Abcourt Mines Inc.

Abcourt Mines Inc.

July 10, 2012 15:55 ET

Abcourt Mines Inc.: Update on Elder

MONT-ST-HILAIRE, QUÉBEC, CANADA--(Marketwire - July 10, 2012) - 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 on the progress made at the Elder mine.

Mine dewatering

Over the past few weeks, the water level in the shaft has been maintained at about 30 meters below the 15th level. During that period, we have gradually replaced the mine dewatering system by two permanent pumping stations. On the 8th level, we have a sump, two stationary pumps and an electrical sub-station. On the 13th level, we have an electrical sub-station which feeds the 15th level pumping station where we have a sump and two stationary pumps. The bottom of the shaft is dewatered by a submersible pumps which discharges water in the sump on the 15th level. To the end of June, we have pumped 191M Imperial gallons of water.

Rehabilitation of shaft, stations and escape ways

We have two crews doing rehabilitation work in the shaft, stations and escape ways.

Approximately 50% of this work has already been done and we expect that it will be completed in the course of the next two months.

Purchase of mine equipment

In our April 2011 financing, an amount of $2.7M was budgeted for the purchase of equipment, mainly locos, mine cars and drills. In addition to the pumps that we purchased for the dewatering of the mine, we have purchased 34 mine cars, 14 drills and we are installing a radio-telephone system in the mine. We are on the lookout for good used equipment to complete our purchases.

PEA report

The PEA being prepared by Roche, Groupe-Conseil, is expected to be completed on time at the end of August.

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, 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 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 Chief Executive Officer
    T: 819 768-285, 450 446-5511
    F: 819 768-5475, 450 446-3550