AME Abacus Mining and Exploration Corporation

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES.


Abacus Mining & Exploration Corporation (the "Company" or "Abacus") (TSX
VENTURE:AME) is pleased to announce that it has filed a final prospectus in each
of the Provinces of Canada, other than Quebec, in connection with an offering of
18,882,500 units (the "Units") and 11,900,000 flow-through common shares (the
"Flow-through Shares"), on a best efforts basis, at a price of C$0.20 per Unit
and C$0.25 per Flow-through Share for aggregate gross proceeds to the Company of
C$6,751,500 (the "Offering"). The Offering is being conducted through a
syndicate of agents ("Agents") co-led by Haywood Securities Inc. and Canaccord
Financial Ltd.


Each Unit will consist of one common share in the capital of the Company (a
"Common Share") and one transferable common share purchase warrant (each, a
"Warrant"). Each Warrant will entitle the holder to acquire one Common Share at
a price per Common Share of C$0.30 for a period of 36 months following the
closing date of the Offering. In addition, the Company has granted the Agents an
over-allotment option (the "Option") to increase the size of the Offering by 15%
on the same terms. The Option may be exercised, in whole or in part, at any time
up to the closing date of the Offering. The Company has agreed to pay the Agents
a 7.0% cash commission as well as compensation options entitling the Agents to
purchase that number of Units of the Company equal to 6.0% of the aggregate
number of Units and Flow-through Shares sold under the Offering at an exercise
price of C$0.20 per Unit for a period of 36 months following the closing date of
the Offering. The Offering is expected to close no later than December 31, 2009.


The gross proceeds from the sale of Flow-through Shares will be used to incur
Canadian Exploration Expenses (as defined under the Income Tax Act (Canada)) at
the Company's Afton-Ajax project. The net proceeds from the sale of Units will
be used for working capital and general corporate purposes, including advancing
the pre-feasibility study on the Ajax project.


The Offering is subject to the receipt of all necessary approvals, including the
approval of the TSX Venture Exchange.


The Units and Flow-through Shares have not been, nor will they be, registered
under the United States Securities Act of 1933, as amended, and may not be
offered or sold within the United States, or to or for the account or benefit
of, U.S. persons without registration or pursuant to an applicable exemption
from U.S. registration requirements.


This press release does not constitute an offer to sell, nor is it a
solicitation of an offer to buy, securities.


About the Company

Abacus is an exploration and development company with a 43-101 compliant
positive preliminary economic assessment report (announced June 22, 2009) for
its Ajax copper/gold project located 10 kilometres southwest of Kamloops,
British Columbia. The report contemplates a 60,000 tonne per day operation
producing an average 106 million pounds of copper and 99,400 ounces of gold in
concentrate annually. Sensitivity analyses approximating metal prices (US$2.75
per pound copper and US$1,000 per ounce gold) in the assessment indicate a NPV
of $1.2 billion discounted 8% over a 23 year mine life, with an IRR of 31.3%,
cash costs of $0.90 per pound copper, and payback of 2.3 years. The Ajax
extension remains open along strike and at depth. Mineral resources that are not
mineral reserves do not have demonstrated economic viability.


Eco Tech Laboratory Ltd. of Kamloops, B.C., will complete all of Abacus'
analytical work on the project. A quality-control program, using specific
standards and blank samples is in place. Robert G. Friesen, P.Geo., the
Company's Senior Geologist, is the Qualified Person responsible for the design
and conduct of the work performed.


On Behalf of the Board

ABACUS MINING & EXPLORATION CORPORATION

Doug Fulcher, President and Chief Executive Officer

Forward-Looking Information

This release includes certain statements that may be deemed "forward-looking
statements". All statements in this release, other than statements of historical
facts, that address events or developments that Abacus Mining and Exploration
Corporation (the "Company") 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 market prices, exploitation and exploration
successes, and 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.

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