Abcourt Mines Reports Fourth Quarter and Annual Financial Results Elder MINE Delivers a Net Profit of $1M IN the Fourth Quarter ___________________________________________________
FOR IMMEDIATE RELEASE
TSX Venture – ABI.V
November 1st , 2017
ABCOURT MINES REPORTS FOURTH QUARTER AND ANNUAL
FINANCIAL RESULTS
ELDER MINE DELIVERS A NET PROFIT OF $1M IN
THE FOURTH QUARTER
___________________________________________________
Mont-St-Hilaire, Québec, Canada, November 1st , 2017
Abcourt Mines Inc. (TSX-V: ABI, Berlin: AML-BE and Frankfurt Stock Exchanges:
AML-FF) (“Abcourt” or the “Company is reporting operating and financial results for the
fourth quarter and the period ended on June 30, 2017, with very good results.
Fourth quarter and annual highlights
4,779 ounces of gold sold at an average price of $1,677 (US$1, 262) in the fourth
quarter with revenues of $8,013,482.
Annual sale of 13,322 ounces of gold at an average price of $1, 670 (US$1,260)
for an annual income of $22,251,954;
Cash costs of $1,386 (US$1,043) per ounce for the fourth quart er. For the annual
fiscal period, cash costs were $1,531 (US$1,173). Cash costs in the fourth quarter
were as expected;
Loss for the fiscal period of $906,486, or $0.00 per share, ma inly caused by the
following exceptional elements:
o An expense of $582,000 related to the issue of options to offi cers and
directors, to replace expired options;
o Interests totaling $336,910 resulting from new assessments by Revenue
Quebec for years 2011 to 2014;
o Costs to re-start the Sleeping Giant mill at an estimated amou nt of about
$500,000.
In the fourth quarter, cash received from operating activities was $593,582. For
the annual period, an amount of $850,981 in cash was used for o perating
activities;
Abcourt ended the financial period with $1,289,470 in cash and $2,627,647 in
receivables consisting mainly in amounts receivables from the s ale of gold and
silver;
During the annual period, assets increased by an amount of $3, 884,106, from
$33,574,141 in 2016 to $37,458,247 in 2017. This growth is in a ccordance with
our strategy of creating value for our shareholders;
The gross profit realized over the fiscal period was $728,624;
On September 25 and October 24, 2017, the Company announced in teresting
results in diamond drill holes at the Sleeping Giant mine. Thes e results are being
used in the preparation of a new resource estimate which is being done now;
Work is currently being done on the Sleeping Giant tailings po nd. Dykes are
raised to increase the capacity of the pond. This additional ca pacity will be used to
store tailings produced over the next two years.
Refer to the NON-GAAP performance measures cont ained in the Annual Management’s Discussion
& Analysis.
Abcourt has several gold assets of quality that is the Elder a nd Sleeping Giant
mines and several other properties with important gold minerali zation. In zinc,
there is the Abcourt-Barvue project with substantial mineable z inc and silver
resources, mainly by an open pit and the following satellite pr operties: Vendôme,
Jonpol and Aldermac.
STRATEGY AND OUTLOOK
Currently, the Company is focussing on stabilizing and increasi ng the Elder production. This
involves preparing a new working schedule to increase productio n to at least 10,000 tonnes
per month. Diamond drilling on surface has recently given good results and confirms existing
resources.
Discussions are currently taking place to use the full capacity of the Sleeping Giant mill, with
custom ore, thereby reducing the operating cost per tonne treated.
For the long-term growth in the gold sector, the Company has re cently started discussions
with outside parties to accelerate the exploration on the Disco very and Flordin gold properties
where substantial gold mineralization is found. These propertie s were acquired with the
Aurbec assets.
About Abcourt Mines Inc.
Abcourt Mines Inc. is a gold producer and a Canadian exploratio n company with strategically
located properties in northwestern Quebec, Canada. The Elder pr operty 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, loc ated half-way between Amos
and Matagami, in Abitibi, Quebec, in the territory covered by t he 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 a nd 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 incl ude 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-l ooking statements. The forward-
looking statements are based on current expectations and apply only as of the date on which
they are made. Except as may be required by law, the Corporatio n undertakes no obligation
and disclaims any responsibility to publicly update or revise a ny 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 materiall y 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 infor mation 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.