Abcourt Mines Inc.: Update on Elder Gold Mine
June 09 2014 - 9:19AM
Marketwired
Abcourt Mines Inc.: Update on Elder Gold Mine
MONT-ST-HILAIRE, QUEBEC--(Marketwired - Jun 9, 2014) -
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 15 of our March
31, 2014 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 for the period July
2013 - March 2014 amounted to $8,045,449; the acquisition of fixed
assets totaled $298,968 and the proceeds from the sale of gold and
silver was $7,208,469. The net cost of the investment was only
$1,135,948. 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 8-month period (3,015 T / month) |
|
January - March 2014 3-month period, revised (4,164 T / month) |
|
Mine production, tonnes |
24,110 |
|
12,491 |
|
Treated in mill, tonnes |
22,333 |
|
10,042 |
|
Mill feed grade, grams Au / t |
5.12 |
|
4.66 |
|
Gold recovery in mill |
96.2 |
% |
96.8 |
% |
Gold recovered, ounces |
3,683.83 |
|
1,515 ± |
|
Silver recovered, ounces |
992.75 |
|
1,015 ± |
|
Proceeds from sale of gold and silver |
$4,955,633 |
|
$2,252,856 ± |
|
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). You will notice that we
had 5,000 tonnes of gold mineralization in stock piles at the end
of March.
Our development drift on the 8th level, at the west end of the
mine, has now reached gold mineralization in a new zone. Visually,
it looks good. Assays will follow.
In the stopes, on level 7, the thickness of the mineralized zone
indicated by surface diamond drill holes, was 2 to 3 meters. In
these stopes, in several places, we have found new veins in the
roof and in the floor. At these places, the stopes are now 6 to 7
meters thick. We even found new veins in the roof of old stopes,
mined in the past (1950's). With the additional thickness of
stopes, it was necessary to reinforce the pillars in the room and
pillar stopes. On the other hand, the additional mineralization
will affect positively our resources and the life of the mine.
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 CEO 819 768-2857 / 450 446-5511819
768-5475 / 450 446-3550rhinse@abcourt.com
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