February 26, 2004
Afton Drilling Resumes

Management of Abacus Mining & Exploration Corp. (the "Company") is pleased to announce that crews have mobilized to resume exploration on the Company's Afton area copper-gold properties near Kamloops B.C. The 2004 drilling program will be based in part, on the final results of the fall 2003 three-dimensional induced polarization (3D-IP) geophysical survey over the Rainbow area that revealed numerous strong chargeability anomalies. Some of these anomalies have been previously drill tested and are known to host copper-gold mineralization. The remainder of the anomalies, some of which are the strongest on the property, have never been drill tested. Ten thousand (10,000) metres of diamond drilling are planned for the spring phase of the program on the Rainbow, DM, Audra and Crescent areas. In addition, 26 line-kilometres of 3D-IP geophysics will be completed over the DM, Audra and Crescent areas given the success of the survey at the Rainbow property.

RAINBOW, COQUIHALLA ZONES

The initial phase of drilling will be directed at expanding the No.'s 2, 22, and 1 zones which all indicate a strong correlation with the recently completed geophysics. Chargeable extensions of these zones still remain untested. New targets, including a particularly strong chargeability anomaly that underlies the northeastern flank of Sugarloaf Hill, will also be drill tested. This anomaly , which trends southeast, lies approximately 300 metres southwest of the No. 2 zone. Drill hole 13, located 350 metres to the southeast, the nearest hole to the anomaly, graded 0.49 % copper over 97 metres. No holes have ever been drilled into the centre of this anomaly.

Geophysical cross sections indicate that the anomaly coalesces with the No. 2 zone at depth in areas that have also never been drill tested.

CRESCENT, DM AND AUDRA ZONES

At the DM, Audra and Crescent zones, about 2.5 kilometres north of the Rainbow, a 26 line-kilometre grid has been established in preparation for a 3D-IP survey over the zones. The three zones of copper-gold mineralization lie along an east-west trending structural corridor that passes through the Afton deposit 2.0 kilometres to the west and the Big Onion deposit 2 kilometres to the east. The zones, described as mineralized breccia pipes within the Cherry Creek phase of the Iron Mask batholith, occur within a strike length of 1.5 kilometres. The Crescent deposit, the most easterly of the zones, produced 1.448 million tonnes of copper-gold ore in 1989-1990.

Results of the deep penetrating 3D-IP survey will be used to guide deeper drilling on the zones. Historical drilling in this area was generally restricted to depths less than 150 metres. Two-dimensional IP surveys completed over the Crescent, DM and Audra area indicate that all three zones may coalesce at depth, which highlights the importance of deep drilling in the area.

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 ongoing, using both Eco Tech of Kamloops and ALS Chemex Labs of North Vancouver, B.C. Mr. Robert R. Friesen P. Geo and Mr. Robert Darney, P. Geo are the qualified persons responsible for the design and conduct of the work performed.

On Behalf of the Board,

ABACUS MINING AND EXPLORATION CORPORATION
"Doug Fulcher"

Doug Fulcher,
President

The TSX Venture Exchange has not reviewed and does not accept the responsibility for the adequacy or accuracy of this news release.

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