October 10, 2003
Private Placement

Abacus Mining & Exploration Corporation (the "Company") has arranged a non-brokered private placement to raise gross proceeds of up to $1,312,500. The Company will issue up to 3,750,000 units at a price of $0.35 per unit. Each unit will consist of one common share and one-half share purchase warrant. Each whole warrant is exercisable into one common share at a price of $0.50 for a period of 6 months. Finder's fees consisting of 7% cash or shares and 10% warrants may be payable with respect to certain subscribers and in accordance with the policies of the TSX Venture Exchange. The warrants will be exercisable at a price of $0.35 for 6 months.


The common shares and any shares issued pursuant to the exercise of the warrants will be subject to a four-month hold period since the Company has an Annual Information Form (AIF).

The proceeds from the private placement will be used for working capital and ongoing exploration at the Company's Afton area properties.

The foregoing is subject to regulatory acceptance.

On Behalf of the Board,


"Doug Fulcher"
Doug Fulcher

You can view the Next News Releases item: October 24, 2003,Closing Of Private Placement And Debt Settlement

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