ABACUS MINING & EXPLORATION CORP. : http://www.amemining.com/ : QwikReport

News Releases

#November 23, 2018
Abacus completes non-brokered private placement

 Vancouver, BC -- November 23, 2018. Abacus Mining & Exploration Corporation ("Abacus" or the "Company") (TSXV:AME) is pleased to announce the closing of the previously announced non-brokered private placement for gross proceeds of $487,200 through the issuance of 4,872,000 units of the Company ("Units") at a price of $0.10 per Unit. Each Unit consists of one common share of the Company and one non-transferable common share purchase warrant ("Warrant"), with each Warrant exercisable to purchase one common share of the Company at a price of $0.20 per common share for a period of three years from the date of closing of the financing. Abacus paid a total of $4,529.00 in cash commissions and issued a total of 45,290 Warrants to finders. All securities issued will be subject to a statutory four month hold period expiring on March 24, 2019, and the financing is subject to final TSX Venture Exchange approval.

Proceeds from the financing will be applied towards the Company's exploration commitments and for general working capital and corporate purposes. The Company holds options and leases on the Willow and adjacent Nev-Lorraine copper-molybdenum properties in the Yerington copper camp, southeast of Reno, Nevada. The properties are collectively known as the Willow Project.

On Behalf of the Board,
ABACUS MINING & EXPLORATION CORPORATION

Paul G. Anderson
President and COO

About Abacus

Abacus is a mineral exploration and mine development company currently focused on its optioned Willow copper-gold property located near Yerington, Nevada in which it can acquire up to a 75% ownership interest, and the contiguous Nev-Lorraine claims subject to a ten-year lease agreement. The Company also holds a 20% ownership interest, together with KGHM Polska Miedz S.A. (80%), in the proposed copper-gold Ajax Mine located southwest of Kamloops, B.C., which has recently undergone a joint provincial and federal environmental assessment process. The Ajax project awaits a final decision from the Federal Cabinet on whether the project can proceed. On December 14, 2017, a decision was made by the B.C. Minister of Environment and Climate Change Strategy and Minister of Energy, Mines and Petroleum resources to decline to issue an environmental assessment certificate for the Project. For the latest reports and information on Abacus' projects, please refer to the Company's website at www.amemining.com.


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.
File: http://www.amemining.com/i/pdf/Closing-2018-11-23.pdf
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#October 16, 2018
Abacus Announces $500,000 Financing

 Vancouver, BC -- October 16, 2018. Abacus Mining & Exploration Corporation ("Abacus" or the "Company") (TSXV:AME) is pleased to announce a non-brokered private placement for proceeds of up to $500,000 through the issuance of up to 5,000,000 units (the "Units") at a price of $0.10 per Unit. Each Unit will consist of one common share of the Company (a "Unit Share") and one full non-transferable common share purchase warrant (a "Warrant"), with each Warrant exercisable to purchase one additional common share of the Company at a price of $0.20 per common share for a period of 3 years from the date of closing of the financing.

The financing is subject to TSX Venture Exchange (TSXV) approval. The Company may pay finder's fees on a portion of the private placement in accordance with applicable securities laws and the policies of the TSXV. All securities issued will be subject to a four month hold period under Canadian securities law.

Proceeds from the financing will be applied towards the Company's exploration commitments and for general working capital and corporate purposes. The Company holds options and leases on the Willow and adjacent Nev-Lorraine copper-molybdenum properties in the Yerington copper camp, southeast of Reno, Nevada. The properties are collectively known as the Willow Project.

The Yerington copper camp contains several past producing porphyry and skarn deposits, including the Yerington Mine that produced approximately 1.6 billion pounds of copper for Anaconda between 1952 until 1978. Advanced projects in the camp include Ann Mason (M&I of 1.4BT at 0.32% Cu), owned by Mason Resources, Nevada Coppers' Pumpkin Hollow (P&P of 572 MT at 0.4% Cu) which is in development, and Quaterra Resources' MacArthur oxide project (M&I of 159MT at 0.212% Cu) which is in prefeasibility.

Abacus has the right to earn a 75% ownership interest in the Willow property from Almadex America Inc, a wholly owned subsidiary of Almadex Minerals Ltd. (see News Release dated February 15, 2017). The Company also has a lease on the contiguous Nev-Lorraine claims giving it the right to explore and to elect to purchase these claims outright over a ten-year period (see News Release dated February 6, 2018).

The technical information in this news release has been reviewed and approved by Paul G. Anderson, M.Sc., P.Geo., a Qualified Person within the meaning of National Instrument 43-101.

On Behalf of the Board,
ABACUS MINING & EXPLORATION CORPORATION

Paul G. Anderson
President and COO

About Abacus

Abacus is a mineral exploration and mine development company currently focused on its optioned Willow coppergold property located near Yerington, Nevada in which it can acquire up to a 75% ownership interest, and the contiguous Nev-Lorraine claims subject to a ten-year lease agreement. The Company also holds a 20% ownership interest, together with KGHM Polska Meidz S.A. (80%), in the proposed copper-gold Ajax Mine located southwest of Kamloops, B.C., which has recently undergone a joint provincial and federal environmental assessment process. On December 14, 2017, a decision was made by the B.C. Minister of Environment and Climate Change Strategy and the Minister of Energy, Mines and Petroleum resources to decline to issue an environmental assessment certificate for the Project. For the latest reports and information on Abacus' projects, please refer to the Company's website at www.amemining.com.

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.
File: http://www.amemining.com/i/pdf/2018-10-15-PP-FINAL.pdf
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#August 29, 2018
Abacus Announces Assay Results from Willow Drilling

 

Vancouver, BC - August 29, 2018.  Abacus Mining & Exploration Corporation (“Abacus” or the “Company”) (TSXV:AME) is pleased to provide assay results from recently completed drilling on  the Company’s Willow and adjacent Nev-Lorraine properties in the Yerington copper camp, southeast of Reno, Nevada. The properties are collectively known as the Willow Project.

Hole 002 was the deepest of three holes drilled, and the results demonstrate that both Cu and Mo mineralization are present throughout the hole but are concentrated at depth associated with the Luhr Hill Granite (see table below). The Cu values, in the 0.1% to 0.2% Cu range, indicate possible close proximity to a porphyry copper center. The results warrant further drilling to fully delineate this attractive target.

Of particular significance besides the Cu values, are the Mo values seen in these holes. The Mo values at Willow are similar in tenor to the large Ann Mason deposit to the east, where the Measured and Indicated Mo resource is quoted at 0.006% (Mason Resources quotes 412 Mt at 0.33% Cu and 0.006% Mo at a 0.2% Cu cutoff on their website). Molybdenum values are a particularly strong indicator that you are close to a porphyry copper center.

The bulk of the mineralization relates to the newly discovered Luhr Hill Granite on the property, or to associated porphyry dykes above the granite. As outlined in the last news release (see News Release dated August 8, 2018), the Company’s recent discovery of the Luhr Hill Granite is a key outcome of the drilling, as all known porphyry copper deposits in the Yerington camp are associated with this granite.

Note that based on visual observations of the core, the Company elected not to assay the entire core, but to instead take a representative 2-3 metre sample every 15 metres and to run it for a full multi-element geochemistry suite (including Cu and Mo). This approach allows the collection of a great deal more data in order to vector in to an orebody.

Significant Cu and Mo assay results are tabulated below:

Hole ID From (M) To (m) Interval (m) Cu (%) Mo (ppm) Rock Type
AW–18–001 164.7 167.7 3.0 0.10 0.0017 Jurassic Qtz Monzodiorite
AW–18–001 255.3 258.3 3.0 0.03 0.0154 Jurassic Porphyry
AW–18–002 83.6 85.9 2.3 0.24 0.0023 Jurassic  Volcanics
AW–18–002 180.8 183.8 3.0 0.02 0.0154 Jurassic Qtz Monzodiorite
AW–18–002 262.8 265.8 3.0 0.10 0.0050 Tertiary  Porphyry
AW–18–002 333.7 336.1 2.4 0.06 0.0133 Jurassic Porphyry
AW–18–002 355.6 358.4 2.8 0.08 0.0113 Jurassic Qtz Monzodiorite
AW–18–002 410.8 413.4 2.6 0.10 0.0026 Jurassic Porphyry
AW–18–002 438.9 441.6 2.7 0.10 0.0033 Jurassic Porphyry
AW–18–002 487.8 490.4 2.6 0.10 0.0042 Jurassic Luhr Hill Granite
AW–18–002 499.6 502.3 2.7 0.12 0.0075 Jurassic Luhr Hill Granite
AW–18–002 536.8 539.5 2.7 0.13 0.0066 Jurassic Porphyry
AW–18–002 549 550.8 1.8 0.17 0.0130 Jurassic Luhr Hill Granite
AW–18–002 560.9 563.3 2.4 0.10 0.0091 Jurassic Porphyry
AW–18–002 569.1 571.8 2.7 0.14 0.0061 Jurassic Luhr Hill Granite
AW–18–002 577.7 580.5 2.8 0.10 0.0053 Jurassic Porphyry

 “We are very pleased with these initial results” commented Paul G. Anderson, President of Abacus. “We have not only discovered the Luhr Hill granite at Willow, which is the metal driving engine in the area, but have demonstrated that it is also Cu-Mo bearing on our property. Further drilling will be required, but we are confident that we are close to defining a new porphyry copper deposit, to add to the four already known in the camp.”

Of the three holes drilled on Willow, hole 001 was terminated at shallow depth due to drilling difficulties. Holes 002 and 003 both intersected the Luhr Hill granite at depth, although hole 003 was stopped shortly after entering this unit, and it only returned anomalous Cu values in the sub-0.1% Cu range. Both holes 002 and 003 also intersected porphyry dykes and early halo veins associated with the Luhr Hill Granite. The early halo veins are significant, as they are found in other porphyry copper deposits in the camp and are also associated with economic porphyry copper deposits worldwide.

The Company continues to compile data from the recent drilling, and to integrate it with data collected in 2017. The recent drilling program tested only a very small proportion of the 2.0 km by 2.2 km porphyry target that the Company outlined earlier this year. As porphyry copper systems are large in extent, these deposits generally require more than one drill campaign in order to pinpoint the location and extent of a deposit.

The Yerington copper camp contains several past producing porphyry and skarn deposits, including the Yerington Mine that produced approximately 1.6 billion pounds of copper for Anaconda between 1952 until 1978. Advanced projects in the camp include Ann Mason (M&I of 1.4BT at 0.32% Cu), owned by Mason Resources, Nevada Coppers’ Pumpkin Hollow (P&P of 572 MT at 0.4% Cu) which is in development, and Quaterra Resources’ MacArthur oxide project (M&I of 159MT at 0.212% Cu) which is in prefeasibility.

Abacus has the right to earn a 75% ownership interest in the Willow property from Almadex America Inc, a wholly owned subsidiary of Almadex Minerals Ltd. (see News Release dated February 15, 2017). The Company also has a lease on the contiguous Nev-Lorraine claims giving it the right to explore and to elect to purchase these claims outright over a ten-year period (see News Release dated February 6, 2018).

All analytical work was performed by ALS USA Inc. in Reno, Nevada. The lab has a 10% QA/QC protocol involving standards, blanks, analytical and prep duplicates, and the Company’s results were considered to fall within acceptable ranges.

The technical information in this news release has been reviewed and approved by Paul G. Anderson, M.Sc., P.Geo., a Qualified Person within the meaning of National Instrument 43-101.

On Behalf of the Board,
ABACUS MINING & EXPLORATION CORPORATION

Paul G. Anderson
President and COO

About Abacus
Abacus is a mineral exploration and mine development company currently focused on its optioned Willow copper-gold property located near Yerington, Nevada in which it can acquire up to a 75% ownership interest, and the contiguous Nev-Lorraine claims subject to a ten-year lease agreement.  The Company also holds a 20% ownership interest, together with KGHM Polska Meidz S.A. (80%), in the proposed copper-gold Ajax Mine located southwest of Kamloops, B.C., which has recently undergone a joint provincial and federal environmental assessment process. On December 14, 2017, a decision was made by the B.C. Minister of Environment and Climate Change Strategy and the Minister of Energy, Mines and Petroleum resources to decline to issue an environmental assessment certificate for the Project.  For the latest reports and information on Abacus’ projects, please refer to the Company’s website at www.amemining.com.

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. 

File: http://www.amemining.com/i/pdf/2018-08-29-nr-ame-kn54kp.pdf
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#August 08, 2018
Abacus Announces Results of Drilling at Willow in Nevada

 

Vancouver, BC -- August 8, 2018.  Abacus Mining & Exploration Corporation (“Abacus” or the “Company”) (TSXV:AME) announces that it has successfully completed an initial three hole diamond drilling program on the Company’s Willow and adjacent Nev-Lorraine properties in the Yerington copper camp, southeast of Reno, Nevada.

A key outcome of the drilling was the identification of the Luhr Hill Granite, a unit not previously known to exist on the Company’s properties. The discovery is significant because the copper mineralization in all known porphyry copper deposits in the Yerington copper camp is associated with this unit or with granite porphyry dykes that radiate outwards from the Luhr Hill Granite. The nearest previously known occurrence of the Luhr Hill Granite is within the major Ann Mason porphyry copper deposit approximately seven kilometres to the east of Willow.

The Luhr Hill Granite was identified at depths of 300 m and 400 m respectively in two of the three holes drilled, with the third hole terminated at shallower depths due to drilling difficulties. Several granite porphyry dykes thought to be related to the Luhr Hill Granite were also identified in these two drill holes, along with a type of veining known as “early halo veins”. This type of vein is distinctive in appearance, and it is associated with economic porphyry deposits worldwide. It is also a feature of the known Yerington deposits. The veins encountered in Abacus’s drilling contain some copper and molybdenum mineralization, and assay results will be released when received and compiled.

 “The identification of the Luhr Hill Granite on Willow and Nev-Lorraine, the metal producing rock for the known porphyry copper deposits at Yerington represents a key new discovery in the district” commented Paul G. Anderson, President of Abacus. “The recent drilling has thus  validated the model developed over the past year on the property, and will allow the Company to continue to vector in on areas of mineralization.”

The drill program was designed to test a very small portion of a newly defined 2.0 km by 2.2 km portion of a broad, intense silicic and advanced argillic alteration zone marked by coincident geological, geochemical and geophysical signatures typical of a porphyry copper or Cu-Mo deposit (see News Release dated February 02, 2018). The Company’s target is essentially identical to the two largest porphyry deposits in the Yerington camp, namely the past-producing Yerington mine and the undeveloped Ann Mason deposit.

The target on Willow and Nev-Lorraine remains large and robust and is essentially untested, as only two holes have been drilled into the target area. Porphyry copper systems are large in extent, and these deposits generally require more than one drill campaign in order to pinpoint the location and extent of a deposit. Additional drilling will be required to fully delineate this attractive target.

The Company is currently compiling geological, spectrographic and assay data from the recent drilling, and integrating it with data collected in 2017 by the Company from historic nearby drill holes. As this initial short drill program was intended as a “proof of concept” of the model, a decision was taken to only sample a 2-3 metre section of core every 15 metres for full, multi-element geochemistry, including copper and molybdenum. The advantage of this approach is the collection of a great deal of data to use to develop drill targets.

The Yerington copper camp contains several past producing porphyry and skarn deposits, including the Yerington Mine that produced approximately 1.6 billion pounds of copper for Anaconda between 1952 until 1978. Advanced projects in the camp include Ann Mason (1.4BT at 0.32% Cu), owned by Mason Resources, Nevada Coppers Pumpkin Hollow (572 MT at 0.4% Cu) which is in development, and Quaterra Resources’ MacArthur oxide project (159MT at 0.212% Cu) which is in prefeasibility.

Abacus has the right to earn a 75% ownership interest in the Willow property from Almadex America Inc, a wholly owned subsidiary of Almadex Minerals Ltd. (see News Release dated February 15, 2017). The Company has recently acquired a lease on the contiguous Nev-Lorraine claims giving it the right to explore and to elect to purchase these claims outright over a ten-year period (see News Release dated February 6, 2018).

The technical information in this news release has been reviewed and approved by Paul G. Anderson, M.Sc., P.Geo., a Qualified Person within the meaning of National Instrument 43- 101.

On Behalf of the Board,
ABACUS MINING & EXPLORATION CORPORATION

Paul G. Anderson
President and COO

About Abacus
Abacus is a mineral exploration and mine development company currently focused on its optioned Willow copper-gold property located near Yerington, Nevada in which it can acquire up to a 75% ownership interest, and the contiguous Nev-Lorraine claims subject to a ten-year lease agreement.  The Company also holds a 20% ownership interest, together with KGHM Polska Meidz S.A. (80%), in the proposed copper-gold Ajax Mine located southwest of Kamloops, B.C., which has recently undergone a joint provincial and federal environmental assessment process. On December 14, 2017, a decision was made by the B.C. Minister of Environment and Climate Change Strategy and the Minister of Energy, Mines and Petroleum resources to decline to issue an environmental assessment certificate for the Project.  For the latest reports and information on Abacus’ projects, please refer to the Company’s website at www.amemining.com.

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. 

File: http://www.amemining.com/i/pdf/2018-08-08-Willow-Results.pdf
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#April 24, 2018
Abacus Announces Start of Drilling at Willow in Nevada

 Vancouver, BC - April 24, 2018. Abacus Mining & Exploration Corporation ("Abacus" or the "Company") (TSXV:AME) is pleased to announce that a diamond drill is presently being mobilized to the Company's Willow and adjacent Nev-Lorraine properties in the Yerington, Nevada copper camp.

The drill program is designed to test a newly defined 2.0 km by 2.2 km portion of a broad, intense silicic and advanced argillic alteration zone marked by coincident geological, geochemical and geophysical signatures typical of a porphyry copper deposit (see News Release dated February 02, 2018). The Company's target is essentially identical to the two largest porphyry deposits in the Yerington camp, namely the past-producing Yerington mine and the undeveloped Ann Mason deposit.

"The Company is excited to be able to drill test this newly developed porphyry copper target" commented Paul G. Anderson, President of Abacus. "We have developed a compelling model in less than a year of work on the property, that may have pinpointed a fifth porphyry in the camp that other companies have tried to find in the past".

The Company has been on the property for almost two weeks, preparing for the program, and reviewing the model with a consultant who has worked in the Yerington camp since the 1960's. This individual has agreed that the Company's model is valid, and further commented that it was a target he had recommended in the 1970's. The Company plans to drill approximately three holes, one to 800 metres and two at 600 metres.

The Yerington copper camp contains several past producing porphyry and skarn deposits, including the Yerington Mine that produced approximately 1.6 billion pounds of copper for Anaconda between 1952 until 1978. Advanced projects in the camp include Ann Mason (1.4BT at 0.32% Cu), owned by Mason Resources, Nevada Coppers' Pumpkin Hollow (572 MT at 0.4% Cu) which is in development, and Quaterra Resources' MacArthur oxide project (159MT at 0.212% Cu) which is in prefeasibility.

Abacus has the right to earn a 75% ownership interest in the Willow property from Almadex America Inc, a wholly-owned subsidiary of Almadex Minerals Ltd. (see News Release dated February 15, 2017). The Company has recently acquired a lease on the contiguous Nev-Lorraine claims giving it the right to explore and to elect to purchase these claims outright over a ten-year period (see News Release dated February 6, 2018).

The technical information in this news release has been reviewed and approved by Paul G. Anderson, M.Sc., P.Geo., a Qualified Person within the meaning of National Instrument 43-101.

For further information, please contact Investor Relations at (416) 722-2456.

On Behalf of the Board,
ABACUS MINING & EXPLORATION CORPORATION

Paul G. Anderson
President and COO

About Abacus

Abacus is a mineral exploration and mine development company currently focused on its optioned Willow copper-gold property located near Yerington, Nevada in which it can acquire up to a 75% ownership interest, and the contiguous Nev-Lorraine claims subject to a ten year lease agreement. The Company also holds a 20% ownership interest, together with KGHM Polska Meidz S.A. (80%), in the proposed copper-gold Ajax Mine located southwest of Kamloops, B.C., which has recently undergone a joint provincial and federal environmental assessment process. The Ajax project awaits a final decision from the Federal Cabinet on whether the project can proceed. On December 14, 2017, a decision was made by the B.C. Minister of Environment and Climate Change Strategy and Minister of Energy, Mines and Petroleum resources to decline to issue an environmental assessment certificate for the Project. For the latest reports and information on Abacus' projects, please refer to the Company's website at www.amemining.com.

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.
 

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