Abcourt Mines Inc.

Abcourt Mines Inc.

July 08, 2013 11:07 ET

Abcourt Mines Inc.: Update on Elder Gold Mine Development

MONT-ST-HILAIRE, QUÉBEC--(Marketwired - July 8, 2013) - Mr. Renaud Hinse, President and C.E.O. of Abcourt Mines Inc. (TSX VENTURE:ABI)(BERLIN:AML)(FRANKFURT:AML) (the "Company"), is pleased to report that mine development at the Elder gold mine is continuing as planned.

We now have four stopes in production and two stopes being rehabilitated. The mine is now operating at half capacity, on one shift only, with a total of 40± employees. The value of the ore stockpiled, at $1,200 per ounce of gold and at the current rate of exchange of the US$/CND$, represents a recoverable value of about $1.5 M CDN. On March 31 last, our working capital was $3.6 M. These funds together, with the near-term sale of gold recovered from the stockpiled ore, will keep us going for several months and enable us to reach commercial production near the end of the year 2013.

Three operating mines in the area have expressed an interest in custom milling our ore. We expect to receive at least a proposal soon.

We are also pleased to announce that Mr. Charles H. Bélanger, Professional mining engineer, M.B.A., with more than 30 years of experience in different mines in the area has joined the Abcourt team. He will be responsible of technical services (mining and mine geology) and he will also assist the mine manager. His contribution to the success of the project will be important.

The PEA study completed in November 2012 indicates a break-even price of $780 per ounce for gold and if the price of gold dropped to that level, I believe that we could manage somehow to reduce costs.

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 into production with Elder as the first priority. At the same time the company is working on other projects (Aldermac, Vezza, Jonpol and Vendome) to increase its mineral resources inventory. A 43-101 resource calculation was completed in July, 2012, for the Elder Mine. A positive PEA report was prepared on Elder mine in the Fall of 2012 by Roche Limited, Consulting Group. 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 visit our web site at and SEDAR.

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

  • Renaud Hinse, President and CEO
    819 768-2857 or 450 446-5511
    819 768-5475 or 450 446-3550 (FAX)