MONT-ST-HILAIRE, QUEBEC -- (Marketwired) -- 05/21/13 -- 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 that mine development at Elder gold mine is progressing well following the reception of a Certificate of Authorization from the Ministere du Developpement durable, de l'Environnement et des Parcs on April 17 last.
We now have three stopes in production, two stopes in preparation and one old access drift being rehabilitated. Ore extraction in May will total 4,000 to 5,000 tonnes. Production will be increased gradually with the objective of reaching commercial production at the end of 2013 (12,500 tonnes per month).
A surface diamond drilling program of 5,000 meters has recently been started. We are planning to drill 2,200 meters on the Elder property to upgrade inferred resources into indicated resources. In addition, a total of 2,800 meters will be drilled on our Aldermac, Abcourt-Barvue, Jonpol and Vezza properties.
A NI 43-101 resources estimate, completed by Mr. Jean-Pierre Berube, P. Eng., was filed on SEDAR in May 2012. It indicates 1,361,000 tonnes with a grade of 6.60 grams of gold per tonne in the measured and indicated categories for a total of 289,000 ounces of gold and 638,000 tonnes with a grade of 5.70 grams of gold per tonne in the inferred category for a total of 117,000 ounces of gold. Mineral resources are not mineral reserves and do not have demonstrated economic viability.
A positive Preliminary Economic Assessment report (PEA) on the Elder mine, completed by Roche Limited, Consulting Group in November 2012, indicates a net present value before taxes (8%) of $81.8 million.
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 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.
President and CEO
819 768-2857 or 450 446-5511
819 768-5475 or 450 446-3550 (FAX)
Most Popular Stories
- James Foley Beheading Video Is Real Thing: White House
- Faith Groups Divest From Fossil Fuels
- Apple Stock Bounces Back Big Time
- Notes From the July FOMC Meeting
- Honda's Safe Approach Pays Off in Sales
- GE Healthcare Bringing Jobs to Massachusetts
- Target Slashes Annual Profit Outlook
- Google Kid Accounts Plan Raises Worries
- Why BofA Won't Pay $17 Billion After All
- Obama Weighs Move on Legal Immigration