Abcourt Makes a $ 1,417,794 Net Profit IN the Third Quarter and $ 2,625,390 FOR the NINE-Month Period
FOR IMMEDIATE RELEASE
TSX Venture – ABI.V
June 4, 2019
ABCOURT MAKES A $ 1,417,794 NET PROFIT IN THE THIRD QUARTER
and
$ 2,625,390 FOR THE NINE-MONTH PERIOD
ENDED ON MARCH 31, 2019
___________________________________________________________
Rouyn-Noranda, Québec, Canada, June 4, 2019
Abcourt Mines Inc. ( TSX-V: ABI, Berlin: AML-BE and Frankfurt Stock Exchanges: AML -
FF) (“Abcourt” or the “Mines Abcour t inc.) has filed , on May 3 0, 2019, its financial
statements and the management’s discussion and analysis for the quarter and the nine-month
period ended on March 3 1, 2019. All amounts are in Canadian dollars unles s otherwise
indicated.
Highlights :
▪ In the third quarter, revenues of $ 5.74 M from the sale of 3,372 ounces of gold and other
revenues of $ 0.23 M, mainly from assays done for clients.
▪ Net profit of $ 1.42 M for the quarter and $ 2.62 M for the n ine-months period ended on
March 31, 2019.
▪ Substantial increase in gold and silver inventory from $ 1.12 M on June 30, 2018 to $2.53 M
on March 31, 2019.
▪ $ 2.6 M reduction of past deficits.
▪ New vein discovered on level 9 at Elder by the extension of a drift to the West.
▪ A certificate of authorization received from Quebec Environment to treat custom ore from a
new client.
See, on next page , a comparative table of results for the third quarter and the nine -month
period ended on March 31, 2019 and 2018.
Comparative table of results for the third quarter and the nine-month period
ended on March 31, 2019 and 2018
Description 3 months
March 31-19
9 months
March 31-19
3 months
March 31-18
9 months
March 31-18
Tonnes treated 26,154 74,873 34,525 82,751
Tonnes extracted 25,633 75,881 32,728 82,009
Gold ounces sold 3,322 10,185 3,765 10,274
Gold ounces produced 4,000 11,109 4,505 10,779
Gold recovery 96.19 % 97.10 % 96.76 % 96.69%
Revenues from the sale of gold and silver 5,745,611 $ 17,110,953 $ 6,360,000 $ 16,949,947 $
Price of gold sold $/ounce 1,730 1,680 1,689 1,650
US$/ounce 1,309 1,272 1,334 1,303
Total cash c osts per ounce of gold
produced $/ounce
1,105
1,246 1,293 1,353
US$/ounce 837 943 1,021 1,069
All-in sustaining costs per ounce of gold
produced $/ounce
1,362
1,498 1,590 1,656
US$/ounce 1,031 1,134 1,256 1,308
Gold and silver stock ready to be sold 680,563 $ 680,563 $ 50,110 $ 50,110 $
Gold and silver inventory in circuit 2,184,521 $ 2,184,521 $ 2,149,954 $ 2,149,954 $
Gold and silver inventory 2,865,084 $ 2,865,084 $ 2,200,064 $ 2,200,064 $
Net profit (loss) after taxes 1,417,794 $ 2,625,390 $ 752,208 $ 1,263,137 $
Mining tax 123, 000 $ 330,000 $ 65,118 $ 140,118 $
Deferred taxes (9,400) $ (154,900) $ (13,750) $ (49,363) $
Cash flow from operations (356,818) $ 2,218,426 $ 786,798 $ 4,406,194 $
Cash at the end
1,637,377 $
1,637,377 $ 2,681,181 $ 2,681,181 $
Comments:
Despite a few interruptions with a power shut do wn and some mechanical failures, the
Elder mine remains profitable. See below:
• Tonnes treated • decrease of 24 % for the third quarter
• decrease of 10 % for the 9-month period
• Gold ounces produced • decrease of 11 % for the third quarter
• increase of 3 % for the 9-month period
• Proceeds form sale of gold and silver • decrease of 10 % for the third quarter
• increase of 1 % for the 9-month period
• Total cash costs per ounce of gold produced • decrease of 15 % for the third quarter
• decrease of 8 % for the 9-month period
• All-in sustaining costs per ounce o f go ld
produced
• decrease of 14 % for the third quarter
• decrease of 9 % for the 9-month period
• Net profit after taxes • increase of 88 % for the third quarter
• increase of 108 % for the 9-month period
• Cash flow at the end of the period • decrease of 39 %
Non-GAAP Financial Performance Measures
This press release presents certain financial performance measures, total cash costs per ounce of
gold produced, sustaining costs and all-in sustaining costs per ounce of gold produced which are
non-International Financial Reporting Sta ndards (IFRS) performances measures. This data may
not be comparable to data presented by other gold producers. Non -GAAP financial performance
measures should be considered together with other data prepared in accordance with IFRS.
The cash costs and all -in sustaining costs are common performance measures in the gold minin g
industry. The Company reports cash cost per ounce based on ounces produced. Cash cost include
operating mining cost s, royalties but is exclusive of amortization and depletion and sustai ning
capital expenditures. The all -in sustainin g costs include costs of sales and sustaining capital
expenditures and administrative costs but e xcludes amortization and depletion and accretion
expenses. The Company 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.
STRATEGY AND OUTLOOK
Currently, the Company i s focussing on stabilizing and increasin g the Elder production . Our
objective is to produce 12,500 tonnes per month of gold mineralization.
We wish to use the full capacity of the Sleeping Giant m ill by t reating custom ore, to reduce the
operating cost per tonne treated. Discussions are currently taking place with potential clients.
For the long-term, in the gold sector , the Company ha d a drilling program, in the Fall of 2018, on
the Discovery and Flordin gold properties where substantial gold mineralization is found.
ABOUT ABCOURT MINES INC.
Abcourt Mines I nc. is a gold producer and a C anadian exploration company wit h strategically
located properties in northwestern Quebec, Canada. The Elder property has gold resources (2018)
and a positive P.E.A. study (2012). Abcourt is focusing on the exploitation of the Elder mine.
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.
In 2016, Abcourt acquired the Sleeping Giant mine and mil l, 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. A NI 43-101 resource estimate was recently
filed.
To know more a bout Ab court 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 Hin se, Engineer and President of Abcourt Mines
Inc. Mr. Hinse is a “Qualified Person s” under the terms of Regulat ion 43 -101. Mr. Hinse has
approved the scientific and technical disclosure.
FORWARD LOOKING STATEMENTS
This news release contains forward -looking statements th at 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 fut ure tense,
are intended to identify forward-looking statements. The forward-looking statements are based on
current expectatio ns and 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 new
information, future events or otherwise.
The factors that could cause actual resul ts 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 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]
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.