VAL-D'OR, QC, July 31, 2014 /CNW Telbec/ - ABE Resources
Inc. (the "Corporation"; "ABE") (TSXV: ABE) announces that it has
received $835,439 in refunds from the
Québec government, repaid a $657,244
loan from Investissement Québec ("IQ") and completed the sale of
its Jérémie property.
ABE received in July a total of $835,439 in reimbursement of Québec mining tax
credits related to exploration funds expended in Québec between
2008 and 2011. The Corporation had applied for the credits in
mid-2013. Following receipt of the funds, the Corporation
reimbursed in full a secured loan, contracted earlier this year, of
$657,244 to Investissement Québec. An
irrevocable standby letter of credit of $65,725 related to the IQ loan was also cancelled
and deposited in ABE's account. The Corporation has a current
cash balance of over $600,000 and
marketable securities valued at over $400,000.
The Corporation also announces the sale of its Jérémie property
to Balmoral Resources Ltd ("BAR"). ABE has received 60,000 common
shares of BAR in return for a 100% undivided interest in the 17
claim property located in the lac Grasset area of northwestern
Québec. ABE also retains a 1% NSR royalty on the property.
Balmoral will have the right, at
any time, to purchase from ABE 50% of the NSR for $500,000 and shall have a right of first refusal
on the sale or transfer of ABE's royalty interest.
About ABE Resources
ABE Resources is a Quebec mineral
exploration company focused on the discovery and development of
mineral deposits of economic potential in Québec. The company is
currently exploring its Mazarin and Valrennes gold and/or base
metal properties in the Abitibi region and completing a due
diligence program for possible acquisition of a third party
property. ABE currently has 11,510,944 common shares issued and
outstanding.
The Company's public documents may be accessed at
www.sedar.com
For further information on the Company, please visit our website at
www.ressourcesabe.ca or contact us at info@ressourcesabe.ca
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.
This press release contains
"forward-looking information" which is subject to a variety of
known and unknown risks, uncertainties and other factors which
could cause actual events or results to differ from those expressed
or implied by the forward-looking information.
SOURCE ABE Resources Inc.