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Abcourt Mines Inc.: Update on Elder Gold Mine
|By Marketwired .
|April 11, 2014 12:15 PM EDT
MONT-ST-HILAIRE, QUEBEC -- (Marketwired) -- 04/11/14 -- Mr. Renaud Hinse, President and Chief Executive Officer of Abcourt Mines Inc. (TSX VENTURE:ABI)(BERLIN:AML)(FRANKFURT:AML) (the "Company") is pleased to provide information on the progress made in mine development at the Elder gold mine in North-Western Quebec, Canada. As the mine is not officially in production, the value of gold and silver produced as stated on page 19 of our December 31, 2013 financial statements is applied against the cost of the project.
On page 6 of these Financial Statements, under the title "Investing activities", you can see that the acquisition of deferred evaluation and exploration assets amounted to $4,881,175; the acquisition of fixed assets totaled $250,506 and the proceeds from the sale of gold and silver was $4,955,613. The net cost of the investment was only $145,371. During this period, financing activities with two private placements amounted to $1,170,275.
Mine development started in May 2013 and the treatment of gold mineralization at the Aurbec mill began on October 2, 2013. During the May-December period and the January - March quarter, results were as follows:
May - December 2013 January - March 2014
8-month period 3-month period
(3,015 T / month) (4,164 T / month)
Mine production, tonnes 24,110 12,491
Treated in mill, tonnes 22,333 9,228
Grade of mill feed, grams Au / t 5.12 5.23
Gold recovery in mill 96.2 % 96.8 %
Gold recovered, ounces 3,683.83 1,436 +/-
Silver recovered, ounces 992.75 803.00 +/-
Proceeds from sale of gold and $4,955,633 $2,102,490 +/-
End of period stockpile, tonnes 1,777 5,044
Mine development, meters 73.8 172
Average number of employees 42 53
As you can see, things are progressing nicely. We expect to reach full production (150,000 tonnes per year) in the second half of calendar 2014 (see PEA study on SEDAR).
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 www.abcourt.com 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 May 11, 2012 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.
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