Abcourt news from October and November
Rouyn-Noranda, Québec, Canada, October 16, 2020 Abcourt Mines Inc. (TSX-V: ABI) (“Abcourt” or the “Corporation”), is pleased to announce that it has received explosive permits for the Sleeping Giant mine. We have received permits for two underground explosive magasines. We will also make sure that all our employees working underground who receive, manipulate and use explosives will have an individual explosive permit.
abcourt.com
A three-day mine rescue session will take place from October 13 to October 15 for our employees working underground at the Sleeping Giant mine. Excavation work will start immediately after. This press release was prepared by Mr. Renaud Hinse, Engineer and President of Abcourt Mines Inc. Mr. Hinse is a “Qualified Person” under the terms of Regulation 43-101. Mr. Hinse has approved the scientific and technical disclosure.
abcourt.com
Rouyn-Noranda, Québec, Canada, November 30, 2020
Abcourt Mines Inc. (TSX-V: ABI, “Abcourt” or the “Company”) reports its results today for the first quarter of the financial year 2021. All amounts are in Canadian dollars unless otherwise indicated.
Highlights:
• Revenues of $7,810,494 for the first quarter ended September 30, 2020, the best to date;
• Net profit of $1,055,638 for T1-2021 versus a net loss of $61,668 for T1-2020;
• Adjusted net profit of $1,787,909 versus $890,187 for T1-2020;
• Costs of sales reduced by $421,296, that is 6% compared to the previous year
• Cash of $3,382,660, representing an increase of $1,421,740 for the quarter;
• Gold inventory of $1,946,725, that is about 1,233 ounces;
• Ounces produced 3,008, sold 3,071;
• All-inclusive cost of $2,184 /oz or US $1,642. Cash cost of $1,897 /oz or US$1,426;
• The Company has no long-term debt. It finances itself with its operating revenues.
Recent Developments:
• Drifting on 4th, 10th and 11th levels and rehabilitation work on 12th level at Elder mine to open new ore zones.
• Rehabilitation work in shafts and drifts at Sleeping Giant mine to develop new ore zones on upper levels.
• To date, the Company has received an amount of $466,215 raised by the exercise of warrants issued in 2018 and 2019. This is a quarter with record revenues due in part to the increase in the price of gold. Our operations have generated cash of $1.4M. This allow us to develop our Sleeping Giant Project and continue the development at the Elder Mine.
ABOUT ABCOURT MINES INC.
Abcourt Mines Inc. is a gold producer and a Canadian exploration company with strategically located properties in northwestern Quebec, Canada. The Elder property has gold resources (2018). Abcourt is currently focusing on the exploitation of the Elder mine.
In 2016, Abcourt acquired the Sleeping Giant mine and mill, located half-way between Amos and Matagami, in Abitibi, Province of Quebec. The mill has a capacity to treat 700 to 750 tonnes per day. Measured mineral resources total 10,900 tonnes with a grade of 12.20 g/t of gold and indicated resources total 475,625 tonnes with a grade of 11.20 g/t of gold. Inferred resources are 93,100 tonnes with a grade of 11.85 g/t of gold. A NI 43-101 feasibility study was completed in July 2019 by PRB Mining Services Inc.
The Abcourt-Barvue property has silver–zinc reserves (2019). A feasibility study was completed in 2007 by Roche / Genivar. An update was completed in July 2019 by PRB Mining Services Inc. A total of 8.07M tonnes are in proven and probable reserves with a grade of 51.79 g/t of silver and 2.83% zinc. About 81.6% of these reserves are mineable by open pit and 18.4% are mineable by underground operations. Inferred resources total 2.07M tonnes with a grade of 114.16 g/t of silver and 2.89% zinc.
To know more about Abcourt Mines Inc. (TSXV: ABI),
please visit our web site at www.abcourt.com and consult our filings under Abcourt’s profile on www.sedar.com.
For more information,
please contact: Renaud Hinse,
President and CEO
T : 819 768-2857 450 446-5511
F : 819 768-5475 450 446-3550
Email: rhinse@abcourt.com
Dany Cenac Robert,
Investor Relations
Reseau ProMarket Inc.,
T: (514) 722-2276 x456
Dany.Cenac-Robert@ReseauProMarket.com
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 |
