The Dewatering of the Elder Gold Mine Will Be Completed in Two Months and a Revised 43-101 Resource Estimate Will Be Available Also in Two Months
MONT-ST-HILAIRE, QUEBEC, CANADA -- (Marketwire) -- 01/26/12 -- Mr. Renaud Hinse, President and C.E.O. of Abcourt Mines Inc. (TSX VENTURE: ABI)(BERLIN: AML.BE)(FRANKFURT: AML.FF) (the 'Company'), is pleased to report that the dewatering of the Elder mine, located near Rouyn-Noranda, Quebec, is making good progress. The water is now 18 meters below the ninth level at a depth of 400 meters from surface.
As we go deeper in the shaft, the volume of water to pump diminishes. If everything goes well, we expect to complete the dewatering of the mine by the end of March next. The mine has 14 levels developed, two not developed, and the volume of water to pump at the beginning of the operation was estimated at 215 million US gallons. About 50 million US gallons remain to be pumped.
We have also been converting all the data from the English to metric system. As the Elder mine is a former producer, there is a substantial amount of historical data to convert into metric, but we are making good progress. This information is needed to prepare a revised 43-101 resource estimate, which we expect to have completed at the end of March.
A previous estimate of resources was done in 2009 by an independent qualified person, Mr. Jean-Pierre Berube, P. Eng., consultant from Trois-Rivieres, Quebec. This revision was made according to NI 43-101 standards.
Below is a summary of the non-diluted resources:
Cut-off grade 3.8 grams/tonne 5.1 grams/tonne
Description Tonnes Au gr/t Ounces Tonnes Au gr/t Ounces
Measured 402,286 6.5 83 635 256,379 7.7 63,736
Indicated 402,742 6.6 85 502 287,296 7.7 71,422
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Maesured & indicate 805,028 6.5 169 137 543,675 7.7 135,158
Inferred 237,289 6.1 46 722 159,704 7.2 37,067
Since then, 19,519 meters of surface diamond drilling were done in 2010 and 2011 and excellent results were obtained (see previous press releases). So, we expect a substantial increase in mineral resources.
In the meantime, we are compiling information for a preliminary economic assessment (PEA) which we expect to complete during the month of April.
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, 2009, for the Elder Mine. 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.
Contacts:
Renaud Hinse
President and Chief Executive Officer
819 768-2857
819 768-5475 (FAX)
rhinse@abcourt.com
