Abcourt Mines Inc.

Abcourt Mines Inc.

February 21, 2008 12:39 ET

Abcourt: $439,250 Private Placement Completed

MONT-ST-HILAIRE, QUEBEC--(Marketwire - Feb. 21, 2008) - Mr. Renaud Hinse, president and C.O.O. of Abcourt Mines Inc., is pleased to announce that a non-brokered private placement of $439,250 has been closed today.

1,255,000 Units have been subscribed for a total of $439,250. Each Unit consists of one class B non-flow-through share and one class B purchase warrant. Each warrant is exercisable into one class B share at any time on or before February 21, 2010.

A finder's fee of 7% cash and 81,200 warrants, representing 7% of 1,160,000 Units subscribed, are payable. The warrants are valid for two years and may be exercised at $0.50 per class B share.

Securities that will be issued pursuant to this private placement must not trade before June 21, 2008.

The net proceeds of the private placement will be used to pay for mill equipment recently purchased.

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 are both past producers. Abcourt is now focused on bringing these two 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 recently completed on the Abcourt-Barvue project. For additional information, see our Press Releases dated February 16, 2007 and August 9, 2007. To know more about Abcourt, please consult our web site and Sedar , see "Abcourt Mines Inc".

The Abcourt shares are trading on the TSX Venture Stock Exchange under the symbol ABI.V and at Frankfurt and Berlin in Germany.

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. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Abcourt Mines Inc.
    Renaud Hinse, president
    819-768-5475 or 450-446-3550 (FAX)
    Investors' relations
    Joe O'Brien
    416-750-8051 (FAX)
    MI 3 Communications inc.
    Mario Drolet
    514-907-2331 (FAX)