Abacus Increases Financing to $543,500

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Abacus Increases Financing to $543,500

Vancouver, BC – December 19, 2019. Abacus Mining & Exploration Corporation (“Abacus” or the “Company”) (TSXV: AME) is pleased to announce that in response to investors’ requests, it has increased its non-brokered private placement (the “Offering”) to aggregate gross proceeds of $543,500 from the initially targeted $500,000 as set out in the Company’s news releases dated October 29, 2019 and December 11, 2019. The Offering is expected to close on December 20, 2019.

Under the increased Offering, the Company will issue up to 10,870,000 units (“Units”) of the Company at a price of $0.05 per Unit. Each Unit will consist of one common share of the Company (a “Share”) and one full non-transferable common share purchase warrant (a “Warrant”), with each Warrant exercisable to purchase one Share at a price of $0.08 per Share for a period of 3 years from the date of closing of the Offering. Proceeds from the Offering will be applied towards the Company’s exploration commitments and for general working capital and corporate purposes.

The Offering is being offered to existing shareholders of Abacus who are permitted to subscribe pursuant to British Columbia Instrument 45-534 – Exemption from Prospectus Requirements for Certain Trades to Existing Security Holders, as well as under other available prospectus exemptions. The Offering is subject to TSXV approval. In connection with the Offering, certain finders may receive a cash fee and/or non-transferable finder warrants. It is also anticipated that insiders of the Company will participate in the Offering. All securities issued in connection with the Offering will be subject to a four month hold period under Canadian securities law.

In the event the Company’s closing share price on the TSXV exceeds $0.15 per share for 20 consecutive trading days, the Company shall have the right to provide notice to holders of Warrants accelerating the expiry date of the Warrants to 30 days from the date of notice.

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.