Abcourt Mines Makes a $1,417,794 Net Profit in the Third Quarter and $2,625,390 for the Nine-Month Period Ended on March 31, 2019
abcourt.com
Rouyn-Noranda, Québec, Canada, June 5, 2020 Abcourt Mines Inc. (TSX-V: ABI, Berlin: AML-BE and Frankfurt Stock Exchanges: AML-FF) (“Abcourt” or the “Mines Abcourt inc.), despite Covid-19, is pleased to report a small net loss of $97,604, for the third quarter ended on March 31, 2020. All amounts are in Canadian dollars unless otherwise indicated. These amounts and production results for the March 31 period have not been audited and have not been reviewed by our auditors in accordance with the standards of the Chartered Professional Accountants of Canada. Highlights : • Third quarter revenues of $5.6 M from the sale of 2,585 ounces of gold. A drop of 28 % over the third quarter ended March 31, 2019. • The average realized price of gold sold in 2020 was C$2,158 per ounce (US$ 1,599). • Despite the Covid-19, the net loss in the third quarter 2020 was only $98K, compared to a net profit of $1.4M in 2019. • Adjusted net profit of $638K compared to $2.13M in 2019. For details see page 3 • Cash of $2.1M, an increase of 28 % over 2019. • The Company has no long-term debt. It finances itself with its operating revenues. Recent developments: • Work currently being done on levels 4, 9 and 10 at the Elder mine to open new stopes. • $ 728 000 recently raised by private placement for diamond drilling in 2020. • Work started to reopen the Sleeping Giant mine. |
