Mr. Michael McInnis reports

ABACUS ANNOUNCES APPROVAL OF SHARE CONSOLIDATION

At the special general meeting of the shareholders of Abacus Mining & Exploration Corp. held on April 25, 2017, Abacus's shareholders approved the previously announced consolidation of the issued and outstanding common shares of the company on the basis of one postconsolidation common share for every six preconsolidation common shares.

Subject to the approval of the TSX Venture Exchange, the common shares will begin trading on the TSX-V on a postconsolidated basis at market open on Monday, May 1, 2017, and the company will continue to trade under the symbol AME on the TSX-V. It is expected that the consolidation will reduce the number of outstanding common shares from approximately 234,807,611 common shares to approximately 39,134,602 postconsolidation common shares on a non-diluted basis. No fractional common shares will be issued under the consolidation. Any fractions of a common share resulting from the consolidation will be dealt with in accordance with the Business Corporations Act (British Columbia), as more particularly described in the company's management information circular dated March 24, 2017.

No further action on the part of the shareholders will be required in order for the board to implement the consolidation. Letters of transmittal describing the process by which shareholders may obtain new certificates representing their consolidated common shares will be mailed shortly to registered shareholders. Common shares held in uncertificated form by non-registered shareholders through brokerage accounts will be converted at the consolidation ratio through each shareholder's brokerage account. Non-registered shareholders should consult their broker for further information.

Management believes that the consolidation is in the best interest of shareholders. It should increase the company's flexibility and competitiveness in the marketplace and make the company's securities more attractive to a wider audience of potential investors and other interested parties. Notwithstanding approval of the consolidation by the shareholders, the board, in its sole discretion, may revoke the resolution approving the consolidation and abandon the consolidation without further approval of, action by or prior notice to shareholders.

About Abacus Mining & Exploration Corp.

Abacus is a mineral exploration and mine development company with a 20-per-cent interest in the Ajax project, located at the historical Ajax-Afton site southwest of Kamloops, B.C., and an option to acquire up to a 75-per-cent undivided interest in the Willow porphyry copper-gold property in Nevada. The Ajax project is a proposed copper-gold open-pit mine currently undergoing a provincial and federal environmental assessment process. Through KGHM Ajax Mining Inc., a joint venture company between Abacus (20 per cent) and KGHM Polska Miedz SA (80 per cent), the Ajax mine is being financed in large part by KGHM and operated by its wholly owned subsidiary, KGHM International Ltd.

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