Abcourt Mines Inc.: Update on Elder
MONT-ST-HILAIRE, QUEBEC -- (Marketwire) -- 09/10/12 -- Mr. Renaud Hinse, President and C.E.O. of Abcourt Mines Inc. (TSX VENTURE: ABI)(BERLIN: AML)(FRANKFURT: AML) (the "Company"), is pleased to report on the progress made at the Elder mine project.
Shafts, stations, drifts and escape way rehabilitation
Repair work in the shaft is advanced. The rebuilding of the water catchers and the rocks catchers is the only work that remains to be done. The escape way has been rehabilitated from surface to the 8th level at a depth of 331 meters. We have to continue to the 10th level and presently we are working between the 8th and 9th levels. Some drifts have been rehabilitated and this work is continuing. To save money while waiting for the results of the P.E.A. study, we are limiting the size of our rehabilitation crew to 18 persons.
P.E.A. report
The PEA report being prepared by Roche, Groupe-Conseil, was expected to be completed at the end of August. There is going to be a small delay. We will receive this week a few chapters in draft form to check and the rest of the report will follow soon. The final report should be available before the end of September.
Purchase of mine equipment
In our April 2011 financing, an amount of $2.7M was budgeted for the purchase of equipment, mainly locos, mine cars and drills. To date, in addition to pumps purchased for the mine dewatering and the radio-telephone system that we installed in the mine, we have purchased 34 mine cars, 17 drills and several other prices of equipment. We are always on the lookout for good used equipment. Purchases to make total a little more than $1M.
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 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:
Abcourt Mines Inc.
Renaud Hinse
President and Chief Executive Officer
819 768-2857 or 450 446-5511
819 768-5475 or 450 446-3550 (FAX)
rhinse@abcourt.com
