Here is a copy of the ABI.B news release (June 23, 1997):
Abcourt Mines Ltd
ABI.B
Shares issued 16562643
1997-06-20 close $0.27
Monday Jun 23 1997
Company Review
Mr Renaud Hinse reviews the company
Results for the nine month period ending March 31 1997 show a loss of $55,000
compared to a loss of $29,000 for the same period in the previous year.
This loss is greater than it was in the previous year because the other income
(interest and miscellaneous) decreased from $58,000 to $22,000. In the
meantime, administration expenses decreased from $87,000 to $77,000.
The cash position of the company on March 31 1997 was $465,000.
Exploration work done in the period includes de-watering the lower part of the
Elder mine and surface diamond drilling on the Tagami property, north of the Elder
mine. Deferred expenses including an amount of $39,000 for the restoration of the
Abcourt-Barvue property, totalled $292,000.
Results from a diamond drilling program of 21 holes for a total of 9,500 ft on the
West Gold showing of the Tagami property were excellent. The best ten holes,
spaced 125 to 150 ft indicate a continuous zone of high gold values with an
average of 0.484 oz of gold per ton over a width of 5.3 ft. In hole 97-35, lower
grade values combined with higher grade values gave an average of 0.303 oz of
gold per ton over a width of 25.0 ft. Abcourt plans to continue its drilling program
in 1997 with the objective of finding sufficient ore reserves on the Tagami property
to justify an underground development program.
As of March 1 1997, Mr Roger Desloges has joined the management team and
will be responsible for relations with the investors.
(c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com |
