Abacus Mining and Exploration Corp.

Abacus Mining and Exploration Corp.

March 29, 2005 12:29 ET

Abacus Mining & Exploration Corporation: Niblack Spinoff Approved


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: ABACUS MINING AND EXPLORATION CORP.

TSX VENTURE SYMBOL: AME

MARCH 29, 2005 - 12:29 ET

Abacus Mining & Exploration Corporation: Niblack
Spinoff Approved

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 29, 2005) - Abacus
Mining & Exploration Corporation (TSX VENTURE:AME)

The Directors of Abacus Mining & Exploration Corporation (the "Company")
announce that the extraordinary general meeting of shareholders of the
Company was held on March 15, 2005. At the meeting, shareholders of
record were asked to approve and authorize an arrangement to transfer
the Company's Niblack property into the newly created Niblack Mining
Corp. Shareholder's of the Company gave approval of all resolutions and
voted over 99 per cent in favour of the transfer. The Company also
received approval of its application from the Supreme Court of British
Columbia on March 17, 2005 and the TSX Venture Exchange on March 23,
2005.

Under the terms the arrangement, on the Effective Date, which is
anticipated to be April 15, 2005, the Company's shares will be
restructured into New Common Shares and Niblack Mining Shares. Abacus
shareholders of record (with settlement complete) on April 14, 2005 will
receive four New Common shares of Abacus and one share of Niblack Mining
Corp. for every four shares of Abacus held. Niblack Mining Corp. will
apply to have its shares listed on the TSX Venture Exchange following
completion of the arrangement and a planned prospectus offering.

On Behalf of the Board,

ABACUS MINING AND EXPLORATION CORPORATION

Doug Fulcher, President


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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Abacus Mining & Exploration Corporation
    Doug Fulcher
    President
    (604) 682-0301
    (604) 682-0307 (FAX)
    or
    Abacus Mining & Exploration Corporation
    Paddy Nicol
    (604) 682-0301
    (604) 682-0307 (FAX)
    info@amemining.com
    www.amemining.com
    The TSX Venture Exchange has not reviewed and does not accept the
    responsibility for the adequacy or accuracy of this news release.