Abcourt Announces Good Results FOR the Second
FOR IMMEDIATE RELEASE
TSX Venture – ABI.V
March 6, 2017
ABCOURT ANNOUNCES GOOD RESULTS FOR THE SECOND
QUARTER ENDED ON DECEMBER 31, 2017
___________________________________________________
Mont-St-Hilaire, Québec, Canada, March 6, 2017
Mr. Renaud Hinse, President and Chief Executive Officer of Abcourt Mines Inc.
(TSX-V: ABI, Berlin: AML -BE and Frankfurt Stock Exchanges: AML- FF)
(“Abcourt” or the “Company”) announces good results for the second quarter ended
on December 31, 2016. Management is pleased to announce that the Sleeping
Giant mill treated all the gold mineralization extracted from the Elder mine during the
second quarter and the gold recovery was 95.7%. Addition al improvement work will
be done in the mill during the next few months, but that should not affect
substantially the operation. The Company generated, in the second quarter,
revenues from the sale of gold totalling $6M and almost $10M for the six -months
period ending on December 31, 2016. The average price received for gold was
almost $1,700 per ounce sold.
Here is a summary of important figures concerning operating and financial
results obtained for the first two quarters of the 2017 period:
Description 3 months at
Sept. 30, 2016
3 months at
Dec. 31, 2016
6 months at
Dec. 31, 2016
Tonnes treated 18,714 30,738 49,452
Tonnes broken in stope 21,640 18,842 40,482
Extracted Tonnes 23,398 22,507 45,905
Gold ounces produced 2 ,62 3,566 5,928
Gold recovery 96.1 % 95.2 % 95,7 %
Revenus from the sale of gold, silver and
others
3,799,516 $
203 $ / t
6,185,233 $
201 $ / t
9,985,749 $
202 $ / t
Price of gold sold, per once 1,609 $CAN
1,208 $US
1,734 $CAN
1,302 $US
1,684 $CAN
1,264 $US
Average cash costs ($ / ounce) 2,769 $
2,079 $US
1,358 $
1,020 $US
1,676 $
1,258 $US
Sustaining costs ($ / ounce) 952 $
715 $US
196 $
147 $US
366 $
275 $US
All-in sustaining costs ($ / ounce) 3,721 $
2,794 $US
1,554 $
1,167 $US
2,042 $
1,533 $US
Gold and silver ingots inventory 1,439,619 $ 154,295 $ 154,295 $
Gold and silver in circuit inventory 1,542,996 $ 1,383,921 $ 1,383,921 $
Total inventory 2,982,615 $ 1,538,216 $ 1,538,216 $
Loss and comprehensive loss 1,206,159 $ 925,934 $ 2,132,093 $
Mining taxes 34,000 $ 53,425 $ 87,425 $
Deferred taxes (10,000) $ (22,248) $ (32,248)$
Cash at the end of period 2,168,900 $ 3,331,463 $ 3,331,463 $
The Company reports a loss of $925,934 for the second quarter and a loss of
$2,132,093 for the six-month period. The Elder mine operations were maintained for
the whole quarter. However, the tonnes extracted totaled only 22,507 for the quarter
for an average of 7,500 tonnes per month. That is less than our current objective of
10,000 tonnes per month. To improve results, the Company is currently assessing
the possibility of changing the working schedule to increase production without
affecting too much costs and our objectives. However, during the July -December
period, lower grade mineralization was found in stopes, giving an average of 4 g/t of
gold compared to 5 g/t gold in previous quarters. Following these bad results, our
operating controls were reinforced and starting in the middle of February, the
average grade at the mill averaged 5 g/t gold. Presently, a drift on the 5 th level is
advancing in a zone giving 5 g/t of gold and will reach within a month, a zone with
high grade values in three surface diamond drill holes; two of them a veraged 19 g/t
of gold and a third one gav e 16 g/t of gold, over widths of 1.5 to 2.1 meters. We
should reach this zone within a month.
The loss was increased significantly by non- recurrent items, such as the value of
options granted to directors and management to replace expired options, calcula ted
according to the Black & Scholes formula for an amount of $582,000, by interests for
an amount of $259,618 charged by Revenu Québec on revised assessments for the
years 2011 to 2014 and by the starting cost of the Sleeping Giant mill, estimated at
about $500,000, accounted for in operating mining expenses.
Please note that average cash costs were very high in the first quarter
(US$ 2,079/ounce) due to the start -up of the Sleeping Giant mill and the small
tonnage treated, but in the second quarter they were only US$1,020 per ounce.
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 (2012) and a positive P.E.A. study. Abcourt is focusing on the
exploitation of the Elder mine.
The Abcourt-Barvue property has silver–zinc resources (2014). A feasibility study was
completed in 2007 by Roche / Genivar on the Abcourt-Barvue project.
In 2016, Abcourt acquired the Sleeping Giant mine and mill, located half-way between
Amos and Matagami, in Abitibi, Quebec, in the territory covered by the Plan Nord of
the Quebec government. The mill has a capacity of 700 to 750 tonnes per day.
To know more about Abcourt Mines Inc. (TSXV: ABI), please visit our web site at
www.abcourt.com and consult our filings under Abcourt’s profile on www.sedar.com.
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.
Forward-Looking Statements
This news release contains forward- looking statements that include risks and
uncertainties. When used in this news release, the words "estimate", "project",
"anticipate", "expect", "intend", "believe", "hope", "may" and similar expressions, as
well as "will", "shall" and other indications of future tense, are intended to identify
forward-looking statements. The forward- looking statements are based on current
expectations and apply only as of the date on which they a re made. Except as may
be required by law, the Corporation undertakes no obligation and disclaims any
responsibility to publicly update or revise any forward- looking statements or
information, whether as a result of new information, future events or otherwise.
The factors that could cause actual results to differ materially from those indicated in
such forward-looking statements include changes in the prevailing price of gold, the
Canadian-United States exchange rate, grade of ore mined and unforeseen
difficulties in mining operations that could affect revenue and production costs. Other
factors such as uncertainties regarding government regulations could also affect the
results. Other risks may be set out in Abcourt’ annual and periodic reports. The
forward-looking information contained herein is made as of the date of this news
release.
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 : [email protected]
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.