Abcourt Mines Inc.

Abcourt Mines Inc.

July 28, 2009 14:40 ET

Abcourt Mines Inc.: 43-101 Update Ressources Report on Elder Gold Mine Shows About 15% Increase in Measured and Indicated Resources

MONT-ST-HILAIRE, QUEBEC, CANADA--(Marketwire - July 28, 2009) - Mr. Renaud Hinse, president and C.E.O. of Abcourt Mines Inc. (TSX VENTURE:ABI)(BERLIN:ABI)(FRANKFURT:ABI), is pleased to announce that a 43-101 update report on the Elder Mine shows about 15% increase in measured and indicated resources at the 0.15 oz/t Au cut-off grade. This revision was made by Mr Jean-Pierre Berube, P. Eng., consultant. Mr Berube is an independent qualified person.

This revision was based on 263 diamond drill holes intersections and 128 drifts and stopes sampling sites.

The block method was used to calculate the resources. All pertinent information, i.e. drill holes, drifts and stopes, was plotted on composite plans. Number 1 vein was shown on a plan 1" equals 100', whereas veins number 3 ans 4 were shown on a plan 1" equals 50".

First, the blocks of measured and indicated resources were delimited using the CIM definition standards. These blocks are indicated in areas characterized by a greater density of geological data (ex: underground workings, or areas with regular drill holes spacing of 100 feet). Where applicable, each block is drill defined by an intersection which is not necessarily centered on the block.

Measured mineral resources are located between two levels and normally drilled at 100-foot interval and/or mineralization extrapolated up to 50 feet from stopes, drifts, raises or other sampled faces. Indicated resources are within a 50-foot range from 100-foot centered diamond drill holes and/or mineralization located between 50 and 100 feet from stopes, drifts, raises or other sampled faces. Some exceptions were made for the measured resources when it was clear that adjacent sections were showing a good continuity over a tighter pattern of drilling. In those cases, the maximum down dip extension of the mineralized intersections was extended up to 100 feet.

In a second step, inferred mineral resources were obtained from blocks located in areas characterized by fewer mineralized intersections (drill holes spaced at 200 feet and more) and/or mineralization located at a range of between 100 and 150 feet from stopes, drifts, raises or other sampled faces. The area covered by each inferred polygon was calculated by hand and cross-checked with AutoCad.

The weighted gold averages were calculated from combined intersections. A nominal cut-off grade of 0.10 ounce per short ton (oz/st) was used. Gold values above 1 ounce per short ton were cut to 1.0 ounce per short ton. At the request of ABCOURT, these results have also been presented using a cut-off grade of 0.15 oz/st Au.

The drill data were plotted on cross-sections and mineralized zones were then allocated to the appropriate vein structure. Tonnages for each block have been calculated by multiplying the vertical height (minimum of 5 feet) of the vein by the surface area of the block and applying a tonnage factor of 12.3 cubic feet per short ton.

The table below gives details on the different tonnages and grades of the Elder deposit in relation with the cut-off grades used in the present mineral resources estimate.

2009 estimate:

Cut-off grade 0.10 oz/st Au 0.15 oz/st Au
Category Tons Grade Ounces Tons Grade Ounces
(st) (oz/st) of gold (st) (oz/st) of gold
Measured 442,515 0.189 83,635 282,017 0.226 63,736
Indicated 443,016 0.193 85,502 316,026 0.226 71,422
Measured +
Indicated 885,531 0.191 169,137 598,043 0.226 135,158
Inferred 261,018 0.179 46,722 175,675 0.211 37,067

For the sake of comparison, here are the 2006 estimates at different cut-
off grades:

2006 estimate:

Cut-off grade 0.10 oz / s.t. Au 0.15 oz / s.t. Au
Description Tons Au Ounces Tons Au Ounces
(st) (oz / s.t.) (s.t.) (oz / s.t.)
Measured 440,810 0.183 80,668 263,951 0.226 59,653
Indicated 363,810 0.197 71,670 249,040 0.237 59,022
Measured + ind. 804,620 0.189 152,338 512,991 0.231 118,675
Inferred 252,208 0.184 46,406 187,455 0.207 38,803

So, at the 0.15 oz/t Au cut-off grade, the measured and indicated short tons increased by 16.5% and the gold content increased by 13.9%.

The Berube report will be filed shortly on Sedar and will be available for those who would like to see the plan projections of different ore blocks of mineralization.

In his conclusion, Mr Berube states that the probabilities to add new resources to the existing mineral inventory are excellent considering the quality of a number of near surface targets which remain to be drilled. He recommends a two-phase surface and underground exploration program estimated to cost $14 M. Abcourt intends to follow this recommendation.

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 has been 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.

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 a qualified person, Mr Renaud Hinse, professional engineer and 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
    819-768-2857 or 450-446-5511
    819-768-5475 or 450-446-3550 (FAX)
    Abcourt Mines Inc.
    Joe O'Brien
    Investors' relations
    416-750-8051 (FAX)