August 15, 2008
Abacus Announces A Non-Brokered Private Placement Of Up To $3.0 Million For Its Afton Property

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VANCOUVER August 15, 2008: Abacus Mining & Exploration Corporation
 (the "Company") (TSX.V:AME) is pleased to announce that it will offer, on a non-brokered basis, up to 10,000,000 flow-through units ("Flow-Through Units") at $0.30 per Flow-Through Unit to raise gross proceeds of up to $3,000,000 (the "Offering"). Each Flow-Through Unit will consist of one flow-through common share ("Flow-Through Share") and one-half of one non-transferable warrant ("Warrant"). Each whole Warrant will entitle the holder to purchase one non-flow through common share at a price of $0.50 per share for a period of eighteen months from the closing date of the Offering ("Closing Date"). The Closing Date is anticipated to occur on or before September 3rd, 2008.

Any finders will receive a commission equal to 6.0% of the gross proceeds of the Offering, payable in cash or Units or a combination thereof at the election of the finders. The finders will also be granted warrants (the "Finders' Warrants") equal in number to 7% of the number of Flow-Through Units sold under the Offering. Each Finders' Warrant will entitle the finders to purchase one non-flow-through common share of the Company at a price of $0.30 per share for a period of eighteen months from the Closing Date. 

The Company will incur the subscription proceeds allocated to the Flow-Through Shares as Canadian exploration expense, as defined in the Income Tax Act (Canada), and renounce such proceeds to the subscribers for the 2008 tax year. Proceeds allocated to the Flow-Through Shares will be used to finance further exploration and development of the Company's Afton property. The 2008 program is continuing to focus on the Ajax deposits to complete the new 43-101 resource on the entire Ajax area, which will include over 280,000 feet (approximately 85,000 metres) of additional drill data since the last resource work was done. This new resource estimate is scheduled for completion in the third quarter of 2008 followed by the Preliminary Economic Assessment which is expected to be finalized before the end of the year.

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

On Behalf of the Board,
ABACUS MINING AND EXPLORATION CORPORATION

Doug Fulcher

President and Chief Executive Officer

Contact: Tim Mikula, Investor Relations 866-834-0301 [email protected]

The TSX Venture Exchange has neither reviewed or approved the accuracy or adequacy of this news release.
 

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. Closing of the Offering, the completion of a 43-101 compliant resource and the completion of a new resource estimate and Preliminary Economic Assessment are all forward-looking statements. 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 expressly required by 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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