Abacus Mining & Exploration Corporation (TSX VENTURE:AME) ("Abacus" or the
"Company") is pleased to announce that it has appointed Stifel Nicolaus Canada
Inc. ("Stifel") as financial advisor to explore and evaluate potential strategic
alternatives to maximize the Company's 20% interest in the Ajax copper gold
project near Kamloops, B.C.


As part of the strategic review, Stifel will undertake an independent evaluation
of the Ajax project and the value attributable to Abacus. The process will
encompass a thorough analysis and evaluation of the prospects and options
available to the Company to maximize shareholder value. Abacus believes that the
Company's current market valuation significantly understates Ajax's value to
Abacus based on the recently completed robust feasibility study and the
financing obligation of global copper partner KGHM Polska Miedz S.A. (KGHM) to
arrange the required capital to build the mine to production.


In connection with KGHM's decision on April 2, 2012 to exercise its option to
increase its interest in the Ajax joint venture to 80%, Abacus has received
approximately US$30 million in cash for use towards its 20% of the Ajax
project's initial capital. In addition, if requested by Abacus, KGHM is
obligated to arrange financing for the remainder of Abacus' share of initial
capital on commercially reasonable terms.


Jim Excell, President & CEO added, "With the capital funding to build the Ajax
mine aligned, Abacus is in an excellent position to move forward to realize the
full value of its interest in the project. Depending on the alternative most
accretive to shareholder value, this may involve a joint venture, merger,
acquisition, sale, strategic investment or other alternatives identified by
Abacus or Stifel. Abacus' management will concurrently continue to evaluate
other exploration and development projects to increase shareholder value and
will keep shareholders apprised of developments as they unfold."


There can be no assurances that the Company will pursue or complete a business
combination or sale. The Board of Directors will review all possible strategic
alternatives and weigh the relative benefits of such alternatives to
shareholders. The Company does not intend to disclose developments with respect
to the progress of its strategic alternatives review process until such time as
the Board of Directors approves or completes a transaction or otherwise
determines that further disclosure is appropriate or required.


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 20% interest
in the feasibility stage Ajax copper-gold project located near Kamloops, B.C.
The Ajax project is a joint venture between Abacus Mining & Exploration Corp.
and KGHM Polska Miedz S.A. ("KGHM") through KGHM Ajax Mining Inc. ("KGHM Ajax").


The Ajax project feasibility study supports 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. Total proven and probable mineral reserves are estimated at 3
billion lbs Cu and 2.7 million ozs Au at 0.27% Cu and 0.17 g/t Au based on $2.50
Cu and $1,085 Au. 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"))


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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