Abcourt Mines Inc.
TSX VENTURE : ABI
BERLIN : ABI
FRANKFURT : ABI

Abcourt Mines Inc.

April 20, 2011 09:38 ET

Abcourt Announces Receipt of Notice of Exercise of Over-Allotment Option

MONT-ST-HILAIRE, QUÉBEC--(Marketwire - April 20, 2011) -

Not for distribution to United States newswire services or for dissemination in the United States

Abcourt Mines Inc. (TSX VENTURE:ABI)(BERLIN:ABI)(FRANKFURT:ABI) ("Abcourt" or the "Company") announced today that it has received a notice from Industrial Alliance Securities Inc. (the "Agent") confirming the exercise in full of the over-allotment option (the "Over- Allotment Option") granted to the Agent under the agency agreement dated April 18, 2011 entered into between the Company and the Agent. Assuming the exercise in full of the Over- Allotment Option, the Company expects to issue an additional 4,583,333 units of the Company (the "Units"), for gross proceeds to the Company of approximately $825,000, as part of the previously-announced new issue of Units for a minimum of 19,444,444 Units and a maximum of 30,555,555 Units, at a price of $0.18 per Unit, for gross proceeds of a minimum of $3,500,000 and a maximum of $5,500,000 to the Company (the "Offering").

The Company has agreed to pay the Agent a 6.50% cash commission and grant compensation options to the Agent entitling it to purchase that number of common shares of the Company equal to 6.50% of the aggregate number of Units issued and sold under the Offering (including the Units to be issued and sold upon the exercise of the Over-Allotment Option) for a period of 24 months.

The proceeds from the exercise of the Over-Allotment Option will be used by Abcourt to further advance the Elder Gold Mine, and the remainder for working capital purposes.

The closing of the Offering (including the Units to be issued and sold upon the exercise of the Over-Allotment Option) is expected to occur on or about April 21, 2011. The Offering (including the Units to be issued and sold upon the exercise of the Over-Allotment Option) is also subject to customary conditions and regulatory approval, including the approval of the TSX Venture Exchange.

This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any Unit and shall not constitute an offer, solicitation or sale in any jurisdiction in which such an offer, solicitation, or sale would be unlawful.

The Units have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws of the United States and, subject to certain exceptions and in compliance with the registration requirements of the U.S. Securities Act and applicable state securities laws or pursuant to exemptions therefrom, may not be offered, sold or delivered, directly or indirectly, within the United States or to, or for the account or benefit of, "U.S. persons" (as defined in Regulation D under the U.S. Securities Act) ("U.S. Persons"). This press release does not constitute an offer to sell or a solicitation to buy any of the securities offered hereby within the United States or to U.S. Persons.

About Abcourt Mines Inc.

Abcourt Mines Inc. is an exploration and development company with strategically located properties in Northwestern Quebec, Canada. The Elder mine with 43-101 gold resources, the Abcourt-Barvue project with 43-101 silver-zinc ore reserves and resources and the Aldermac property with historical copper-zinc resources are all former producers. Abcourt is now focused on bringing the Elder and Abcourt-Barvue projects back in production with Elder as the first priority. At the same time, it is working on other projects (Aldermac, Jonpol and Vendome), to increase its mineral resources inventory. A 43-101 resource calculation was completed in July 2009 for the Elder mine. A positive 43-101 feasibility study was completed by GENIVAR in 2007 on the Abcourt-Barvue project. In addition, mill equipment was purchased. To know more about Abcourt, please consult our web site www.abcourt.com and SEDAR at www.sedar.com under "Abcourt Mines Inc".

FORWARD-LOOKING STATEMENTS: Certain of the information contained in this news release may contain "forward-looking information". Forward-looking information and statements may include, among others, statements regarding the future plans, costs, objectives or performance of Abcourt Mines Inc. (the "Company"), or the assumptions underlying any of the foregoing. In this news release, words such as "may", "would", "could", "will", "likely", "believe", "expect", "anticipate", "intend", "plan", "estimate" and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. Forward-looking statements and information are based on information available at the time and/or management's good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Company's control. These risks, uncertainties and assumptions include, but are not limited to, those described under "Risk Factors" in the Company's amended and restated annual information form dated November 26, 2010 and could cause actual events or results to differ materially from those projected in any forward-looking statements. The Company does not intend, nor does the Company undertake any obligation, to update or revise any forward-looking information or statements contained in this news release to reflect subsequent information, events or circumstances or otherwise, except if required by applicable laws.

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
    President and Chief Executive Officer
    819-768-2857 or 450-446-5511
    819-768-5475 or 450-446-3550
    rhinse@abcourt.com