VANCOUVER, British Columbia, Dec.  02, 2022  (GLOBE NEWSWIRE) -- Abacus Mining & Exploration Corporation (“Abacus” or the “Company”) (TSXV: AME) announces that the Company has applied to extend the exercise period of a total of 10,770,000 share purchase warrants, all of which are exercisable at $0.08 per share (collectively, the "Warrants"). The Warrants were issued pursuant to a private placement which closed December 20, 2019. The Company proposes to extend the expiry date for all these Warrants by eighteen (18) months, and accordingly, the new expiry date for the Warrants will be June 20, 2024. All other terms and conditions of the Warrants remain unchanged. The Warrant extension is subject to acceptance by the TSX Venture Exchange.

On Behalf of the Board,
ABACUSMINING&EXPLORATIONCORPORATION

Paul G. Anderson, P.Geo. President and CEO

AboutAbacus

Abacus is a mineral exploration and mine development company currently focused on copper and gold in B.C. and Nevada. The Company’s main asset is a 20% ownership interest, together with KGHM Polska Miedź S.A. (80%), in the proposed copper-gold Ajax Mine located southwest of Kamloops, B.C., which has 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. KGHM have recently reopened an office in Kamloops, B.C. to facilitate First Nation, community and governmental engagement in order to advance the project towards a potential resubmission of the environmental application.

Abacus also holds an option on the 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.

For the latest reports and information on Abacus’ projects, please refer to the Company’s website at www.amemining.com.

Forward-LookingInformation
This release includes certain statements that are deemed “forward-looking statements”. All statements in this release, other than statements ofhistoricalfacts,thataddresseventsordevelopmentsthatAbacusexpectstooccur,areforward-lookingstatements.Forward-lookingstatementsarestatementsthatarenothistoricalfactsandaregenerally,butnotalways,identifiedbythewords“expects”,“plans”,“anticipates”,“believes”,“intends”,“estimates”,“projects”,“potential” andsimilarexpressions,orthat eventsorconditions“will”,“would”,“may”,“could” or“should” occur.AlthoughtheCompanybelievestheexpectationsexpressedinsuchforward-lookingstatementsarebasedonreasonableassumptions,suchstatementsarenotguaranteesoffutureperformanceandactualresultsmaydiffermateriallyfromthoseintheforward-lookingstatements.Factorsthatcouldcausetheactual 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,continuedavailabilityofcapitalandfinancing,andgeneraleconomic,marketorbusinessconditions.Investorsarecautionedthatanysuchstatementsare not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-lookingstatements.Forward-lookingstatementsarebasedonthebeliefs,estimatesandopinionsoftheCompany'smanagementonthedatethestatementsare made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements inthe 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.