ABE Resources Announces Conditional Acceptance of Acquisition of Pioneer Resources and Related Transactions

The Company is also increasing the size of the Private Placement to a minimum of 30,000,000 post-Consolidation units of ABE (each, a "Unit") and a maximum of 40,000,000 Units at a price of $0.05 per Unit for minimum gross proceeds of $1,500,000 (the "Minimum Offering") and maximum gross proceeds of $2,000,000.

The proceeds of the Private Placement will be used to complete the transactions described in this news release (collectively, the "Transactions") and to carry out exploration work on Pioneer's mining properties located near the town of Ste-Anne-des Monts, in the province of Quebec, known as the Dôme Lemieux property.

In connection with the Private Placement, the Company has agreed to pay a finder's fee in respect of those purchasers introduced to the Company by Echelon Wealth Partners Inc. (the "Finder"). The Finder will receive a cash payment equal to 6% of the gross proceeds received from purchasers under the Offering who were introduced to the Company by the Finder.

Consolidation

The Consolidation to be carried out in connection with the Private Placement was approved at the Company's annual general and special meeting of shareholders held on December 22, 2016. A detailed news release announcing the status of the Consolidation will be available under the Corporation's profile on SEDAR at www.sedar.com upon completion of the Consolidation.

Letters of transmittal in respect of the Consolidation were sent to shareholders of ABE on December 1, 2016. Shareholders should neither destroy nor submit any share certificate in accordance with the letters of transmittal until the completion of the Consolidation has been announced by the Company.

Financial Information

The following is a summary of Pioneer's financial information for the period from September 23, 2015 (the date of incorporation) to August 31, 2016 and for the three-month period ended November 30, 2016:

The closing of the Acquisition remains subject to completion of the Consolidation, the Minimum Offering, and the Debt Settlement and each of the Transactions remain subject to the final approval of the TSXV.

About ABE Resources Inc.

ABE Resources Inc. is a Quebec mineral exploration company focused on the discovery and development of mineral deposits of economic potential primarily in the province of Quebec. For further information on the Company, please visit our website at http://www.aberesources.ca or contact us at info@aberesources.ca.

About Pioneer Resources Inc.

Pioneer is a privately held mineral exploration company with an experienced mineral exploration management team that holds a 100% undivided interest in the Dôme Lemieux property located in Gaspé, Quebec. The property hosted three past producing mines (lead, copper, zinc) and several showings, is accessible by road year-round, and has historical drilling totalling approximately 66,000 m.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

NEITHER THE TSXV NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSXV) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to: the ability of ABE to obtain all required approvals and consents and to complete the Transactions; the terms and conditions of the proposed Transactions; use of funds from the Private Placement; and the business and operations of ABE upon completion of the proposed Transactions. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive regulatory approvals; and the ability of ABE to execute and achieve its business objectives. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. ABE disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

SOURCE ABE Resources Inc.