Abcourt Mines Inc.

Abcourt Mines Inc.

February 05, 2010 09:32 ET

Abcourt Mines: Amendement to the Stock Option Plan and Grant of Stock Options in Favor of Directors

MONT-ST-HILAIRE, QUEBEC--(Marketwire - Feb. 5, 2010) - Mr. Renaud Hinse, president and C.E.O. of Abcourt Mines Inc. (TSX VENTURE:ABI) (BERLIN:ABI) (FRANKFURT:ABI), is pleased to announce that on February 3, 2010, the Board of directors of Abcourt Mines Inc. has approved an amendment to the Company's stock option plan in order to increase the maximum number of shares that may be issued under the plan from 4,319,000 to 7,400,000. This amendment is subject to the approval of the TSX-Venture Exchange.

Furthermore, the directors have granted a stock option to purchase 100,000 Class B shares of the Company, at an exercise price of $0.16 per share, to Renaud Hinse, its President and Chief Executive Officer and stock options to purchase an aggregate of 350,000 Class B shares in favor of two directors, at an exercise price of $0.21 per share. These options, valid for 5 years, were granted in accordance with the Company's stock option plan. With this grant, the Company now has a number of 3,350,000 stock options outstanding.

The directors and officers of the Company receive no salary and their only remuneration is the options that they receive, except the President and Chief Executive Officer who is paid engineer fees and one director who receives consulting fees for the time spent on the projects and affairs of the Company. The grant of stock options by the Company provide its officers and directors with a long-term incentive for performance and commitment to the Company. The Company believes that participation by the officers and directors in the stock option plan aligns their interests with those of its shareholders, as they are rewarded for the Company's performance as evidenced by share price appreciation. The grant of stock options allows the Company to attract, motivate and retain qualified individuals necessary to achieve corporate objectives of the Company.

Abcourt Mines Inc. is an exploration and development company with strategically located properties in Northwestern Quebec, Canada. The Abcourt-Barvue project with 43-101 silver-zinc ore reserves and resources and the Elder mine with 43-101 gold resources and the Aldermac property with historical copper-zinc resources are all former producers. Abcourt is now focused on bringing the Abcourt-Barvue and Elder projects back in production and at the same time, it is working on other projects (Aldermac, Jonpol and Vendome), to increase its mineral resources inventory. A positive 43-101 feasibility study was completed in 2007 on the Abcourt-Barvue project. In addition, mill equipment was purchased. To know more about Abcourt, please consult our web site and Sedar, see "Abcourt Mines Inc". A small location plan and longitudinal projection of the Aldermac mineralized zones are shown on our web site. A small location plan of the Elder and Tagami properties is also shown on our web site.

FORWARD-LOOKING STATEMENTS: Except for statements of historical facts, all statements in this news release, including, without limitation, statements regarding forecasts, plans and objectives of Abcourt Mines Inc., are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements. This press release was prepared by Mr. Renaud Hinse, a qualified person, president of Abcourt Mines Inc.

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.

Contact Information

  • Abcourt Mines Inc.
    Renaud Hinse
    819-768-2857 / 450-446-5511
    819-768-5475 / 450-446-3550 (FAX)