Rouyn-Noranda, Québec, Canada, December 29, 2020
Abcourt Mines Inc. (TSX-V: ABI) (“Abcourt” or the “Corporation”), is pleased to announce that all warrants issued in the private placement of 2018 have been exercised. Some were exercised earlier, in October 2020, others were exercised lately. In December 2020, 845,000 warrants were exercised and 845,000 common shares were issued for an amount of $ 84,500 received by the Corporation. In global, the Corporation issued a total of 1,000,000 common shares at a price of $ 0.10 per share upon the exercise of all the 2018 warrants.
The proceeds from the exercise of the 2018 warrants will be used by the Corporation for its working capital and for exploration and development work on its mining properties.
Some definition diamond drilling is currently being done at the Sleeping Giant mine.
Temporary suspension of operations
Following an electrical incident, the Elder hoist motor has to be repaired. Consequently, we have suspended our operations for a 12 to 15 day period.
This press release was prepared by Mr. Renaud Hinse, Engineer and President of Abcourt Mines Inc. Mr. Hinse is a “Qualified Person” under the terms of Regulation 43-101. Mr. Hinse has approved the scientific and technical disclosure. See below
ABOUT ABCOURT MINES INC.
Abcourt Mines Inc. is a gold producer and a Canadian exploration company with strategically located properties in northwestern Quebec, Canada. The Elder property has gold resources (2018). Abcourt is currently focusing on the exploitation of the Elder mine.
In 2016, Abcourt acquired the Sleeping Giant mine and mill, located half-way between Amos and Matagami, in Abitibi, Province of Quebec. The mill has a capacity to treat 700 to 750 tonnes per day.
Measured mineral resources total 10,900 tonnes with a grade of 12.20 g/t of gold and indicated resources total 475,625 tonnes with a grade of 11.20 g/t of gold. Inferred resources are 93,100 tonnes
with a grade of 11.85 g/t of gold. A NI 43-101 feasibility study was completed in July 2019 by PRB Mining Services Inc. Probable reserves according to MI 43-101 have bean estimated at 339,221
tonnes with a grade of 7.8 g/t of gold.
The Abcourt-Barvue property has silver–zinc reserves (2019). A MI feasibility study was completed in 2007 by Roche / Genivar. An update was completed in July 2019 by PRB Mining Services Inc. A total of 8.07M tonnes are in proven and probable reserves with a grade of 51.79 g/t of silver and 2.83% zinc. About 81.6% of these reserves are mineable by open pit and 18.4% are mineable by
underground operations. Inferred resources total 2.07M tonnes with a grade of 114.16 g/t of silver and 2.89% zinc.
To know more about Abcourt Mines Inc. (TSXV: ABI), please visit our web site at www.abcourt.ca and consult our filings under Abcourt’s profile on www.sedar.com.
For more information, please contact:
Renaud Hinse, President and CEO
T : 819 768-2857 450 446-5511
F : 819 768-5475 450 446-3550
Email: rhinse@abcourt.com
Dany Cenac Robert, Investor Relations
Reseau ProMarket Inc.,
T: (514) 722-2276 x456
Dany.Cenac-Robert@ReseauProMarket.com
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.