Niblack Spinoff Approved

The Directors of Abacus Mining & Exploration Corporation (the "Company") announce that the extraordinary general meeting of shareholders of the Company was held on March 15, 2005. At the meeting, shareholders of record were asked to approve and authorize an arrangement to transfer the Company's Niblack property into the newly created Niblack Mining Corp. Shareholder's of the Company gave approval of all resolutions and voted over 99 per cent in favour of the transfer. The Company also received approval of its application from the Supreme Court of British Columbia on March 17, 2005 and the TSX Venture Exchange on March 23, 2005.

Under the terms the arrangement, on the Effective Date, which is anticipated to be April 15, 2005, the Company's shares will be restructured into New Common Shares and Niblack Mining Shares. Abacus shareholders of record (with settlement complete) on April 14, 2005 will receive four New Common shares of Abacus and one share of Niblack Mining Corp. for every four shares of Abacus held. Niblack Mining Corp. will apply to have its shares listed on the TSX Venture Exchange following completion of the arrangement and a planned prospectus offering.

On Behalf of the Board,

"Doug Fulcher"

Doug Fulcher

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

You can view the Next News Releases item: May 17, 2005,Abacus Signs Letter Of Intent To Acquire Teck Cominco's Afton Mill And Infrastructure & Preliminary Resource Estimates Received On Rainbow And Dm/Audra Zones

You can view the Previous News Releases item: January 20, 2005,Giroux Consulting To Prepare Preliminary Resource Estimates On Dm, Audra, Crescent Zones And The Rainbow Zone

You can return to the main News Releases page, or press the Back button on your browser.