Abcourt Mines Inc.

Abcourt Mines Inc.

August 15, 2007 14:03 ET

Closing of Private Placement with MineralFields Group for $1.0 Million

MONT-ST-HILAIRE, QUEBEC--(Marketwire - Aug. 15, 2007) - Mr. Renaud Hinse, president and COO of Abcourt Mines Inc (TSX VENTURE:ABI) is pleased to announce that a non-brokered private placement for 1,666,666 flow-through shares at $0.60 per share was made with the MineralFields Group on August 14 last.

Limited Market Dealer Inc. and Integral Wealth Securities Limited have obtained finder's fees on closing of 4% cash ($20,000 each) and 4% in non flow-through shares (33,333 shares each) and warrants equal to 10% of the number of flow-through shares subscribed for (83,333 warrants each), at an exercise price of $0.60 per share for a period of 18 months. All of the securities issued pursuant to this offering will have a hold period expiring December 15, 2007.

The proceed from the private placement will be used to conduct exploration programs on the Aldermac and Jonpol properties and to complete environmental and metallurgical studies on the Abcourt-Barvue project.

We are very pleased to be entering into this relationship with MineralFields Group. This is an important milestone in the growth of Abcourt Mines Inc and we look forward to working with MineralFields Group as we develop our holdings in the north-western region of Quebec.

MineralFields Group (a division of Pathway Asset Management) is a Toronto-based mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada during most of the calendar year, as well as hard-dollar limited partnerships to investors throughout the world.

Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds. Information about MineralFields Group is available at First Canadian Securities, a division of Limited Market Dealer Inc is active in leading resource financings (both flow-through and hard dollar) on competitive, effective and service-friendly terms, with investors both within, and outside of MineralFileds Group.

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. For additional information, see our Press-Release dated February 16, 2007. 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 or 450-446-5511
    819-768-5475 or 450-446-3550 (FAX)
    Abcourt Mines Inc.
    Joe O'Brien
    Investors' relations
    416-750-8051 (FAX)