Abacus Announces Grant of Stock Options

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 27, 2012) - The Board of Directors of Abacus Mining & Exploration Corporation (TSX VENTURE:AME) ("Abacus") has granted 2,670,000 incentive stock options to employees, directors, and officers of the Company. The incentive stock option grant is made pursuant to the Company's normal course annual compensation review and the Company's stock option plan. The options have an exercise price of $0.235 and will vest over an 18-month period, exercisable for five years from the date of the grant hereof.

The foregoing is subject to regulatory acceptance.

On Behalf of the Board,

ABACUS MINING AND EXPLORATION CORPORATION

About Abacus

Abacus is a mineral exploration and mine development company with a feasibility stage copper-gold project located in the Ajax Mining Camp southwest of Kamloops, B.C. The Ajax copper-gold project is a joint venture between Abacus Mining & Exploration and KGHM Polska Miedz through KGHM Ajax Mining Inc., owned 49% by Abacus and 51% by KGHM. The January 2012 feasibility study confirms a proven and probable reserve of approximately 3 billion lbs copper and 2.7 million ozs gold supporting an average annual production of 109 million lbs copper and 99,000 oz gold over 23 years at a rate of 60,000 tonnes per day. The environmental review and permitting process was initiated in early 2011 with the submission of the Project Description, a copy of which is available on the Company's website and www.eao.gov.bc.ca.

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 Mining and Exploration Corp. (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. 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 rate, and ability to obtain required permits on a timely basis, 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 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.