Abcourt Mines Inc.

Abcourt Mines Inc.

March 29, 2007 17:34 ET

Abcourt Mines Inc. Options the Jonpol and Paramount Gold-Silver-Zinc-Copper Properties Near Amos, Quebec, Canada

MONT-ST-HILAIRE, QUEBEC--(CCNMatthews - March 29, 2007) - Abcourt Mines Inc. (TSX VENTURE:ABI) is pleased to announce that it has optioned the Jonpol and Paramount gold-silver-zinc-copper properties from Aur Resources Inc. ("Aur") and Eastern Platinum Limited ("Eastplats"). These two properties include a total of 24 claims covering 880 hectares in range I and II of Dalquier township near Amos, Quebec, Canada.

It is a 7-year option (the "Option") to acquire 100 % of the properties under the following terms:

1. Payments

Within 5 business days of the receipt of the TSX-Venture Exchange approval, pay the sum of $20,000 cash.

To maintain the Option with respect to the Jonpol property in good standing, to pay:

i. on or before December 31, 2007, the further sum of $30,000;

ii. on or before December 31, 2008, the further sum of $40,000;

iii. on or before December 31, 2009, the further sum of $50,000;

iv. on or before December 31, 2010, the further sum of $50,000;

v. on or before December 31, 2011, the further sum of $50,000;

vi. on or before December 31, 2012, the further sum of $60,000; and

vii. on or before December 31, 2013, the further sum of $75,000.

The payments referred to in items(i) to (vii) above are optional and Abcourt is under no obligation to make such payments but, failing which, the Option terminates.

Abcourt has the right to satisfy one half of the December 2007 to December 2013 payments by delivering to Aur an equivalent value in Abcourt shares priced at 95% of the average closing price of the shares over the preceding 20 trading days.

2. Work commitments

Abcourt is required to incur on exploration, development and/or mining work ("Work") on the Jonpol Property the following expenditures:

i. on or before December 31, 2007, minimum expenditures of $200,000; and

ii. on or before December 31, 2013, further minimum expenditures of $3,800,000 with there being at least $200,000 of expenditures incurred in each calendar year commencing 2008 and ending 2012, inclusive unless or until (A) $3,800,000 has been expended on the Jonpol Property, or (B) Aur has exercised its Back-in Right (see below) on the Jonpol Property.

3. Royalty payments

On the Jonpol Property, Abcourt will pay a royalty of 1.5% NSR to Aur and 1.0% NSR to Eastplats. Abcourt has the right to buy 40% of these royalties anytime by paying $600,000 to Aur and $400,000 to Eastplats.

On the Paramount Property, Abcourt will pay a royalty of 2.5% NSR to Aur. Abcourt will have the right to buy 40% of this royalty any time by paying Aur $1,000,000.

4. Back-in Right

Aur has a back-in right (the"Back-in Right") to re-acquire a 51% interest in these properties upon spending twice the amount already spent by Abcourt, if Abcourt identifies mineral resources equal to 275,000 tonnes of contained copper-equivalent, or more on the relevant property based on NI 43-101 reporting standards.

This agreement is conditional upon the approval of the TSX-Venture Exchange.

These claims cover a distance of 4,700 meters (2.9 miles) along the most favourable felsic volcanic formation for base metals in the Amos area and has been the site of repeated exploration efforts for almost 100 years including numerous drill holes and three shafts, the deepest reaching a depth of 152 meters (500 feet). So far, four mineralized zones have been found. They are the "Main West Copper Zone", the "Jay Copper Zone", the "Lower Ag-Zn-Cu Zone" and the "Upper Ag-Zn Zone". The four zones all appear to be made of disseminated to stringer to locally semi-massive pyrite ± sphalerite ± chalcopyrite and silver minerals that collectively represent a large stringer (feeder) sulphide zone. These mineralized zones represent part of a large, metal rich, semi-conformable hydrothermal alteration system hosted by a rhyolite dome structure which is developed on a sequence of andesite flows and overlain by felsic pyroclastic and volcanoclastic material. The hydrothermal system appears to terminate to the west along a proposed syn-volcanic fault structure but continues to the east at least as far as the present limit of lithogeochemical sampling on the property.

The historical resources on the Jonpol property are as follows:

Zone Date Author Short tons % Cu % Zn oz/t Ag
Upper Ag-Zn 1969 Waisberg (1) 20,000 - - 4.0 8.0
Jay Copper 1969 Waisberg 26,000 3.5 - - 1.0
Main West Cu 1974 Kilborn (2) 1,946,000 1.04 - - 0.02
Lower Ag-Zn-Cu 1983 Getty (3) 815,000 1.25 3.21 3.55

(1) S. Waisberg, 1969, Conigo Mines Ltd

(2) H.B. Hicks, 1974, Kilborn Engineering Ltd, preliminary
feasibility study for 1,000 TPD mining and milling plant

(3) D. Titaro, 1983, Getty Canadian Mines Ltd, work summary

In addition, several significant gold intersections have been obtained in the drilling.

This information comes from a report by C.M Cooke, senior project geologist for Aur Resources Inc., dated November 1992.

The historical resources reported above were prepared before the introduction of National Instrument 43-101 ("43-101") and would today be considered as resources of various categories. No additional information is available at this time and the historical resources have not been verified and should not be relied upon. However Abcourt believes that these estimates, particularly the ones prepared by Kilborn and Getty, were estimated by competent persons. This statement is made by Mr. Renaud Hinse, professional engineer, President of the Company. Mr. Hinse is a qualified person under 43-101.

Abcourt's ambition is to become an important producer of base metals in particular zinc and copper with gold and silver by-products. Abcourt plans to start with the construction of an open-pit mine with a 1,800 tonne per day mill at Barraute, Quebec and to make this mine its main operating base. The Aldermac mine and the Jonpol Property with substantial historical copper-zinc resources could become in the near term, satellite operations which could be used either to extend the life of the Abcourt-Barvue mine or to justify a mill expansion to treat ore from different sources at the same time.

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 on the lookout for others projects which could be developed later. To know more about Abcourt, please consult our web site and Sedar .

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 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
    819-768-2857 or 450-446-5511
    819-768-5475/450-446-3550 (FAX)
    Investors' relations
    Joe O'Brien
    416-750-8051 (FAX)