Abcourt Mines Inc.: Annual Meeting of Shareholders Held on December 6, 2013 and Update on the Elder Gold Mine
13 Dezembro 2013 - 12:46PM
Marketwired
Abcourt Mines Inc.: Annual Meeting of Shareholders Held on December
6, 2013 and Update on the Elder Gold Mine
MONT-ST-HILAIRE, QUEBEC--(Marketwired - Dec 13, 2013) - 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:
|
Tonnes |
Gold |
Recovery |
Ounces produced |
Month |
treated |
oz/t |
% gold |
Gold |
Silver |
October |
12,215 |
5.15 |
95.3 |
1,926 |
550 ± |
November |
7,668 |
5.29 |
96.8 |
1,261 |
360 ± |
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.
Renaud Hinse, President and CEO819 768-2857 or 450 446-5511819
768-5475 or 450 446-3550rhinse@abcourt.com
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