AME Abacus Mining and Exploration Corporation

Abacus Mining and Exploration Corporation (TSX VENTURE:AME) ("Abacus" or the
"Company") is pleased to announce a non-brokered private placement of up to $2.5
million in units of the Company ("Units"). 


Each Unit will be issued at a price of $0.22 per Unit and will consist of one
common share and one-half of a common share purchase warrant. Each full warrant
will be exercisable to purchase one common share at a price of $0.32 per common
share for twelve months from the date of closing of the financing, which is
expected to occur on or about March 2, 2012. The securities issued will be
subject to a four month hold period under Canadian securities laws. Fees may be
payable on a portion of the financing. The financing is subject to regulatory
approval. 


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.


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 entitled "Ajax
Copper/Gold Project - Kamloops, British Columbia Feasibility Study Technical
Report" by Wardrop (a Tetra Tech Company) dated January 6, 2012. 


The base case economic analysis using $2.75 Cu and $1,085 Au projects a pre-tax
net present value of $416 million (@ 8% discount rate), internal rate of return
of 14.5% and cash cost per lb of copper net of gold credits at $1.28. At more
recent metal prices using $3.50 Cu and $1,700 Au, the NPV nearly quadruples from
the base case to $1.6 billion, internal rate of return of 30.3% and cash cost
per lb of copper net of gold of $0.79, an associated 2.2 year payback of initial
capital of $795 million. Production start-up is being targeted for 2015. 


On Behalf of the Board,

ABACUS MINING AND EXPLORATION CORPORATION

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. 


In December 2011, Abacus delivered the Ajax Copper/Gold Project Feasibility
Study ("FS") to KGHM. Pursuant to the Joint Venture Shareholders' Agreement
among Abacus, KGHM and KGHM Ajax, KGHM has 90 days 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.

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