Another Good Quarter at the Elder MINE with a Net Profit of 592 932 $
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FOR IMMEDIATE RELEASE
TSX Venture - ABI.V
November 29, 2021
ANOTHER GOOD QUARTER AT THE ELDER MINE WITH A NET
PROFIT OF 592 932 $
Rouyn-Noranda, Québec, Canada, November 29, 2021 Abcourt Mines Inc. (TSX-V: ABI, Berlin:
AML-BE and Frankfurt Stock Exchanges: AML-FF) ("Abcourt" or the "Corporation"), declares
good results for the 1st quarter ended on September 30, 2021, compared to the 1st quarter ended on
September 30, 2020. All amounts are in canadian dollars unless indicated differently.
HIGHLIGHTS:
Revenues of $ 6,659,898 for the first quarter ended on Septembe r 30, 2021 compared to $ 7,810,494 in the
quarter ended on September 30, 2020, hence a drop of 15% justif ied by a lower price for gold and by a
reduction in the member of ounces sold.
A net profit of $ 592,932 in 2021, compared to $ 1,055,638 in 2 020 explained in part by a reduction in the
number of ounces sold.
Adjusted net profit of $ 1,257,087 in 2021, compared to $ 1,787,909 in 2020, hence a drop of 33 %.
Cost of sales of $ 5, 793,520 in 2021, compared to $ 6,560,546 in 2020, hence a reduction of 19%.
Cash of $ 1,428,798 on September 30, 2021, compared to $ 2,454,545 on June 30, 2021.
Gold inventory of $ 2,695,785 in 2021, compared to $ 1,946,725 on September 30, 2020, for an increase of
$ 745 k.
Cash cost of $ 1,766 (US $ 1,403) compared to $ 1,897 (US $ 1,426) per ounce and an all inclusive cost of
$ 2,095 (US $ 1,664) per ounce compared to $ 2,184 (US $ 1,642) per ounce in 2020. There was an increase
of 8,7% of the ounces produced and a reduction of 4,9% of the ounces sold.
Ounces produced in 2021 were 3,271 compared to 3,008 in 2020. Ounces sold in 2021 were 2,928 compared
to 3,071 in 2020, hence an increase 8.7% of the ounces produced and a decrease of 4.9% of the ounces sold.
Sales of 195 ounces of gold extracted by mine development at Sleeping Giant mine for a total of
$ 440,912 in the first quarter ended on September 30, 2021. There was no sale in the 1st quarter of 2020.
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RECENT DEVELOPMENTS :
Advancement of drifts on levels 11 and 12 and preparation of level 13 at the Elder mine.
Rehabilitation of old drifts and advancement of new drifts on the upper levels of the Sleeping Giant
mine to have acces to existing ore reserves and new zones indic ated by previous and current drill
holes.
NEW PROJETS TO COME :
Update of NI 43-101 resources calculations of Discovery, Flordin and Cameron Shear (50%)
Surface drilling program at Sleeping giant mine.
Re-activate the Abcourt-Barvue silver-zinc projet.
Construction of a trail to acces the Tagami projet.
NON-GAAP FINANCIAL PERFORMANCE MEASURES :
This press release presents certain financial performance measu res, total cash costs per ounce of gold
produced, sustaining costs and all-in sustaining cost per ounce of gold produced which are non-International
Financial Reporting Standards (I FRS) performance measures. This data may not be comparable to data
presented by other gold producers. Non-GAAP financial performan ce measures should be considered
together with other data prepared in accordance with IFRS.
The adjusted net profit is a measure of performance that member s of the direction use to evaluate the
performance of activities by the Company, without taking into a ccount the accounting policies, taxation
laws and the structure of capital as these elements may potenti ally give a wrong representation of the
capacity of the Company to generate cash with its operation. Th e adjusted net profit excludes interest
expenses, taxes and amortization.
The cash costs and all-in sustain ing cost are common performanc e measures in the gold mining industry.
The Company reports cash cost per ounce based on ounces produced. Cash costs include operating mining
costs and royalties but is exclusive of amortization and deplet ion and sustaining capital expenditures. The
all-in sustaining costs include costs of sales and sustaining capital expenditures and administrative costs but
exclude amortization, depletion and accretion expenses. The Company believes that 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.
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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 and on the development of the Sleeping Giant.
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 the P lan Nord of the Quebec government. The
mill has a capacity of 700 to 750 tonnes per day. An evaluation of the mineral resources, according NI
43101 was prepared by Mr. Valére Larouche, consulting engineer in geology. It was filed on Sedar on May
13, 2019. Measured mineral resources total 10,900 tonnes with a grade of 12.20 g/t of gold and indicated
resources total 475,625 tonnes with a grade of 1 1.20 g/t of gold. Inferred resources are 93, 100 tonnes with
a grade of 1 1.85 g/t of gold. A NI 43-101 feasibility study wa s completed in July 2019 by PRB Mining
Services Inc. Probable reserves according to MI 43-101 have been estimated at 339, 221 tonnes with a grade
of 7.9 g/t of gold. To increase resources at the Sleeping Giant mine, some important targets of gold
mineralization will be drilled from surface as soon as possible.
A resource estimate for the Abcourt-Barvue property was prepare d according to NI 43-101 by Jean-Pierre
Bérubé, engineer in geology in 2014. This estimate indicated of 8, 083, 000 tonnes of measured and
indicated resources with a grade of 55.45 g/t of silver and 3.0 6 % of zinc. A feasibility study was done in
2007, according to NI 43-101 by Roche/ Genivar, and an update w as done. in 2018. Proven and indicated
resources total 8,074, 162 tonnes with a grade of 51.79 g/t of silver and 2.83% zinc, including 6, 589, 361
tonnes with 81.6% mineable by open pit and 1, 454, 801 tonnes w ith 18.4% mineable underground. The
feasibility study was done with the followi ng prices, zinc at U S $ 1.10/lb ($ CDN 1.38), silver at current
price are about US $ 1.50/lb (CDN $ 1.87) and price silver is around US $ 24.00/oz (CDN $ 30.00) /oz. The
rate of exchange is about US $ 1.00 = CDN $ 1.25. US $ 16,50/oz (CDN $ 20.63/oz) and a rate of exchange
of US $ 1.00 = CDN $ 1.25.
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. Mr. Hinse has approved the content of
the disclosure in this press release.
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
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For more information, please contact :
Renaud Hinse, President and CEO D any Cenac Robert, Investor Relations
T : 819 768-2857 450 446-551 1 Reseau ProMarket Inc.,
F : 819 768-5475 450 446-3550 T: (514) 722-2276
Email: [email protected] [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.