Abcourt Mines Inc.: Annual Meeting of Shareholders Held on December 6, 2013 and Update on the Elder Gold Mine
December 13, 2013 (Source: Marketwired) — Mr. Renaud Hinse, President and Chief Executive Officer of Abcourt Mines Inc. (TSX VENTURE:ABI)(BERLIN:AML)(FRANKFURT:AML) (the “Company“) reports to the Company’s shareholders that at the Annual and General Shareholders Meeting held on December 6, 2013, Mrs. Jean-Guy Courtois, André DeGuise, Marc Filion, Yves Usereau as well as Normand and Renaud Hinse, were re-elected directors of the Company for an additional term of one year and that the new nominee, Mr. François Mestrallet, business man and shareholder of the Company, was elected for the first time as director. Mr. Hinse also thanked the shareholders for their strong participation to the Meeting and indicated that the votes on the election of each proposed director were strongly in favor of their election. Furthermore, Dallaire & Lapointe Inc., chartered accountants of Rouyn-Noranda, were re-appointed auditors of the Company for the financial year ending June 30, 2014.
Update on the Elder mine
Currently, a mine development program is taking place. About 45 employees are working on the mine site. This program involves rehabilitating old drifts, excavating new drifts and preparing stopes. From May to September, about 17,000 tonnes of mineralized material were extracted from the mine and stockpiled on the Elder mine site and partly at the Aurbec Sleeping Giant mine site. The milling of the gold mineralization started on October 2 last and is continuing.
So far, we have received the following results:
|to December 10||2,450||4.49||96.0||340 ±||97 ±|
The gold bricks are sent to the Royal Canadian Mint for refining and the refined gold and silver ingots are sold to a major Canadian chartered bank. For the October production and about 70% of the November production, we have received close to $3.5 M. The proceeds from the sale of gold and silver will be applied against the cost of the mine development program.
The management of the Company expects that the treatment of the gold mineralization will produce enough revenues to cover most, if not all, future mine development costs during the mine development stage. If these funds are not sufficient, the Company will, as in the past, finance itself by the issue of shares or by debt. With the proceeds from the sale of gold being available now, the tempo of mine development has been accelerated with the objective of reaching full capacity in the first half of 2014. Consequently, we have hired two development crews to rehabilitate the 8th and 9th levels and to extend the western drift on the 8th level which will give us access to new stoping blocks.
So far, management is quite satisfied with the progress made under difficult conditions including a very stringent control of costs needed in the absence of adequate outside financing.
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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