Financing of $6,5 M Completed with the Royal Bank of Canada FOR the Development of the Sleeping Giant MINE _______________________________________________________________
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FOR IMMEDIATE RELEASE
TSX Venture – ABI.V
March 3, 2021
FINANCING OF $6,5 M COMPLETED WITH THE ROYAL BANK OF CANADA FOR
THE DEVELOPMENT OF THE SLEEPING GIANT MINE
_______________________________________________________________
Rouyn-Noranda, Québec, Canada, March 3, 2021
Abcourt Mines Inc. (TSX-V: ABI) (“Abcourt” or the “Corporation”), announced on February
5 last that a financing proposal had been received from the Royal Bank of Canada to
accelerate the development of the Sleeping Giant mine. All the closing conditions have been
satisfied and a first tranche of one million dollars ($1M) was deposited in our account on
February. 25, 2021.
This financing includes a term loan of $5M, repayable over a period of 5 years at an annual
interest rate of 2,99 % for the first year rate to be determined for each successive request for
funds.. This loan will be secured by a movable hypothec on the equipment and rolling stock
and by the accounts receivable.
The financing also includes a credit facility of $1,5 million for the purchase of mining
equipment, 100% guaranteed by the purchased equipment.
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. Mr. Hinse
has approved the scientific and technical disclosure below.
ABOUT ABCOURT MINES INC.
Abcourt is a gold producer and a Canadian exploration company with strategically located properties
in northwestern Quebec, Canada. The Elder property has gold resources. Abcourt is currently
focusing on the exploitation of the Elder mine and on the development of the Sleeping Giant 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 to treat 700 to 750 tonnes per day.
An evolution of the mineral resources, according to Ni-43-101 was prepared by Mr. Valère 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 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. Probable reserves according to MI 43-101 have been estimated at 339,221
tonnes with a grade of 7.9 g/t of gold.
The Abcourt-Barvue property has silver–zinc reserves (2019). A NI 43-101 feasibility study was
completed in 2007 by Roche / Genivar. An update was completed in July 2019 by PRB Mining
Services Inc. A total of 8.07M tonnes are in proven and probable reserves with a grade of 51.79 g/t of
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silver and 2.83% zinc. About 81.6% of these reserves are mineable by open pit and 18.4% are
mineable by underground operations. Inferred resources total 2.07M tonnes with a grade of 114.16
g/t of silver and 2.89% zinc.
For the long term in gold, the Corporation has prepared a $ 2M exploration programme, mainly for the
Sleeping Giant mine where important targets of gold mineralization have not yet been explored.
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.
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.