Abcourt Mines Inc.

Abcourt Mines Inc.

October 21, 2008 15:20 ET

Abcourt Renegociates the Jonpol Option

MONT-ST-HILAIRE, QUEBEC, CANADA--(Marketwire - Oct. 21, 2008) -

Mr. Renaud Hinse, president and C.E.O. of Abcourt Mines Inc.(TSX VENTURE:ABI), is very pleased to announce that the option on the Jonpol and Paramount properties has been renegociated with more favourable terms. The original terms negociated with Aur Resources Inc. involved payments totalling of $355,000 over a six-year period and a work commitment of $4M to acquire 100% of the property.

The revised agreement negociated with Teck-Cominco Limited which has succeeded Aur, involves a single payment of 400,000 units comprising one common share of Abcourt and one share purchase warrant with the right to purchase one common share of Abcourt for $0.30 up to September 30, 2010. The shares have a hold period of not more than 4 months and the warrants will include a standard anti-dilution clause.

The work commitment is reduced to $1M with a minimum of $100,000 spent in each of 2009 and 2010.

The property includes 24 claims covering 880 hectares in ranges 1 and 2 of Dalquier township near Amos, Quebec, Canada.

These claims cover a distance of 4,700 meters (2.9 miles) along a 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. 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 made 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.

This agreement is conditional upon the approval of the TSX-Venture Exchange and Eastern Platinum Limited which holds 40% of the property.

During the Fall of 2007, Abcourt drilled 22 holes totalling 2,630 meters at a cost of $221,680. Several interesting values in silver, copper and zinc were intersected. More drilling will be done.

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 working on other projects (Aldermac, Jonpol and Vendome), to increase its mineral resources inventory. A positive 43-101 feasibility study was recently completed 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".

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 Mr Renaud Hinse, a qualified person, president of 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 / 450-446-5511
    819-768-5475 / 450-446-3550 (FAX)
    Abcourt Mines Inc.
    Joe O'Brien
    Investors' relations
    416-750-8051 (FAX)