Abcourt Mines Inc.

Abcourt Mines Inc.

April 17, 2012 10:29 ET

Abcourt Mines: Update on Elder

MONT-ST-HILAIRE, QUÉBEC, CANADA--(Marketwire - April 17, 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

In January last, we expected to have the Elder mine completely dewatered at the end of March. However, we had some unexpected interruptions caused by obstructions in the shaft (a pipe and a piece of lumber), and two weeks ago, the bearings in our two stationary pumps busted at the same time. They are repaired now and everything is back to normal.

A description of the pumping set up may be of interest to you. As the water level is below the 13th level, 1,800 feet (550 meters) from surface, there is an enormous pressure (630 lbs) at the bottom of the water line. Pumping is done with two 125 HP submersible pumps in tandem, which feed two stationary pumps with 250 HP motors in series, one on the 8th level and one on the 3rd level. If anything goes wrong, like a fluctuation in the power supply or an obstruction, they all stop at the same time. Starting them in sequence, so that the pressure taken by each pump is distributed according to its pumping capacity, is a critical operation.

We expect to finish the dewatering in early May, after pumping more than 200,000,000 gallons of water. The good news is that the shaft timber is in good condition and no replacement is needed.

43-101 technical report

The 43-101 technical report was also expected to be completed at the end of March. But we mentioned before that we had to convert all data from the English system to the Metric system and to re-draft all the plans. As Elder is a former producer, this represented a large amount of documents. Despite the fact that we had three persons working on that project, delays accumulated. Now, this work is almost completed. The 43-101 ore resource estimate report will come out in about 10 days. This will be followed by a 43-101 P.E.A. report in 15 to 17 weeks from now.

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
    819 768-2857 / 450 446-5511
    819 768-5475 / 450 446-3550 (FAX)