Abcourt Releases Its Objectives FOR the Coming Year
For Immediate Release
TSX Venture– ABI.V
ABCOURT RELEASES ITS OBJECTIVES FOR THE COMING YEAR
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Rouyn-Noranda, Canada, May 9, 2022 - Abcourt Mines Inc. (“Abcou rt” or the
“Corporation”) (TSX Venture: ABI) releases its objectives for the coming year.
The Corporation immediately increases its efforts in geology a nd engineering at the
Sleeping Giant Mine to develop a budget plan that will allow the production restart of the
mine.
In 12 weeks, the Corporation will cease its extraction activit ies at the Elder Mine in order
to allow geologists and engineers to evaluate the best extracti on methods according to
the geological configuration of the existing resources, and res ume exploration activities
to define new sectors. The Corporation will attempt to maximize the transfer of its
employees from the Elder Mine to the Sleeping Giant Mine based on mine capacity and
the interest of affected employees.
The Corporation will evaluate all its other properties and det ermine the best financial
alternative for each of them. Some properties could be developed in partnership, or sold
according to the assessment made, or simply kept if the conditions are not favorable.
The Sleeping Giant Mine team started the workings rehabilitation in the upper levels of the mine,
and already identified new mineralized sectors. Now, the objec tive is to accelerate the
rehabilitation in many levels, and the shaft. At the same time , the geologists will be able to
identify new mineralized zones with all the new technological t ools at their disposal and the
support of veterans of the exploration industry in Abitibi. Th e Corporation will continue to keep
investors informed of the progress of development activities at Sleeping Giant over the coming
weeks and months.
For several quarters, mining at the Elder Mine had been becomin g less and less profitable
despite the efforts of all employees. Faced with this fact, the Corporation has made the decision
to cease its mining activities and to notify its employees toda y of the decision. The Corporation
will proceed with a collective dismissal in 12 weeks, on Monday , August 1. Several employees
may be reassigned from the Elder Mine to the Sleeping Giant Mine. A committee will be created
to help affected employees relocate with other employers in the region.
Finally, the Corporation has several dormant assets, and it must assess the relevance of keeping
them, developing them, or selling them. As an example, Abcourt owns zinc assets, such as
Abcourt-Barvue, Vendôme and Aldermac in Abitibi, which cannot be processed at the Sleeping
Giant plant.
Pascal Hamelin, President and CEO of Abcourt, says: “We need to have clear objectives and
the next year will be a pivotal year in prioritizing the Sleeping Giant Mine. We have a team ready
to face the challenges and I have confidence that we will find the Giant. I would like to thank the
employees of the Elder Mine who have built and produced gold ov er the past 10 years with all
the effort it took. Unfortunately, some employees will be affected by this change, and we will do
everything we can to help them reduce the impact.”
ABOUT ABCOURT MINES INC.
Abcourt Mines Inc. is a Canadian gold exploration company with properties strategically located
in northwestern Quebec, Canada. Abcourt owns the Sleeping Gian t mill and mine where it
concentrates its activities.
For more information about Abcourt Mines Inc., please visit our web site at www.abcourt.com and
consult our filings under Abcourt's profile on www.sedar.com.
Pascal Hamelin,
President and CEO
T : (819) 768-2857
Dany Cenac Robert, Investor Relations
Reseau ProMarket Inc.,
T: (514) 722-2276 post 456
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