Abcourt is Pleased to Report a Gross Profit of $1,940,767 and a Net Profit of $358,856 FOR Annual 2020 _______________________________________________________________ __
FOR IMMEDIATE RELEASE
TSX Venture – ABI.V
October 30, 2020
ABCOURT IS PLEASED TO REPORT A GROSS PROFIT OF $1,940,767
AND A NET PROFIT OF $358,856 FOR ANNUAL 2020
_______________________________________________________________
__
Rouyn-Noranda, Québec, Canada, October 30, 2020
Abcourt Mines Inc. ( TSX-V: ABI, “Abcourt” or the “ Company”) reports its results today for the
fourth quarter and fi nancial year ended on June 30, 2020. All amounts are in Canadian dollar s
unless otherwise indicated.
Highlights:
• Revenues of $24 057 233 for fiscal 2020.
• Gross profit of $ 1 940 767. Net profit of $358,856
• Adjusted net profit of $4,259,151
• Costs of sales reduced by $3,1M or 12.4 %
• Gold inventory of $2,544,974, that is 1,400 ounces
• Cash cost of $1,636 Can/oz, $US 1,228 /oz of gold
• Ounces produced 12,180, sold 11,640
• All-inclusive cost of $1,950 /oz
• Net profit of fourth quarter $ 431 498
• 6 000 Tonnes of broken muck in stopes with an investment value of about $800,000.
• The Company has no long-term debt. It finances itself with its operating revenues.
Recent developments:
• Drifting on 4Th, 10Th and 11Th levels at Elder mine to open new ore zones.
• Rehabilitation work being done in shafts and drifts at Sleeping Giant mine to develop new
or zones on upper levels.
• $448,815 raised by the exercise of the 2019 warrants.
• Two explosive permits received for our Sleeping Giant project
Non-GAAP Financial Performance Measures
This press release presents certain financial per formance measures, total cash c osts per ounce of
gold pr oduced, s ustaining costs and all-in sustaining costs per ounce of gold produced which are
non-International Financial Reporting Standards (IFRS) performances measures. This data may not
be comparable to data present ed by other gold producers. Non -GAAP fina ncial performance
measures should be considered together with other data prepared in accordance with IFRS.
The adjusted net profit is a measure of performance that members of the direction use to evaluate
the performance of ac tivities by the Company. Without taking into account the accounting policies,
taxation l aws and the structure of capital as the se elements may potenti ally give a wr ong
representation of the capacity of the Company to generate cash with its operation. The adjusted net
profit excludes interest expenses, taxes and amortization.
The cash costs and all -in sustaining costs are common per formance measures in the gold minin g
industry. The Company reports cash co st per ounce based on ounces produced. Ca sh cost include
operating mining cost s and royalties but is exclusiv e of amortization and depletion and sustai ning
capital expenditures. The all- in sustaining costs include costs of sa les and sustaining capi tal
expenditures and administrative costs but exclud e amortization and depletion and accret ion
expenses. The Compa ny believes that the all-in sustaining costs present a complete picture of the
Company’s operating performance or its ability to generate free cash flows from its operation.
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 of 700 to 750 tonnes per day.
A NI 43-101 resources estimate was filed on SEDAR in M ay 2019 Measured mineral resources total
10,900 tonnes with a grade of 12.20 g/t of go ld 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.
The Abcourt-Barvue property has silver–zinc reserves (2019). A feasibility study was completed in
2007 by Roche / Genivar. An update was completed in January 2019 by PRB Mining Services Inc. A
total of 8.07 M tonnes are in pr oven and probable reserves with a grade of 51.7 9 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 operation. Inferred resources total 2.07M tonnes with a grade of 114.16g/t of silver and
2.89% zinc.
To know more about Abcourt Mines Inc. (TSXV: ABI), pleas e visit our web s ite 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, Engi neer 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 in this press release.
FORWARD LOOKING STATEMENTS
This news release contains forward-looking statements t hat include ri sks and uncertainties. When
used in this news releas e, the words "estimate", "project", "anticipate", "expect", "intend", "believe",
"hope", "may" and similar expressions, as w ell as "will", "shall" and other indications of future tense,
are intended to identify f orward-looking statements. The forward- looking statements are based on
current expectatio ns an d apply only as of the date on which they are 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 re sult of n ew
information, future events or otherwise.
The factors that could cause act ual results to differ materially from those indicated in such forward-
looking statements include changes in the prevailing pr ice of gold, the Canadian-United States
exchange rate, grade of ore mined and unforeseen difficulties in mining operations t hat 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]
Dany Cenac Robert, Investor Relations
Reseau ProMarket Inc.,
T: (514) 722-2276 x456
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.