Abacus Mining & Exploration Corp. Closes Unit Offering of C$3.18 Million

VANCOUVER, BRITISH COLUMBIA -- (Marketwire - March 15, 2012) - Abacus Mining & Exploration Corporation (TSX VENTURE: AME) ("Abacus" or the "Company") is pleased to report that the previously announced non-brokered private placement unit offering (the "Offering") has closed.

Pursuant to the Offering, the Company issued 14,446,818 units ("Units") at a price of C$0.22 per Unit, for gross proceeds to the Company of C$3,178,300. Each Unit consists of one common share and one-half of a non-transferable common share purchase warrant. Each full warrant is exercisable to purchase one common share at a price of C$0.32 per common share until March 14, 2013.

The Company paid cash finder's fees totaling C$169,000 being 6% of the gross proceeds raised from Unit subscriptions attributable to the efforts of finders.

All securities issued in connection with the Offering are subject to a four-month hold period, expiring July 15, 2012.

Proceeds from the financing will be used to continue to advance the Company's interest in the Ajax copper-gold project located near Kamloops, B.C., a joint venture with global copper producer KGHM Polska Miedz S.A., and for general corporate and working capital purposes.

The securities have not been registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States absent registration thereunder or an applicable exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities in the United States.


On Behalf of the Board, ABACUS MINING AND EXPLORATION CORPORATION

James D. Excell, President & CEO
Donna Yoshimatsu, Director, Investor Relations



About Abacus

Abacus is a mineral exploration and mine development company with a feasibility stage copper-gold project located in the Ajax Mining Camp near Kamloops, B.C. The Ajax copper-gold project is a joint venture between Abacus Mining & Exploration Corp. and KGHM Polska Miedz S.A. ("KGHM") through KGHM Ajax Mining Inc. ("KGHM Ajax") currently owned 49% by Abacus and 51% by KGHM.

On December 21, 2011 Abacus announced robust feasibility study results supporting production of a total of 2.5 billion lbs of copper and 2.28 million ozs of gold in concentrate, or an average of approximately 109 million lbs of copper and 99,000 ozs of gold annually, over a 23 year mine life. The proposed mine plan envisages a conventional open pit operation processing 60,000 tonnes per day or 21.9 million tonnes per year of ore. [see Report titled "Ajax Copper/Gold Project - Kamloops, British Columbia Feasibility Study Technical Report" by Wardrop (a Tetra Tech Company) dated January 6, 2012 ("FS")]

Pursuant to the Joint Venture Shareholders' Agreement among Abacus, KGHM and KGHM Ajax, KGHM has 90 days (expiring on or about April 5, 2012) to acquire a further 29% in KGHM Ajax for cash consideration equal to 29% of the proven and probable copper equivalent reserves as defined in the FS, to a maximum of US$35 million, towards use by Abacus for its share of project capital. In the event that KGHM chooses not to increase its interest in the joint venture, Abacus then has 90 days to elect to purchase KGHM's 51% interest for US$37 million, and 90 days thereafter to close on this purchase. Should Abacus choose not to purchase KGHM's interest in its entirety, Abacus' interest in the joint venture can be increased to 51% by paying approximately US$1.5 million to KGHM.


Forward-Looking Information

This release includes certain statements that are deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that Abacus expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include changes to commodity prices, mine and metallurgical recovery, operating and capital costs, foreign exchange rates, ability to obtain required permits on a timely basis, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.



Contact Information

Abacus Mining and Exploration Corp.
James D. Excell
President & CEO
jexcell@amemining.com

Abacus Mining and Exploration Corp.
Donna Yoshimatsu
Director, Investor Relations
(647) 345-0826
dyoshimatsu@amemining.com
www.amemining.com