Abacus Provides Update on $500,000 Financing

Suite 1000 – 1050 West Pender Street Vancouver, B.C. V6E 3S7 Canada Tel: 604.682.0301 TSX Venture Exchange Symbol: AME email: [email protected] website: www.amemining.com

Abacus Provides Update on $500,000 Financing

Vancouver, BC – December 11, 2019. Abacus Mining & Exploration Corporation (“Abacus” or the “Company”) (TSXV: AME) announces that the TSX Venture Exchange (“TSXV”) has granted an extension until January 12, 2020 for closing of the Company’s previously announced non-brokered private placement for aggregate gross proceeds of $500,000 (the “Offering”); however, the Company anticipates closing on or before December 20, 2019.

As described in the Company’s news release dated October 29, 2019, the Company will issue up to 10,000,000 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 Requirement for Certain Trades to Existing Security Holders (the “Existing Shareholder Exemption”), as well as under other available prospectus exemptions. Any existing shareholders interested in participating in the Offering under the Existing Shareholder Exemption should contact the Company at the contact information set out below in order to determine whether they are eligible to participate.

Unless the Company increases the size of the Offering, if subscriptions received for the Offering (based on all available exemptions) exceed the maximum Offering amount of $500,000, Units will be allocated pro rata among all subscribers qualifying under all available 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.